Are stocks as good as "cash in the bank"?

[jerrybee]

I have about 100k cash and another 50k in stock. Will the bank recognize this as part of my deposit, or will they only factor it in once liquidated? Or do they take a percentage i.e. 70% of 50k?

 

[Shahin_Afarin]

I have about 100k cash and another 50k in stock. Will the bank recognize this as part of my deposit, or will they only factor it in once liquidated? Or do they take a percentage i.e. 70% of 50k?

Are you referring to genuine savings or something else?

 

[jerrybee]

Yeah 100k genuine savings and another 50k in shares that in have in the US.

 

[Shahin_Afarin]

Stocks is fine as long as its in your name.

Just a couple of points:

1. Some lenders don't require genuine savings at 85%, some at 90% and some even at 95%.

2. You only need to show 5% genuine savings

3. Some lenders allow for other forms of genuine savings such as if you have been paying rent for at least 12 months.

 

[jerrybee]

Ok great. I was hoping I wouldn't have to liquidate. I'm expecting to get 50k cash from elsewhere just before settlement so I didn't want to have to go to the trouble of selling then rebuying in a few weeks since I really want to keep those shares, especially since they're in the US.

 

[Shahin_Afarin]

Yes having the shares in the US is fine but it double check with the lender.

I have done this with CBA, Westpac and NAB in the past and its been fine.

Which lender is it?

 

[jerrybee]

Hum not sure yet as my broker has yet to get all the docs ready to submit the application. I think maybe AMP or Macbank.

 

[Qlds007]

Yes you should be fine with those two.

Cheers

 

[jerrybee]

Awesome thanks!