CBA ends no deposit home loans

The Commonwealth Bank is tightening its mortgage lending rules and putting an end to its no deposit home loans. From December 1 the Commonwealth Bank will only lend up to 80% of the value of a home without mortgage insurance. Borrowers will be able to get loans of up to 95% of the value of the home, but will have to pay mortgage insurance.

Last week, ANZ Bank restricted home loans to 90% of the home’s value.