Colonial Lending in Country Areas

[Brizza]

Someone told me that Colonial are a lot more easy going in terms of lending in non-metro areas.

Are they? and if so, to what extent?

 

[pmcintosh]

Colonial 80% LVR rural areas, mining areas, populations 5000. Just depends on serviceability. Even low docs.

 

[Rolf Schaefer]

sometimes ANZ or NAB are also very good in rural areas.

 

[pobrien3]

Hi Brizza

Under the changes in their LMI credit policies in September last year Colonial will supposedly lend up to 95% + LMI in any postcode in Australia against properties up to 50 hectares. Having said, when LMI is involved, the dwelling needs to be in good condition and their needs to be some comparable sales in the area. I have had 2 95% loans knocked back by them recently for country properties due to the valuer's comments on the property and the local market.

Cheers

Patrick