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Archive for August, 2010

More options for low deposit Home Loans

Posted by Tamara McDowell on August 24, 2010

For potential property buyers with only a small deposit, the news on the home loan front keeps getting better.

After announcements earlier in the week from a handful of lenders that low deposit (95%) home loans were back on the agenda, more lenders have added low deposit products back into their home loan suites.

First home buyers often find low deposit home loans useful, particularly as the time taken to save a deposit has blown out in recent years.

Conditions do differ between lenders, but there may also be the option of capitalizing your Lenders Mortgage Insurance, effectively taking your borrowings to 97%, again something that will benefit first home buyers in particular. Check with your mortgage broker for details.

Despite the return of the low deposit loan, it is unlikely that no deposit home loans will be revived, in part due to bank and lenders not having the appetite for risk, and in part due to new legislation for the industry requiring more in-depth investigation into a borrower’s ability to repay a loan.

Posted in (LMI) Lenders Mortgage Insurance, Bank & Lender News, First Home Owners, Loans, Mortgage Broker Service | Tagged: , , , | 2 Comments »