Hi, does anyone know what the deposit ratio is for mining towns?
thanks
Good Morning ABCD
Your question could be "How long is a piece of String "? SO the answer is It Depends
Which mining areas – WA, Qld, NSW or Victoria?
Which Lender?
Which Mortgage Insurer?
How big is the Town?
Which mining activity – Coal, Iron ore or Gold?You need to be more specific – My experience (which is limited to coal mining towns in Qld and NSW) is the major banks will lend 80% of Valuation or Purchase Price whichever is the lower.
Ideally this question should be answered by a Lender / Mortgage Broker
Hope this Helps – Cheers
Hi ABCD
Check out the genworth location guide – http://www.genworth.com.au/lender-resource-centre/tools-and-resources/location-guide-australia/
This will give you an idea of the LVR banks will go to for particular postcodes.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
KeyStrategies wrote:Good Morning ABCDYour question could be "How long is a piece of String "? SO the answer is It Depends
Which mining areas – WA, Qld, NSW or Victoria?
Which Lender?
Which Mortgage Insurer?
How big is the Town?
Which mining activity – Coal, Iron ore or Gold?You need to be more specific – My experience (which is limited to coal mining towns in Qld and NSW) is the major banks will lend 80% of Valuation or Purchase Price whichever is the lower.
Ideally this question should be answered by a Lender / Mortgage Broker
Hope this Helps – Cheers
Thanks for the reply
looking in bowen basin
emerald blackwater dysart middilemount etc
Jamie has pasted a useful tool in the Gemworth location guide but in realty this is merely a guide.
We have done many a deal in the last few months in those areas at 90% lvr without much of an issue.
Like anything depends on the strength of the overall application.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi ABCD
Looks like the financial experts were on hand to assist – the only other point is that maximum amount of loans a lender will do in one area and that seems to be about $1.5 million per lender – but once again check with your bank or broker
cheers
i'm also looking at mining towns, and i asked my broker and he said it doesnt matter where it is, as my lender , BankWest, is not postcode specific…beauty!
CBA are also non postcode specific as long as it meets all other service criteria, ANZ have also recently announced the same.
It is important however that if you are borrowing over 80% that the chosen lender has automatic sign off with mortgage insurers under their lending policies. Post code restricted by the lender or not, if the deal has to be run past the insurer they may veto the application.
An application prepared and presented correctly to the right lender can avoid this happening and make borrowing up to 95 and even 97% in all areas a possibility.
Regards
Colin
Whilst this is the case with many lenders it doesnt mean the lender will actually do it.
Already had Anz knock Dysart back to 90% max lvr.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
shoooshoo wrote:i'm also looking at mining towns, and i asked my broker and he said it doesnt matter where it is, as my lender , BankWest, is not postcode specific…beauty!Umm i wouldn’t say that; unless your a really strong applicant.
Even though MOST bank’s are not postcode specific; it doesn’t mean they will reject your application because lack of sales- ie valuation.Regarding LVR for mining towns, as Richard said it is case by case…no given fast rule.
Regards
Michael.Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Again Michael is correct, the pattern here is plain for all. No 2 deals are the same, everything will be viewd on a case by case basis.
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