Realtors not fazed by 30% requirement
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.