Real­tors not fazed by 30% re­quire­ment

Pilbara News - - News - Tom Zaun­mayr

Al­ways get a sec­ond opin­ion from a bro­ker or another bank. Rob Sleator

In­creas­ing de­mands on home loan de­posits by the big four banks will make lit­tle dif­fer­ence to home buy­ers prospects in the Pil­bara, ac­cord­ing to lo­cal real es­tate ex­perts.

NAB an­nounced this month it would re­quire a 30 per cent down de­posit on home loans in many Pil­bara ar­eas, equalling the bench­mark al­ready in place by ANZ and West­pac.

Pil­bara Real Es­tate chief ex­ec­u­tive Rob Sleator said there were still plenty of op­tions on the ta­ble for home­buy­ers.

“We have seen banks over the past 12 years change their poli­cies but that is just the way they are,” he said.

“I think we are steady, we are sta­ble, and who cares what the banks are do­ing be­cause some­one will al­ways lend money.

“Some banks’ cri­te­ria is 30 per cent and you just wouldn’t touch them, not at all.”

Mr Sleator said home­buy­ers should al­ways be wary of be­liev­ing that their bank is on their side.

“My big­gest ad­vice I can give to peo­ple who say I want to go with my bank be­cause I have been bank­ing with them for 10 or 20 years is you are a D-grade client,” Mr Sleator said.

“The bank is not loyal to you and it doesn’t mean you are go­ing to in­crease your chances of get­ting a loan what­so­ever.

“Al­ways get a sec­ond opin­ion from a bro­ker or another bank.”

Mr Sleator said the en­vi­ron­ment for small lenders was the best it had been since the global fi­nan­cial cri­sis.

North West Fi­nance di­rec­tor Belinda Brad­shaw said it was the in­vest­ment prop­er­ties the banks had the big­gest is­sue with.

“It is not just Pil­bara, the lend­ing cri­te­ria across Aus­tralia has tight­ened up,” she said.

“Not only have we got all those stricter guide­lines for pol­icy, but we now have post­code is­sues.”

Ms Brad­shaw said there were still good home loan deals out there for first-home­buy­ers will­ing to shop around.

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