What does the bank determine as ‘Genuine Savings’?
What is ‘Genuine Savings’? This is where the lender requires you, the borrower, to demonstrate that you have saved gradually by yourself typically 5% of...Read More
Servicing policy refers to a set of criteria lender uses to determine how much you can borrow. The criteria is based on lender’s risk appetite and recommendations by regulatory bodies like APRA and ASIC. Different lenders will have different servicing policy which can affect how much you can borrow. Here are a couple of factors which can impact on your borrowing capacity
It is important to speak to a mortgage specialist because they will be able to see if your financial position fits into the lender’s policy.
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