All Topics / Help Needed! / Post Codes?

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  • Profile photo of russmargrussmarg
    Member
    @russmarg
    Join Date: 2004
    Post Count: 6
    February 19, 2004 - 5:52 am

    My wife and I have been diligently doing our home work. We call a different mortgage broker everyday to find out the best loan for our needs. Today we came across someone who informed us that different post codes required different deposits. For example, Grafton, in NSW,requires a higher deposit than a coastal area. Forgive me for the question, but, Why? We couldn’t seem to get a straight answer out of the person on the phone, so I thought I would ask the experts. Thanks

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    February 19, 2004 - 5:59 am

    Basically it is to protect the lenders. They see some regional areas at higher risk of devaluing. To reduce this risk they require that they “own” a lesser amount of the property so if it has to be sold they have a greater chance of recovering this money.

    You can reduce the minimum deposit with mortgage insurance however the mortgage insurers are also particular about the postcodes they lend to.

    Hope this helps.

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of russmargrussmarg
    Member
    @russmarg
    Join Date: 2004
    Post Count: 6
    February 19, 2004 - 6:48 am

    Thanks Simon…we have learned something new yet again. Appreciate the information…

    Profile photo of Still in SchoolStill in School
    Member
    @still-in-school
    Join Date: 2003
    Post Count: 1,844
    February 19, 2004 - 9:42 am

    Hi Russmarg,

    Try out this site, if your are interested in LVR for specific postcodes. PMI Groups

    Cheers,
    sis

    People 4get that by saving just $3 a day & investing it sensibly
    over a working life, you’ll end up with around $1 million

    Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761
    February 19, 2004 - 11:59 am

    Hi,

    Sounds to me like you need to find a decent Mortgage Broker that you can trust.

    Perhaps give one of the moderators on this site a call or email. They are here to help and are dealing with investors all the time.

    Personally, I have used Stuart from Prosolution many times, and believe me, when the going gets tough, the tough get going…

    Many Mortgage Brokers around, are not worth Sh*t!

    Good luck,

    Del

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