We just applied for a home loan through a local broker. We went with a lender that would allow us to bundle the LMI into the loan (we're 95% LVR financees).
Property purchase price is $380k, and we have $29k of savings, and we are also first home buyers, so we're entitled to the extra $7k FHOG, so basically, we've got a total of $36k.
We've saved up money from January this year up until now... a total of $22k. In that time we have also deposited two lump sums (two weeks ago). One from the ATO of $3k (our tax returns), and another from the Family Assistance Office of $4.5k (FTB part A & B lump sum) (total of $7,500).
Keeping in mind that we only need to demonstrate $19k as genuine savings, do you think we'll be okay? The broker didn't sound too confident, saying that we may need to have had all of the money including the lump sums in the account for three months, so it's all considered genuine savings. He said we "should be okay", but didn't give us much confidence. Perhaps he was just trying to not get our hopes up and make false promises, in case something goes wrong.
Keeping aside income, etc (I know we have sufficient borrowing power), based on the information relating to genuine savings above, do you think we'll be okay?
Thanks for any insights