100% loans

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

100% loans

Post by mayer »

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?

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

Re: 100% loans

Post by rubydays »

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
Mortgage Specialist
Posts: 7729
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia

Re: 100% loans

Post by Otto Dargan »

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
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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