The Big 4 lender this week sent mortgage brokers a list of suburbs where, from the 2nd of October, it will restrict the amount borrowed to 80% of the value of an apartment.
ANZ also announced that prospective borrowers will be questioned to ensure they are telling the truth in their applications.
“A well completed customer interview guide becomes a source of truth, evidencing key elements of the broker’s conversation with their customer that can be referred to at any time by anyone, to understand the customer’s situation in full and provide justification for the solutions that have been offered,” ANZ said in a guiding principles document to its mortgage brokers.
The list of Perth postcodes includes the Perth CBD, eastern suburbs such as East Perth, Ascot and Belmont, as well as South Perth.
In Brisbane, the list included inner city suburbs such as Bowen Hills, Spring Hill and Newstead, but also middle-ring suburbs like Clayfield, Nudgee and Bracken Ridge.
| ANZ Apartment Lending Restricted Suburbs | ||||
|---|---|---|---|---|
| QLD Postcodes | 4000 | 4006 | 4010 | 4011 |
| Brisbane | Bowen Bridge | Albion | Clayfield | |
| Brisbane Adelaide St | Bowen Hills | Breakfast Creek | Eagle Junction | |
| Parliament House | Brisbane Exhibition | Hendra | ||
| Petrie Terrace | Fortitude Valley | |||
| Spring Hill | Herston | |||
| Mayne | ||||
| Newstead | ||||
| QLD Postcodes | 4014 | 4102 | 4171 | |
| Banyo | Nundah | Hawthorne | ||
| Nudgee | Toombul | Bulimba | ||
| Nudgee Beach | Wavell Heights | Balmoral | ||
| Virginia | Wavell Heights North | |||
| WA Postcodes | 6000 | 6004 | 6104 | 6151 |
| Perth | East Perth | Ascot | Kensington | |
| Belmont | South Perth | |||
| Redcliffe | ||||
Source: ANZ
The policy applies to apartments for owners-occupiers and investors in Brisbane, and investors-only in Perth on properties less than $3 million.
Canstar’s Group Executive of Financial Services Steve Mickenbecker says it is not unusual for lenders to occasionally put restrictions on lending in certain locations and on certain styles of property.
“This is the case here, with the postcodes listed expected to have an impending oversupply of units coming onto the market,” he said.
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