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27 Melbourne suburbs the banks don’t like

Investors new and off the plan apartments in a range of Melbourne suburbs will face tougher hurdles to get a mortgage and have to jump through additional deposit hoops and face more stringent practices around cash out loans. 

melbourne

Citi Bank has black listed a range of Melbourne suburbs where they have tightened their lending criteria for apartment buyers.

The maximum loan-to-value ratio was dropped to 65 per cent – meaning borrowers will have to come up with a deposit of 35 per cent in these locations.

There were similar lists for 34 suburbs in Sydney and 12 Brisbane suburbs, and smaller lists in the other states.

And it is possible other banks will follow suit.

It is likely other lenders will keep a careful eye on the market.

Last year National Australia Bank, ANZ Bank, and AMP Bank released their suburb black lists where they are wary of lending for apartments based on growing concerns about an oversupply of off-the-plan apartments and, in some areas, falling prices.

Here is the list of Melbourne suburbs on Citi’s radar:

Melbourne Suburbs
Melbourne 3000
East Melbourne 3002
West Melbourne 3003
St Kilda Road 3004
Southbank 3006
Docklands 3008
North Melbourne 3051
Melbourne University 3053
Carlton 3053
Princess Hill 3054
Sumner 3057
Collingwood 3066
Abbotsford 3067
Doncaster 3108
Doncaster East 3109
Richmond 3121
Hawthorn 3122
Auburn 3123
Box Hill 3128
South Yarra 3141
Darling 3145
Dandenong 3175
St Kilda 3182
Balaclava 3183
South Melbourne 3205
Albert Park 3206
Port Melbourne 3207

Source: Citi

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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