One of the major banks has just hiked its minimum deposits for loans in “risky” suburbs now making it even tougher for first home-buyers to break into the market.
According to news.com.au, NAB released a ‘blacklist’ to brokers last week listing 600 suburbs and towns across Australia where borrowers will now have to fork out as much as 30 percent to secure a mortgage.
The list has been divided into two groups, “Group A” postcodes, where borrowers will require a 30 percent deposit and “Group B” postcodes where a 20 per cent deposit will be enforced.
It is believed Westpac and Macquarie Bank have also tightened their lending in high-risk suburbs.
Mortgage Choice chief executive John Flavell commented on the recent changes, saying that it was hard enough for wage earners to save a 10 per cent deposit — let alone 20 or 30 per cent.
“The reality is, property is expensive across Australia and many first home-buyers are being forced to put their property ownership goals on the backburner,” Mr Flavell said, noting it is now even harder for young Australians to buy their first home.
“I understand that Australia’s lenders have to make tough decisions sometimes.
“While these changes will reduce the bank’s level of risk, they will also make it harder for first home-buyers to get their foot on the property ladder.”
NAB’S POSTCODE BLACKLIST
GROUP A: 30 PER CENT DEPOSIT
6390 Boddington WA
6429 Coolgardie WA
6436 Menzie, Ularring WA
6437 Leinster, Sir Samuel WA
6438 Leonora, Lake Darlot WA
6440 Bandya, Beadell, Cosmo Newbery, Lake Wells, Laverton, Neale WA
6442 Kambalda East & West, WA
6642 Meekatharra WA
6646 Wiluna, Lake Carnegie, Little Sandy Desert WA
6710 Cane, Onslow, Peedamulla, Talandji, Yannarie WA
6713 Dampier WA
6714 Antonymyre, Balla Balla, Banynton, Bulgarra, Burrup, Cleaverville, Cooya Pooya, Gap Ridge, Gnoorea, Karratha, Karratha Industrial Estate, Maitland, Mardie, Millars Well, Mulataga, Nickol, Pegs Creek, Sherlock, Stove Hill WA
6716 Pannawonica WA
6718 Roebourne, Whim Creek WA
6720 Cossack, Point Samson, Wickham WA
6721 Port Hedland WA
6725 Eighty Mile Beach WA
6728 St George Ranges WA
6751 Tom Price WA
6753 Newman WA
6754 Paraburdoo WA
6758 Nullagine WA
6760 Marble Bar WA
4413 Auburn QLD
4415 Columboola QLD
4420 Baroondah QLD
4455 Wycombe QLD
4521 Mount Pleasant QLD
4581 Eurong, Fraser Island, Inskip, Rainbow Beach QLD
4660 Apple Tree Creek QLD
4674 Oyster Creek QLD
4678 Bororen, Foreshores, Rodds Bay, Turkey Beach QLD
4680 Gladstone QLD
4715 Mount Murchison QLD
4717 Blackwater QLD
4720 Emerald, Yammala QLD
4737 Sarina QLD
4738 Ilbilbie, Koumala QLD
4740 Beaconsfield QLD
4741 Mount Ossa QLD
4742 Burton, Eaglefield, Elphinstone, Hail Creek, Kemmis, Mount Britton, Nebo, Oxford, Strathfield, Turrawulla, Valkyrie QLD
4743 Suttor, Glenden QLD
4744 Moranbah QLD
4745 Cotherstone, Dysart QLD
4746 May Downs, Middlemount QLD
4800 Conway QLD
4804 Collinsville, Mount Coolon, Mount Wyatt, Newlands, Scottville, Springlands QLD
4805 Bowen QLD
4820 Campaspe QLD
5600 Whyalla, Whyalla Playford SA
5601 Point Lowly SA
5608 Whyalla Norrie, Whyalla Stuart SA
5609 Whyalla Jenkins SA
5725 Olympic Dam, Roxby Downs SA
0885 Alyangula NT
7030 Brighton TAS
7155 Kettering TAS
7467 Queenstown, Lake Margaret
7468 Macquarie Heads, Strahan TAS
7469 Zeehan, Trial Harbour, Renison Bell, Granville Harbour TAS
7470 Rosebery TAS
GROUP B: 20 PER CENT DEPOSIT
2000 Barangaroo, Dawes Point, Haymarket, Millers Point, Sydney, The Rocks NSW
2008 Chippendale, Darlington NSW
2017 Waterloo, Zetland NSW
2019 Banksmeadow, Botany NSW
2037 Forest Lodge, Glebe NSW
2067 Chatswood NSW
2112 Denistone East, Putney, Ryde NSW
2118 Carlingford NSW
2127 Newington, Sydney Olympic Park, Wentworth Point NSW
2140 Homebush NSW
2141 Berala, Lidcombe, Rookwood NSW
2142 Camellia, Clyde, Granville, Holroyd, Rosehill NSW
2144 Auburn NSW
2146 Toongabbie NSW
2150 Harris Park, Parramatta
2153 Balkham Hills, Bella Vista, Winston Hills NSW
2166 Cabramatta, Canley Vale, Canley Heights, Lansvale NSW
2168 Ashcroft, Busby, Cartwright, Green Valley, Heckenberg, Hinchinbrook, Miller, Sadleir
2194 Campsie NSW
2195 Lakemba, Wiley Park NSW
2199 Yagoona NSW
2205 Arncliffe, Turrella, Wolli Creek NSW
2208 Kingsgrove NSW
2209 Beverly Hills, Narwee NSW
2210 Lugarno, Peakhurst, Riverwood NSW
2211 Padstow NSW
2220 Hurstville NSW
2222 Penshurst NSW
2566 Varroville, Bow Bowing, Minto, Raby, St Andrews NSW
2767 Bungarribee, Doonside, Woodcroft NSW
2769 The Ponds NSW
3000 Melbourne VIC
3004 St Kilda Rd VIC
3006 South Bank, South Wharf VIC
3008 Docklands VIC
3067 Abbotsford VIC
4000 Brisbane City, Petrie Terrace, Spring Hill QLD
4006 Bowen Hills, Fortitude Valley, Herston, Newstead QLD
4010 Albion QLD
4032 Chermside QLD
4101 Highgate Hill, South Brisbane, West End QLD
4102 Dutton Park, Woolloongabba QLD
4215 Labrador, Southport QLD
5000 Adelaide SA
5001 Adelaide SA
6000 Perth WA
6003 Highgate, Northbridge WA
6004 East Perth WA
6005 Kings Park, West Perth WA
6100 Burswood, Lathlain, Victoria Park WA
6103 Rivervale WA
800 Darwin NT
