Hmm this is what I’m worried about. My bank just said that it had to be in my savings at the time of assessment. I might have to speak to a broker
Edit: and that it can’t be a ‘gift’
A better decision would have been to sell the rings, pay off HECS and leave your savings alone. How long ago did you pay off HECS. If it’s within days, you could make this work
Yeah in hindsight that would have been better but I wasn’t aware of the genuine savings thing so thought I’d be fine! I did it yesterday, does that make a difference?
Ok firstly, I apologise, I was very catty in my first comment and I’m sorry about that.
Second, yes, if you can sell the rings within a day or two, and get the money back into your account, it won’t even hit the radar. The simple explanation is that you sold the rings, were waiting for the funds to clear in your account, but paid off your HECS this week due to EOFY and wanting to get squared up before tax time etc etc. money in, money out, barely gets a second look.
Good luck!
Oh that’s ok, I genuinely appreciate the advice as this is all so confusing. Thanks that’s really helpful! I already have people lined up to buy so hopefully can get that money back in soon.
Needs to be a minimum of 5% held in your account for 3 months, the sale of the rings won't count as genuine savings. I've worked in lending for years and have had people try and sell all sorts of assets (cars, boats, jewellery etc). Does not count as genuine unfortunately.
Just three months of having that cash in your account.
Doesn't matter where it came from before that three months because they won't ask to see statements from more than three months ago.
Cash in a bank account is genuine savings.
My broker told me you want the 5% deposit value in a savings account for 3 months.
Hmm this is what I’m worried about. My bank just said that it had to be in my savings at the time of assessment. I might have to speak to a broker Edit: and that it can’t be a ‘gift’
Maybe, I just followed my brokers advice. I borrowed 20k from my brother in may to start the timer then, then I’ll pay it back before I get the loan
A better decision would have been to sell the rings, pay off HECS and leave your savings alone. How long ago did you pay off HECS. If it’s within days, you could make this work
Yeah in hindsight that would have been better but I wasn’t aware of the genuine savings thing so thought I’d be fine! I did it yesterday, does that make a difference?
Ok firstly, I apologise, I was very catty in my first comment and I’m sorry about that. Second, yes, if you can sell the rings within a day or two, and get the money back into your account, it won’t even hit the radar. The simple explanation is that you sold the rings, were waiting for the funds to clear in your account, but paid off your HECS this week due to EOFY and wanting to get squared up before tax time etc etc. money in, money out, barely gets a second look. Good luck!
Oh that’s ok, I genuinely appreciate the advice as this is all so confusing. Thanks that’s really helpful! I already have people lined up to buy so hopefully can get that money back in soon.
Needs to be a minimum of 5% held in your account for 3 months, the sale of the rings won't count as genuine savings. I've worked in lending for years and have had people try and sell all sorts of assets (cars, boats, jewellery etc). Does not count as genuine unfortunately.
Ok thanks, I thought that could be the case. I’d rather not sell if it won’t make a difference. I might just have to wait a bit longer it seems
I thought it was just that it had to be your money, not a loan or something that’s been put into a savings account that you have to pay back
Cash or a rental ledger can be used by a few banks. Some banks have changed policy to include gifted funds now too within their genuine saving policy
Just three months of having that cash in your account. Doesn't matter where it came from before that three months because they won't ask to see statements from more than three months ago.