100pc loans ‘endangered species’: Cannex

First home buyers will now find it almost impossible to secure a home loan for 100 per cent of the value of a property, a report from Canstar Cannex has found.

According to the report, a 5-10% deposit is now required for most home loans and a borrower has to prove that the deposit was saved over time.

“As recently as six months ago, borrowing the entire cost of a property purchase was commonplace. These days, they have become an endangered species, on the run from the global financial crisis,” the report said.