Is where I'm buying at really too risky or what?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Is where I'm buying at really too risky or what?

Post by Otto Dargan »

Hi Mousetrap,

You can try out our postcode location calculator to find out for yourself as to how the banks view the risk of the location of the property you're planning on buying.

Each lender and LMI provider has a guide which they use to assign a category to each Australian postcode. This typically includes categories that are very low risk, e.g. houses in metro areas, to categories that are very high risk, e.g. bushfire prone properties.

If your location falls in a very high risk category, lenders will have certain postcode restrictions so it will be difficult to get finance but not impossible if your application is strong.

Note that comparable sales are important and that can also be one of the reasons for the banks to be hesitant to lend.

Please check out our website for more information. You can also discuss your situation, property location and loan needs with one of our postcode location and lending policy specialist mortgage brokers by calling 1300 889 743 or enquiring online.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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