Changes in the wind
It seems the banks are becoming more willing to consider loan applications for those without a 20 percent deposit…. Since the end of March one of the banks has increased their appetite to write business over the 80 percent LVR restriction.
While it’s been made very clear that they aren’t able to approve everything and anything above the threshold, the door has certainly opened that bit more.
What does this mean?
To summarise, the servicing requirements are not as strict as they were in previous times and banks appear to be more willing to consider new-to-bank applications from clients who are over the 80 percent LVR.
The banks are looking at each individual, case by case. So if you have all your ducks in a row you may be considered for the home loan you’re looking for.