Banks lower deposits to five per cent

Relaxed lending rules by banks are helping some young couples get into the property market.

“Six months ago you needed a minimum ten per cent deposit, now you can get a deal on a bank loan with just five per cent genuine savings,” Ipswich’s Mortgage Choice broker Nick Cook said.

Genuine savings is the key for any strategy said Mortgage broker Jennifer Schelbert. “You don’t need a fortune, but you do need to show some genuine savings.”

Source: Courier Mail