CBA drops no-deposit home loan
Commonwealth Bank told mortgage brokers that it would cease offering zero deposit home loans from December, Broker News reported.CBA and St George (now owned by Westpac) were two lenders that continued to support this segment of the market even as the credit crunch hit.On the other hand the First Home Owner's Grant (of $14,000 for established homes and $21,000 for new homes) may be enough to cover the five per cent deposit (as well as mortgage insurance, stamp duty and legals) required by banks.