A bank in Australia has significantly reduced the deposit requirements for first-time buyers to help them purchase properties faster. West George’s St George Bank is trying to attract first-time buyers by reducing deposit requirements and reducing the lender’s mortgage insurance to almost zero. Starting on July 13, this regional bank will allow people who apply for a home loan for the first time to charge only 15% of the deposit, instead of the traditional 20%. It also reduced the cost of mortgage insurance for first-time home buyers with a loan-to-value ratio of 85% to $1.
Generally speaking, for a house worth 650,000 yuan, as long as the mortgage value ratio exceeds 80%, the lender will receive a mortgage insurance bill of 6,000 yuan every year. As housing loans continue to decline nationwide, the proportion of “first-time” home buyers has jumped to more than one-fifth. Morrison’s first home loan deposit plan also targeted mortgage insurance benefits.
