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I know I am not supposed to advertise but this information can help a person or couple get 100% finance, these loans will be a thing of the past soon, but if you get a pre-approval before December 1st, the pre-approval will/can last from 3 to 12 months, there are conditions to be met with these pre-approvals. Some banks now require applicants to put down 10% deposit and pay the Mortgage Insurance up-front as well, making it very hard and expensive for people to obtain finance. If you want to know more, please email me.
Respond Share This Posted 19 Nov 2008 (95 Views)
Rank 5.75
Ah isn't loaning money to people who can necessarily afford it what has gotten the world into its current prediciment.
Posted 19 Nov 2008 by zalcrof
Rank 9.5
Ummm I'm not sure where you get your information from but ALL loans in Australia are qualified the same way, regardless of what finance is sort 100% or 50%, as a matter of fact, the 100% loans are harder to qualify than a 50% loan. Most bank figures show they have more problems with larger deposit loans, the reason the 100% loans are being taken away is risk rating, the banks want applicants to put more funds in the deal, so if they have to sell your property they stand to lose less. The circumstances why the bank would need to sell your home is the same for a 100% loan or a 50% loan. There are more reasons why these types of loans are being withdrawn, but I hope this helps, thanks.
Posted 19 Nov 2008 by finance-man
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