Bank could add towns to 'high-risk' home loan list
GLADSTONE has been stuck on the National Australia Bank's risky lending hotspot list for more than a year and now more postcodes in the region could be added to that list.
Although NAB has not officially released data on areas it has red-flagged as risky, it's understood those looking to secure home loans in Rosedale, Rules Beach, Bororen, Turkey Beach, Foreshores and Biloela will need to stump up 30% deposits to get a loan.
A NAB spokeswoman said the bank took into account a range of "economic factors" before considering an area risky for lending.
"NAB ... regularly monitors the performance of local markets to ensure we continue to lend responsibly and sustainably," she said.
"We recognise that no two suburbs are the same, and there are some geographic areas which have been impacted by local conditions.
"We adopt strategies in these geographic areas that seek to reduce the risk to customers and our business," she said.
LJ Hooker's Mark Spearing said the latest areas did not traditionally have a high number of sales and would have little effect on the general market.
"It shows an interesting policy change from the bank because when there was a perception that some of these areas were overvalued they couldn't lend enough money," he said.
"They were falling over themselves to lend and perhaps they should have showed this type of fiscal restraint back then."
Mr Spearing said the volume of sales in Gladstone had increased, with one agent selling five properties last week.
AUSTRALIA'S HIGH-RISK LENDING HOT SPOTS |
NAB high-risk regions where "significant deterioration in credit risk has been observed."
Queensland: 4210 Guanaba, Maudsland, Oxenford; 4211 Advancetown, Beechmont, Binna Burra; 4680 Gladstone; 4717 Blackwater; 4720 Emerald, Yamala; 4740 Mackay; 4743 Suttor, Glanden; 4744 Moranbah; 4745 Dystart; 4746 May Downs, Middleount; 4805 Bogie, Bowen, Gumlu;