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Cayman Compass

Mortgage practices and housing incentives hurt Caymanian buyers, say realtors

Delays in processing incentives, such as the stamp-duty waiver and pension withdrawal, are delaying mortgage approvals for first-time Caymanian homebuyers, say realtors.

First-time Caymanian buyers purchasing properties priced up to $600,000 don’t have to pay stamp duty and can withdraw money from their pension plan to help cover closing costs. Some lenders also have lower deposit requirements for Caymanian buyers.

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