Low-deposit mortgage deals face challenges as interest rates rise

A group of anxious firsttime homebuyers consults with a mortgage broker in an office, surrounded by paperwork and charts reflecting rising interest rates and shrinking lowdeposit mortgage options.

In the past few months, several major banks have withdrawn or reduced their offerings for mortgages requiring deposits of less than 10%. As of late September 2023, the number of low-deposit mortgage products available has dropped by nearly 30% compared to earlier in the year. This trend is particularly concerning for first-time buyers who often … Read more