All Topics / The Treasure Chest / Watch out for postcode 4741

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  • Profile photo of zuki124zuki124
    Member
    @zuki124
    Join Date: 2003
    Post Count: 9
    August 10, 2003 - 5:16 am

    Friend of mine just bought a IP in Mackay QLD and the postcode was 4741 He couldn’t get the finance.
    So if buying in Mackay make sure it has the 4740 postcode.

    Cheers

    Profile photo of daretotrydaretotry
    Member
    @daretotry
    Join Date: 2003
    Post Count: 14
    August 10, 2003 - 7:29 am

    Hi there,

    Could you explain to a newcomers like ourselves why he couldnt get the finance? Im gathering that there is a problem with the area under the 4741 postcode?
    Thanks
    T & P

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    August 10, 2003 - 8:18 am

    The mortgage insurers nominate what the LVR is for each individual location.

    The LVR ratio ultimately depends on many factors such as population, economic conditions in the town, if a small town how far is it from a major town etc.

    If the town doesn’t comply with their desired criteria either the LVR is lowered or the location isn’t acceptable at all.

    Pisces133

    Profile photo of SooshieSooshie
    Member
    @sooshie
    Join Date: 2002
    Post Count: 974
    August 11, 2003 - 2:57 am

    Hi there,

    I guess that’s like Dayelsford in Victoria. The lend is generally 70% LVR. There are exceptions of course. I don’t know if checking the postcode helps though, in the Dayelsford area. Maybe someone else knows about this.

    Cheers
    Sooshie [:)]

    “small steps make the journey” (SAS)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 11, 2003 - 4:12 am

    There are currently only 2 mortgage insurers in Australia. GE will cover 4740, but not 4741. PMI will cover anywhere in Australia, but the LVR will depend on the purchase price. Possibly up to 95% if less than $150,000.

    BTW the criteria for both GE and PMI has changed as of 01 July this year, and it is now easier to get mortgage insurance approval.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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