Finance advice
Otto Dargan

Banks put the brakes on mining towns

By Otto Dargan

As investors flock from mining town to mining town the banks have moved to stop the speculation. Can you still finance your investments?

Blogger: Otto Dargan, director, homeloanexperts.com.au 

As mining areas such as the Pilbara in WA and Mackay in QLD come off the boil, it’s high time we took a look at what the banks think of mining areas and their risk as an investment.

Several banks now have official, or unofficial, policies which are limiting investors who are seeking a quick gain from buying in mining areas.

Keep in mind that you as an investor may benefit from large price rises, however the bank doesn’t. Yet they do take a risk that if prices fall then they may be left exposed.  Their interest rate is the same no matter where your property is, so they simply aren’t as comfortable taking the extra risk for no extra reward.

So what are the changes and how do you need to change your investment strategy?

Rental income assessment has become a little more complex. If you are getting 15% returns then fantastic! However the banks aren’t sure how sustainable these yields will be so they tend to only use part of the rent in your assessment.

Lenders like AMP, ANZ and BankWest cap the rental yield between 4% and 10% whereas Westpac tends to use only 60% of the rent received when calculating your ability to afford the loan.

Banks don’t want to see you reliant on high rental yields to make your loan repayments. If you have a good income from your job then this won’t be a problem.

LVRs have dropped across most lenders. Specifically for investment loans, if you are buying a home to live in then you may not have the same problems.

ANZ and Westpac have a list of postcodes which contain single industry towns in which they limit the percentage of the property value that you can borrow.

Can you still borrow 95%? Technically 'yes' with some lenders, however in reality it is going to be harder. You’ll need to have a good income, good asset position and not to have all of your properties in one town.

The real question is: do you want to borrow 95% in a mining town? It’s a big gamble and if you don’t have the funds to back you up then you may find yourself in trouble if the area you purchased in has a slump.

Overall these policy changes are a good thing. Investing in mining towns is a great strategy for people who have an understanding of the mining industry and experience investing. And these investors still have access to funds.

However there needs to be some common sense checks and balances put in place to prevent bubbles and people getting their fingers burnt.

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About the Blogger

Otto Dargan

Otto Dargan

Otto Dargan is a two-time winner of St George Bank's 'Australia’s Brightest Broker' competition and the managing director of specialist mortgage broker homeloanexperts.com.au

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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