Following on from our post describing ASB’s recent easing of home loan lending criteria, the ANZ has recently had an easing of their own in the area of over 80% lending.
The ANZ, assisted by their ownership of National Bank, are the largest player in the market, and the changes made make it easier to get a low deposit home loan lending proposal approved. As an example, a loan can now be measured over a 30 year term, up from a previously limiting 20 – 25 year loan term. The positive net affect for those needing a low deposit home loan is that the same amount of income will now support a larger loan amount. Once again we see restrictions, that had been put in place as a result of the GFC and its general malaise, being lifted.
At auction today this “do up” villa on 405 sqm @ 37 Third Avenue in Kingsland sold for $692,000.!!