Banks Woo First Home Buyers: The Reserve Bank imposed LVR (loan to value ratio) restrictions on banks, which limited their lending to people with less than 20% deposit, to 10% of their new mortgages. The banks pulled back so sharply, that the percentage dropped from over 25% to 4% in January to March this year. Some borrowers, especially first home buyers, gave up, and lower priced house sales dropped off dramatically. Reserve Bank statistics are now showing that low deposit lending is increasing again, reaching 8% last month. The banks are “open for business” and Brokers are proving helpful in many cases. First home buyers can likely purchase a home with a low deposit. We can help too.
Posted on: Mon, 28 Jul 2014 22:23:24 +0000
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