{"id":20714,"date":"2018-04-01T01:00:59","date_gmt":"2018-03-31T14:00:59","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=20714"},"modified":"2018-04-01T01:00:59","modified_gmt":"2018-03-31T14:00:59","slug":"the-suburbs-the-banks-dont-like-andrew-mirams","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-suburbs-the-banks-dont-like-andrew-mirams\/","title":{"rendered":"The suburbs the banks don\u2019t like \u2013 Andrew Mirams"},"content":{"rendered":"

We find out this week about the suburbs the banks don\u2019t like.\u00a0 As Andrew Mirams<\/strong> points out \u2018it is not that they don\u2019t like them it is just that they are hesitant to lend on property in those areas.\u00a0 So what is it that turns them off?\u00a0 Andrew tells us.
\nTranscript:<\/strong>
\nKevin:\u00a0\u00a0<\/strong>I\u2019ve heard a little bit of word recently about the banks turning on and turning off some suburbs around Australia. So, where are they? Should you get advance notice and be aware of these? Let\u2019s try and find out. Andrew Mirams from Intuitive Finance joins me. He\u2019s in constant contact with the banks, and he has his finger on the pulse of this all the time.
\nGood day, Andrew. How are you doing?
\nAndrew:\u00a0\u00a0<\/strong>I\u2019m very well, Kevin. And you?
\nKevin:\u00a0\u00a0<\/strong>Good, mate. Give me the lowdown. Are there suburbs that the banks don\u2019t like, and do they tell you?
\nAndrew:\u00a0\u00a0<\/strong>They do. From a lending perspective, they give us lists and ideas of suburbs. When we say they don\u2019t like, it\u2019s not that they won\u2019t lend into those areas; what they might do is have some restrictions, or they might have some different things where they want to do a lower loan-to-value ratio. So, if you bought a property for $500,000 and normally you get a loan at 80% at $400,000; it might be $350,000 at 70% or $300,000 at 60%.
\nVery rarely \u2013 and again, there are probably a couple of conversations here \u2013 it\u2019s the style of property as well as the suburb that it\u2019s in.
\nKevin:\u00a0\u00a0<\/strong>You make a very good point there. It\u2019s not that they won\u2019t lend; it\u2019s a matter that they have to restrict their lending in some ways and put some more conditions on it.
\nDo you see a change? Do suburbs come on and off that list at all?
\nAndrew:\u00a0\u00a0<\/strong>They do. Probably similarly with areas as well. You had the mining boom, and then there are some towns in WA, up in the Northern Territory, and Queensland that are far less desirable just because of the amount of property that was bought and prices that were paid at the peak of it and things like that.
\nSuburbs-wise in and around Melbourne, Sydney, or Brisbane, some of the suburbs we could mention or name are highly desirable places to live, but with that desirability, they\u2019re probably undergoing a lot of development and there are probably lots of towers happening. So, there\u2019s a real concentration, and that\u2019s probably why they get picked out and get scrutinized.
\nKevin:\u00a0\u00a0<\/strong>Yes. It doesn\u2019t mean it\u2019s always going to remain like that. If you look back over the decades, there are certain suburbs in different parts of the cap cities that would have been very unfavorable, like New Farm in Brisbane or I think Paddington in Sydney, some of those inner suburbs that would have been very undesirable.
\nAndrew:\u00a0\u00a0<\/strong>Yes, New Farm, Fortitude Valley, and places like that.
\nKevin:\u00a0\u00a0<\/strong>Yes, but to look at them now\u2026
\nAndrew:\u00a0\u00a0<\/strong>Now they\u2019re highly desirable places to live, but at the same time, both of those that you just mentioned are actually on the list because of the amount of development happening there.
\nSimilarly, in Sydney, Bondi is not but Bondi Junction is on it. That\u2019s a highly desirable place to live in and around, but it\u2019s purely the amount of development stock that\u2019s come out.
\nAnd in and around Melbourne, you have got some amazing areas \u2013 North Melbourne, Carlton, Richmond, and places like that, which have really gentrified. Hawthorn which is a really high net worth or affluent suburb in Melbourne. That\u2019s actually on the list purely because of the amount of development that\u2019s happening in and around there.
\nThey\u2019re not saying no; they\u2019re just saying \u201cLook, there might be another covenant or two that we put to a purchase in that suburb.\u201d
\nKevin:\u00a0\u00a0<\/strong>Okay. You\u2019ve obviously got a list because you were reading off a list, or maybe you\u2019ve just got it in the back of your brain there; I don\u2019t know.
\nAndrew:\u00a0\u00a0<\/strong>I\u2019m not that good, Kevin.
\nKevin:\u00a0\u00a0<\/strong>Is this list generally available, or do they closely guard who they give it to?
\nAndrew:\u00a0\u00a0<\/strong>All the internal lending branches will have it, but again as a broker, we\u2019re fortunate that we need the policies of every lender that we deal with so we can get access to each of them. We can make contact with lenders.
\nAnd this is why we\u2019ve spoken a lot about getting preapprovals or just checking with a property you buy. The old thing,\u00a0caveat emptor<\/em>, let the buyer beware. You don\u2019t want to commit to a property without knowing this type of thing, and that\u2019s where having a really good broker or financial strategist on your side who can work through and make sure you have your client\u2019s needs protected is pretty vital in these circumstances.
\nKevin:\u00a0\u00a0<\/strong>Yes, that\u2019s another great point. If you go to a broker and deal with someone like Andrew as an example, then Andrew is going to be able to look around at the banks who may be looking more favorably at the suburb you\u2019re looking at as an investor as well. Because they wouldn\u2019t all be the same, I would imagine.
\nAndrew:\u00a0\u00a0<\/strong>No. That\u2019s a great point. When we say the suburbs the banks don\u2019t like, different banks will have different concentration levels to different suburbs. So, while one might say, \u201cLook, we\u2019d rather not lend in there, or it\u2019s a 60% loan-to-value ratio,\u201d another one might not have as much concentration there and you\u2019re able to get 80%. So again, like you said, that\u2019s the leg work and the type of thing that we can do to help our clients.
\nKevin:\u00a0\u00a0<\/strong>Good talking to you. Andrew Mirams from Intuitive Finance. Thanks, mate. It\u2019s why it always pays to talk to the right people, and that\u2019s what we try and do in the show as well. Andrew Mirams, thanks for your time.
\nAndrew:\u00a0\u00a0<\/strong>Pleasure, mate. Bye.<\/p>\n","protected":false},"excerpt":{"rendered":"

We find out this week about the suburbs the banks don\u2019t like.\u00a0 As Andrew Mirams points out \u2018it is not that they don\u2019t like them it is just that they are hesitant to lend on property in those areas.\u00a0 So what is it that turns…<\/p>\n","protected":false},"author":176692471,"featured_media":20715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,34,10,11,13,25],"tags":[101],"class_list":["post-20714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nThe suburbs the banks don\u2019t like \u2013 Andrew Mirams - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-suburbs-the-banks-dont-like-andrew-mirams\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The suburbs the banks don\u2019t like \u2013 Andrew Mirams - 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