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No deposit home loans will no longer be available from any of the major banks after St George announced the product will be axed next month.
Effective April 9, St George’s No Deposit Home Loan will be withdrawn from sale, a spokesperson from the bank confirmed with Mortgage Business today.
The decision comes hot on the heels of RAMS’ announcement that it would pull its no-deposit loans from both the broker channel and its franchise network last week.
The St George spokesperson said the bank had made its decision in light of current market conditions; “We don’t feel it would be responsible to continue with a 100 per cent lend to customers”.
The bank’s lending policy remains under review with its revised maximum LVR to be announced later this week.
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