Libby Posted October 31, 2016 Share Posted October 31, 2016 I hope someone can help me out here. I inherited some money back in the UK and the funds were released at the start of September. We have been looking at moving house but didn't plan on doing so for a year or two but a house that ticks all our boxes has come up unexpectedly. The issue is that I would need to use some of the inheritance money to bump up our deposit otherwise we are unlikely to be able to make an offer on the house. I am aware that you need to prove where your funds came from and I have the solicitors letter but the problem is that I only received the funds almost 2 months ago and I know we were advised you need to prove savings are over 3 months old. By the time the sale is likely to be finalised it will likely be over 3 months but I am not sure if this is not going to be permitted. I hope this makes sense - I think I may have over complicated my query... Thanks for any help. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted October 31, 2016 Share Posted October 31, 2016 Hello Libby This is not entirely the case for all lenders, which lender are you in talks with? Andy Quote Link to comment Share on other sites More sharing options...
Libby Posted October 31, 2016 Author Share Posted October 31, 2016 NAB and Bankwest both said I need "genuine savings of over 3 months in your account" before I can use it towards a deposit on a home loan. Not gone any further yet as I have also heard from our previous mortgage broker that this is often the case so I was worried. I haven't even transferred the money yet - I still have it in the UK at present because of the pathetic state of the GBP at the moment. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted October 31, 2016 Share Posted October 31, 2016 (edited) Ok not sure of your situation entirely but do you own or rent? Perhaps email offline to save all the personal questions?? Email is Andrew@vistafs.com.au Edited October 31, 2016 by Andrew from Vista Financial Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted October 31, 2016 Share Posted October 31, 2016 I'll expand Libby. If renting through a licensed property manager for a set period of time some lenders will waive the need to evidence genuine savings. If you own then you may be able to use the equity in the home as evidence of genuine savings. Quote Link to comment Share on other sites More sharing options...
xxlornaxx Posted October 31, 2016 Share Posted October 31, 2016 Westpac ask for 6months rental history in place of savings Quote Link to comment Share on other sites More sharing options...
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