No Deposit 100% Home Loans

No deposit 100 per cent home loans have become an endangered species as a result of the global financial crisis, a report from Canstar Cannex has found.

First home buyers will be hardest hit as most find it impossible to secure 100 per cent home loans.

According to the report, the majority of lenders now require a 5 per cent to 10 per cent home loan deposit, with proof that the borrower has saved the money over a period of time.

“As recently as six months ago, borrowing the entire cost of a property purchase was commonplace.  These days, they have become an endangered species, on the run from the global financial crisis”, the report said.

Westpac was nominated as having the best first home buyer loans among banks nationally, with the exception of South Australia and the ACT, where BankSA and St George respectively took out the awards.
Source: Canstar Cannex, Mortgage Business

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    Posted on July 6th, 2009.
    Categories: Home Loans and Mortgages, News. Tags: , , , , , .

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