Makes you wonder who will be left with us in 6 months time.
First Permanent the only 100% + lender has with effect from last Friday closed its doors for new loan applications due to the global liquidity crisis.
Whilst they were a full doc lender they certainly provided an outlet for First Home Buyers and Investors wanting to borrow 100% on a standalone basis.
Richard Taylor | Australia's leading private lender
It is getting harder and harder to get finance. Many of the specialised lenders have gone and No Docs are getting scarce with Low Docs also getting harder to get. Pretty soon there will only be the major banks left. Less competition means higher rates and fees. If it is harder to get finance, then less people will be able to purchase property which will affect prices too!!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Totally agree Terry.
Even with the major Banks the lodoc rates and products vary so much especially when buying in a Trust or Company structure.
Perhaps thats why the number of enquiries in this sector has increased.
Richard Taylor | Australia's leading private lender
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