The website Money.au.com have recently reported that the variety of home loans available to the Australian consumer, has dramatically increased over the last 10 years, as firm property prices and the heightened competition amongst lenders have forced an increase in the amount of loans available.
The affordability of purchasing a home in Australia is a serious subject, so in reaction to this lenders have created a number of packages designed to help cut the costs. One of these packages is the zero-deposit home loan, which has been set up to assist property buyers to safeguard their home faster, by permitting them to borrow as much as 100 percent of the purchase price, without having to make a down payment.
Ann-Marie Chamberlain: National Australia Bank’s state general manager said “In the past, most banks required a minimum 10 per cent home loan deposit.” In addition she also confirmed that there were honeymoon loans, which consisted of discounted repayments for up to three years in some circumstances.
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