Only two banks interested in buyer's 20% deposit
MARTIN Van Warmelo had enough money saved up to pay a 20% deposit on a new home loan, but he says only two of the four major banks were interested.
The Queensland Aluminium Limited employee wanted to buy a home in Calliope, but found even with a current home loan and good employment, he found he had just two choices - National Australia Bank and Commonwealth Bank.
He had been in Gladstone for two weeks - he has moved here from South Australia - when he started applying for a home loan.
He used a good mortgage broker but was surprised he only had two options, considering his good financial situation.
Mr Van Warmelo went with NAB, being a prior customer.
"I ended up putting down a 20% deposit so I didn't have to pay more with insurance. It was about avoiding additional costs," he said.
He is expecting to move into his new home tonight.