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29th November 2021, 09:12 AM
#1
Can't buy on 10% deposit if residents
Hi There
Please can someone assist me with understanding this. Just got the news that we wont be able to buy a new build with 10% deposit because we are residents and not permanent residents.
Totally gutted by this. I know heaps of people that have done this while only on resident status.
Is there anyway I can fight this?
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30th November 2021, 08:43 AM
#2
The amount of deposit required is controlled by the lender, guided by certain government regulations. Then they may add their own requirements on top of that. If they choose not do a 90% loan to non-PRs, that is their discretion. Best you can do is try another lender. Perhaps a mortgage broker could help you find a lender willing to work with you.
Bear in mind that the financial and housing markets are constantly changing. What was possible for "heaps of people" in the past may not be possible in the present; it may be possible again in the future. All you can do is choose the best option available to you now, or wait it out until something else comes up.
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