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First Permanent 106 Percent Home Loan Lender Announcement

Wed, 2008-04-16 18:18 — wes@ability

First Permanent the lender behind the 106 percent no deposit home loan and the Establishment Home Loan have issued the following announcement.

16th April, 2008

Important announcement

Due to the global liquidity crisis, First Permanent will, until further notice, cease new mortgage lending activity effective last Friday 11" April.

First Permanent's shareholders are currently considering several options for the business.

This options review process is expected to take several weeks. At the conclusion of this options review process, we will let you all know what has been decided.

Points to Note:

  • All existing (funded) loans will continue to be serviced by First Permanent/AMM;
  • All unconditional loan approvals will be funded by First Permanent's funding program;
  • All conditional approvals will be funded by First Permanent's funding program provided a suitable property is located by 30th April 2008 (contracts exchanged) and can be settled by 5' June, 2008;
  • All partially drawn construction loans will continue to be funded by First Permanent's funding program beyond 5" June until fully drawn;
  • All applications received but not yet conditionally or unconditionally approved must be withdrawn;



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