To all our clients with pre-approvals over 80% borrowing

You will no doubt be aware of the pending changes to low-equity home loans i.e. where borrowing is greater than 80% of the purchase price of the property. This has far reaching effects, with the biggest being that some banks will no longer honour the commitments that were made before the Reserve Bank announcement. We believed that we had 6 months up our sleeve for clients already approved before the announcement. The reality is that this has changed as the Bank’s scramble to to sort out how they will respond to the changes. We assure you that we are working very hard to find solutions for those clients who are affected, working with the banks and non-banks alike to sort out the problems. We will keep you updated via the website, twitter and facebook with developments.

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