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Tighter mortgage borrowing rules introduced in Australia
Country: Australia
24 February 2009
First-time buyers purchasing property in Australia will now be required to stump up a deposit of at least 3% of the purchase price in cash, in addition to any available government grants, according to tighter mortgage borrowing rules introduced by the Commonwealth Bank (CBA) for first-time buyers.
The move by CBA comes in response to increasing industry concerns regarding the quality of mortgage loans being lent to the rapidly growing, first-homebuyer market and is in expectation of interest-rate hikes in coming years.
In Australia, government grants of up to $14,000 (£6,200) for an existing home and $21,000 (£9,300) for a new-build property allows some first-time property buyers to purchase a property in Australia with a 5-10% deposit and no cash payment of their their own.
"Customers who have skin in the game in terms of their own funds are more committed to continue their repayments," CBA group executive retail banking services, Ross McEwan, told The Australian. "So in the next couple of weeks, we're implementing a policy to require borrowers to contribute a minimum of 3 per cent (of the purchase price) on top of any government grant."
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