Powered by MOMENTUM MEDIA
the adviser logo
Lender

St George pulls no deposit home loans

by Staff Reporter2 minute read
The Adviser

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Effective April 9, St George’s No Deposit Home Loan will be withdrawn from sale, a spokesperson from the bank confirmed with Mortgage Business today.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.


default
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more