What is the genuine savings rule and does it apply to me?

Short answer: Banks want to see you saved the deposit gradually. Gifts count partially. Sudden lump sums may need explanation.

What this actually means in plain English

Banks want to see that you saved the deposit yourself over time. It proves you can handle mortgage repayments. Gifts from family count but only partially. A sudden large deposit from selling a car might raise questions. Build your deposit gradually in a savings account.

Key Facts

Genuine savings = gradually saved over 3-6 months
Family gifts: usually accepted if declared
Inheritance: accepted with documentation
Large unexplained deposits: may require source proof

Example

Saved Monthly: $500 x 12 months = $6,000

Family Gift: $10,000 (declared)

Inheritance: $5,000 (with will documentation)

Total: $21,000 — all traceable and acceptable

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