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AUSTRALIA'S WIZARD EYES EQUITY FINANCING FOR HOME LOANS.

AsiaPulse News

| July 01, 2003 | COPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, July 1 Asia Pulse - The cost of buying a home could be slashed by a third as financial institutions push ahead with plans to offer equity financing, The Sydney Morning Herald reported today.

An equity financing loan plan is being developed by Wizard Home Loans and could be available to home buyers within a year, with the banks now considering whether to follow suit, the Herald reported.

Under the proposal, financial institutions would take an equity stake in the value of a property purchased by retail customers.

Home buyers would be required to pay 70 per cent of the deposit and home loan repayments, whilst the lending ...

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