Banks closing the door on property investors.
After 5 months of loan approved, the lender made the decision to changed or increased the home construction loan requirement, from 5% to 10% deposit.
It was a surprise, no warning, no notification, it just happened and they knew were so committed and we cannot go back .
No option.
As discussed by Mike King from www.fool.com.au, the big 4 increases the deposit requirements for all investors. Sadly, our project was categorised as investment, not (yet) occupier.
References:
Mike King, 15 March 2017, The Motley Fool, Date Retrieved: 16 September 2017, website: https://www.fool.com.au/2017/03/15/banks-closing-the-door-on-property-investors/
https://www.productreview.com.au/p/nab-national-australia-bank/2.html