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Home loan applications up 40%

With house prices rising 25 percent in the year to June, banks have been turning down slightly more applications then they were a year ago. FNB has turned down between 40 and 45 percent of applications, FNB has turned down between 18 and 20 percent with the average for the big four banks at between 33 and 45 percent.

Poor credit records and affordability are given as the main reasons for turning down applicants.
According to a Merrill Lynch research report, the shares of the home loan market for the big four in April were:
Absa - 33 percent; Standard - 26 percent; FirstRand - 20 percent; Nedcor 17 percent.

Business Report article

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