St George pulls no deposit home loans

No deposit home loans will no longer be available from any of the major banks after St George announced the product will be axed next month.

Effective 9 April 2009, St George’s No Deposit Home Loan will be withdrawn from sale. The bank had made its decision in light of current market conditions. The bank’s lending policy remains under review with its revised maximum LVR to be announced later this week.

The decision comes hot on the heels of RAMS’ announcement that it would pull its no-deposit loans from both the broker channel and its franchise network last week.