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?
100% loans
Re: 100% loans
Anyone knows if they will be coming back in the near future?? I am kinda in the same situation.
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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Re: 100% loans
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.
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.