Genuine Savings Lending Criteria Tightened
Getting a home loan without genuine savings will soon become a thing of the past as more lenders move to tighten their lending criteria surrounding high LVR loans.
Bankwest and Homeloans Ltd are just the latest lenders to tighten their credit policy and require borrowers to demonstrate genuine savings.
Effective today, Bankwest will require 5 per cent genuine savings for purchases where the LVR is greater than 85 per cent, while Homeloans Ltd will impose the same requirement tomorrow.
The lenders' decision to factor in genuine savings requirements is line with a move by the majority of lenders to tighten ... read more...
