ANZ's blacklists postcodes in Brisbane and Perth

ANZ's blacklists postcodes in Brisbane and Perth
ANZ's blacklists postcodes in Brisbane and Perth

ANZ has tightened its borrowing rules on lending to apartment buyers in Brisbane and Perth.

It will impact of financing hopes of upcoming off the plan buyers with many from interstate.

The latest blacklist of the suburbs considered high risk comes a year after the mining towns of Queensland and WA were revealed as also being on the no-go zones for bank lending.

A nervous ANZ issued a revised list of postcodes to its mortgage brokers.

Brokers have been told loan to value ratios must not breach 80 per cent for both off-the-plan and existing apartment lending, The Australian reported.

The riskier Brisbane postcodes include inner city suburbs including Fortitude Valley, Newstead and Bowen Hills

There are also some middle ring suburbs including NUDGEE, Clayfield and Hendra.

In Perth, the list includes the CBD and East and South Perth.

The ANZ policy comes into effect on October 2.

The Australian reported it applies to apartments for both owner occupiers and investors in Brisbane and in Perth for investors on properties worth less than $3 million.

Under the tougher terms, borrowers must have a minimum deposit of 20 percent, which could equate to 30 percent if the pre-purchase valuation comes in lower than the exchange price dating from 2015 or 2016 when prices were higher.

Last year ANZ's was increased to more than 50 postcodes, concentrated mostly around Western Australia, Queensland and NSW mining towns, that described the suburbs as "not acceptable" for providing lenders mortgage insurance.

The number of unacceptable postcodes was 30 in a 2013 previous confidential list. 

“This (September 2017) update for a handful of Brisbane and Perth locations is part of our ongoing efforts to ensure we are lending responsibly and in consideration of all our regulatory responsibilities,” an ANZ spokesperson told Australian Broker.

“We regularly look at a number of factors in relation to residential apartments to make sure we are meeting our responsibilities including supply and demand, rental yield, vacancy rates, and location.”


ANZ’s list of postcodes:

Brisbane: 4000, 4006, 4010, 4011, 4014, 4102, 4171.

Perth: 6000, 6004, 6104, 6151.

Home Loans Anz

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