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RAMS Home Loans has withdrawn its 100 per cent home loans from the broker channel due to unsustainably high demand.
Brokers’ clients will now also be required to contribute a genuine savings deposit of 3 per cent for any LVR greater than 90 per cent.
The new credit policy announced yesterday by the lender will see the maximum LVR available through the broker channel reduced to 95 per cent plus LMI capitalisation.
But for now the 100 per cent products will continue to be available to borrowers via the RAMS franchise network.
A RAMS spokesperson told Mortgage Business that the product had been withdrawn from the broker channel due to “unsustainable volumes” and that its distribution via the franchise network was currently “under review”.
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