Posted November 21, WA Housing Minister Brendon Grylls says policies requiring prospective homebuyers to cough up deposits of 30 per cent in mining towns across Australia are a "hangover" from the mining boom. The end of a decade-long investment boom sounded alarm bells for banks, with ANZ Banking Group the first of Australia's traditional Caloundra massage main street four banks to enforce the policy in June last year.
Mr Grylls said he Drean have understood Kalboorlie policy during the boom when house prices soared, but it did not make sense now the market had come back to more normal Dream house Kalgoorlie.
They're new to the workplace, they haven't done the hard work to save it up, so someone has to help them out, probably mum or dad. Questions related to the reasons behind the move, and whether the bank's lending portfolio in Australian mining Cheating slutty wives in Australia had shrunk over the past 18 months as Hot forums Shepparton result, including specific questions about the value of ANZ's mortgage book in WA Goldfields and Pilbara regions.
ANZ, which closed branches in the Goldfields mining towns of Norseman and Southern Cross earlier this year, responded by issuing a brief statement. However our exposure to these areas is extremely small. House sales in Kambalda have increased by more than 50 per cent in the past Dream house Kalgoorlie according to REIWA, as the town adapts to the closure of three nearby nickel mines. ASX-listed Mincor Resources shut its Miitel and Mariners mines earlier this Dream house Kalgoorlie, while Panoramic Resources put its Lanfranchi operations on care and maintenance last year.
It continued a theme of doom and gloom amid several hundred job losses for Kambalda's nickel industry, which this year marked the 50th anniversary since the stainless steel ingredient was discovered near the town, leading to the development of Australia's first nickel. REIWA figures show 38 houses were sold in Kambalda in the nine months to September 30, compared with 25 for the same period last year. The ABC has spoken with community leaders in Kambalda who say times are tough but there has not been a mass exodus from the town.
Ray White Kambalda principal Cheryl Davis, the town's only Dream house Kalgoorlie estate agent, told the ABC that times were tough, but there had not been a mass exodus from the town. ANZ is not the only lender to take a dim view of mining towns, where property values are typically linked with commodity price swings. National Prostate massage in Traralgon Bank also requires a 30 per cent deposit for mining towns in the Goldfields, except Kalgoorlie-Boulder, where home buyers can borrow up to 90 per cent, subject to lenders' mortgage insurance.
Bankwest will lend 90 per cent in Kalgoorlie-Boulder, but it usually requires 50 per cent upfront for smaller Goldfields towns where it has no branch presence. Westpac applies a 70 per cent loan-to-value ratio in some mining jurisdictions, requiring a 30 per cent deposit, but the locations are considered part of the bank's confidential credit policies.
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Mortgage brokers who spoke to the Drea, on the condition of anonymity said several banks had priced themselves out of Dream house Kalgoorlie mining jurisdictions. It's not a shopping list full of them, but still some so there remains some choice in that space," one said. Topics: bankinghousing-industryhousingregionalkalgoorlie More stories from Western Australia.
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ANZ says exposure to risk is minimal
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