100% loans

Any general questions you might have in regards to loans and finance.
mayer
Posts: 49
Joined: Mon Jun 15, 2009 12:21 pm

100% loans

Postby mayer » Mon Jun 15, 2009 3:28 pm

Are all the 100% loans finished in the market?

Heard that both St George and RAMS close up their 100% department.

If I don't have much savings. Any lenders out there who can still help? Anyone knows?

rubydays
Posts: 47
Joined: Mon Jun 15, 2009 3:48 pm

Re: 100% loans

Postby rubydays » Mon Jun 15, 2009 3:54 pm

Anyone knows if they will be coming back in the near future?? I am kinda in the same situation. :?

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Otto Dargan
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Location: Sydney, Australia
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Re: 100% loans

Postby Otto Dargan » Mon Jun 15, 2009 8:56 pm

100% home loans are gone! This is because of a problem with funding the loans on the wholesale money markets. Many of the lenders we deal with have mentioned that they would love to keep doing no deposit loans however they just can't fund them at a reasonable price. As a result they are gone from the market.

The only way to borrow 100% nowadays is with a parental guarantee or family guarantee. This allows you to borrow 100% + and pay no LMI.

Rams and St George have both closed their no deposit departments. All lenders have closed their doors.
Otto Dargan
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