As residential property prices continue to climb, the 100% or deposit-free mortgage is reappearing in New Zealand.
Saturday, October 18th 2003, 5:39AM
by The Landlord
In Britain, the average house price increased by 65 pounds per day - or about $1,000 a week - in September. There, major lenders routinely advertise 100% mortgages and deposit-free, interest-only mortgages are also available.
But aside from Kiwibank, which recently announced a two-year pilot mortgage assistance scheme offering deposit-free loans for house purchases of under $100,000, New Zealand lenders have been reluctant to step into this area.
