Financing options becoming more limited

By Andrea Milner

Kieran Trass, Hybrid Group director says the current lending environment is confusing because “the banks are very keen to lend money, but they’re being very selective in terms of who they’ll actually lend it to”.

“It’s just going to get harder to get money next year, because there are more mortgagee sales happening now than there have been for years, the banks will be starting to bank more losses, and some of them are starting to curtail their policies to protect themselves in case the market comes back a bit.”

“Many finance companies have simply stopped lending due to the current finance crisis,” says Jacqui Ritchie, senior mortgage broker at Hybrid Group Limited.