Since the reduction in the Federal Government First Home Owner Grant, we have seen a surge of inquiries from people looking for 100% home loans.
Unfortunately, no deposit home loans are practically non existent in today’s home loan market.
While clean credit applicants need to demonstrate some history of genuine savings with at least 5% deposit, applicants with some history of bad credit, need as much as 20% deposit.
With mortgage refinance, the LVR restrictions imposed are even greater. Most lenders will not consider refinances beyond 85% of the value of security property.
This problem is likely to remain with us for some time
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