Need a home loan? Banks are requiring ever larger deposits

Banks want between 15% and 20%, on average.

Shaun Rademeyer, BetterLife Home Loans

The slowing economy has not as yet caused a decline in the percentage of home loans applications that banks approve.

Banks have, however, started to raise deposit requirements in recent months.

The Money Show’s Bruce Whitfield interviewed BetterLife Home Loans CEO Shaun Rademeyer.

Scroll down for quotes from the audio below.

Banks are managing risk with higher deposits.

Shaun Rademeyer, BetterLife Home Loans

It’s not just about your personal track record, but also about the area in which you’re buying.

Shaun Rademeyer, BetterLife Home Loans

A bigger deposit gets you a better interest rate.

Shaun Rademeyer, BetterLife Home Loans

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