The New’s reports today that the CBA has banned no-deposit loan, while the ANZ has moved to tighten eligibility requirements.
JP Morgan banking analyst Brian Johnson says “The era of getting very easy credit to buy a house is over”.
John Symonds of Aussie Home Loans said the change signals a return to sensible lending practices. “People buying home in Australia with little or no deposit is flawed process.”
» End of easy credit over as banks tighten lending standards – News Limited, 19th November 2008