Sunday, July 15, 2007

Home loans on tap: no deposit, no inspection

Is this somehow connected to the housing boom that the politicians are so earnestly wringing their hands about in Darwin at the Premiers Conference? What to do, what to do?

THE mortgage stress crisis is being worsened by the boom in easy credit, with lenders approving loans without inspecting properties, offering large amounts to borrowers who have no deposit and encouraging buyers to take on debts that would eat up half their income.

Amid concern over the growing practice of loans being approved with no on-site inspection, the Herald discovered yesterday how easily customers can be seduced by quick and simple access to credit.

Home loans on tap: no deposit, no inspection

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