Your reaction: 30% deposit will put you out of the market
GLADSTONE residents could think twice before buying a home in the region, after a second bank announced it would ask for a 30% deposit for a home loan.
Published on the Observer's website yesterday, NAB announced their decision on changing their 10% deposit requirement due to Gladstone being a 'mining town'.
The NAB follows ANZ bank which, in July this year, also changed its policy; demanding all buyers cough up a 30% deposit for a mortgage through ANZ.
The decision has left readers less than impressed, with some commenting on The Observer's Facebook page that this could put them out of the market.
Terri Samuel is in the market for buying a home and said she was shocked when she found out how much money she needed to fork out for a deposit.
"How on earth is anyone going to buy a house when they need a deposit like that ($135,000) ... If I had $135,000 as my deposit, I would buy a $1.3 million mansion on the Gold Coast where they still accept 10% deposits," she wrote.
Here is what our social thought of NAB's decision:
Kris Ansell: People can't afford housing now because of the industry down turn
So good luck to them
Gladstone has houses now that aren't lived in
Banks should be helping towns like this not making it harder
Terri Samuel: Yes, we went to the nab last week, as we wanted to buy a house here. We asked how much deposit we would need to buy a $450,000 house (our first home) we were told "you just need $135,000 deposit because gladstone is classed as a mining town." Oh really, sure ill just whip that out of my back pocket shall I? How on earth is anyone going to buy a house when they need a deposit like that! If I had $135,000 as my deposit, I would buy a $1.3 million mansion on the gold coast where they still accept 10% deposits, not here.
Julie Michael Tuckwell: My family moved here 7 months ago from NSW to make a better start for ourselves and to call Gladstone home. We found a nice block of land that we liked at The Sands and we were approved with ANZ for a loan. Two months after settlement on our land, we found out that we got pre-approval for our home to be built, however we would now need 30% deposit to go ahead. We don't have 30% saved up! We have a empty block of land just sitting there now until we can find another lender.
David Weir: When I was 18 and earning good money I went in to the CBA branch here in Gladstone and asked for a loan to buy a house. The house was $35k and I had been a customer since being in primary school when Mum would give me 10 cents to put in my bank book. On theday I asked for the loan, the assistant manager I saw at the time put his feet up on the desk and laughed at me for not having a third of the purchase price as deposit and for not having it with the CBA for 1 yr prior to applying for the loan. I will never forget his arrogance nor his big cheesy grin on his face. Mr Merv Fleming at Wide Bay Capricorn Building Society approved my loan that afternoon despite not having an account there. I cheerfully closed my account at the CBA and I am still very happy not to have ever darkened their doorway since.
Alex Vercoe: Is this new? We bought from NAB in August and only needed 10%. They were great
Joshua Thompson: It doesnt just put you off it puts you out of the market. By the time anyone with a real job saves thay kind of cash the median house price wouldve risen a further few percent so you can add more on top of that. The bank have to realise not everyone works on treasure island so why punish us because there work is finishing up and can no longer pay off there mortgage.
Leigh Leigh: It isn't going to make an ounce of difference to the loans they gave to people 2-3 years ago when their houses were worth $100K - $200K more than they are now..... not going to help their exposure on those loans at all!
Harry Harrison: Gladstone is not a mining town!!
Shane McLeod: There are plenty of lenders around who aren't applying these ridiculous terms on Gladstone buyers. Go and have a chat to your preferred mortgage broker, who work with a bunch of different lenders and hundreds of loan products. They'll most likely get you a better deal than you can get directly yourself.
Michael Murphy: OMG. How silly. Obviously NAB don't want to lend in Gladstone. Leave town then. Plenty of other Lenders in CQ!