Genuine savings is generally money saved or held for at least a period of 3 months. This can include:
- Money you have gradually accumulated in a savings account for at least 3 months.
- Money that has been held in a savings account for at least months without increasing.
- Funds held in a term deposit for at least months.
- Shares or managed funds held for at least 3 months.
- Proceeds from the sale of another property.
- Equity held in another property.
- Rental history can be considered as genuine savings by some lenders in lieu of a savings history in a bank account.