No deposit home loans PerthNo -deposit loans are also becoming less available, with banks and other lenders now requiring at least some deposit and limiting borrowing to 90% of the property value. Talk to your local Perth Mortgage Broker to find out more about home loans.
No Deposit Home Loans
Home loan lending had become tighter in recent months and securing finance is more difficult now than a few months ago.
Most major banks have announced plans to stop offering their 100% home loans, instead now offering up to 95 per cent of the value of a property, requiring borrowers to save at least a 5% deposit.
While research figures from InfoChoice show that 145 lending institutions still offer 100 per cent home loans subject to mortgage insurance, on the whole, consumers will find securing a no deposit home loan much harder. Cautious Lending Lenders are more cautious about risk and who they lend to. However, home loan approvals still rose in December, with the number of home loan approvals up by 6.4% from the previous month. According to the Australian Bureau of Statistics, home loan approvals for all states recorded gains in owner-occupied homes.
Mortgage brokers are advising that consumers should try to ensure their finances are as organised as possible and avoid any payment arrears on existing loans.
Also be aware that lenders will be looking at your credit card record - and it's not the amount outstanding they're interested in but your credit limit, so bringing down your credit limit can help increase your borrowing capacity.
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