Loans in Regional Areas

From: Felicity W.


Hi all
Just curious about getting low doc loans for regional centres in Victoria.
I know various LVRs get thrown about for these loans, and I'm curious - what is required for a town to qualify as a regional centre?
does each lender have its own list of towns it considers qualify? Or can the population be a rough guide to whether or not a town will qualify?
For example, I would assume that Ballarat with 80000+ people or Bendigo with 70000+ would be classed as regional centres, but what about say Warrnambool or Mildura with around 25000+? Or even Bairnsdale or Horsham with 11000+?
Interested in people's feedback on this one, particularly anyone who has financed properties in regional Victoria.
Keep smiling
Felicity :cool:
 
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Reply: 1
From: Jakk Bass - The SLUM LORD


Hi Felicity,

I don't know about the other regions that you have mentioned, but as far as Bairnsdale is concerned, I would give LaTrobe Home Loans a try.

I have purchased in this area and have borrowed Low Doc Finance through them, no problems.
LaTrobe Home Loans is actually based in Traralgon and are in tune with the Gippsland area.

Also I believe their lending criteria is a little more lenient than most others (with regards to serviceability), at least that's how I've found them.

regards
Jakk
 
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Reply: 2
From: Colin Mills


Hi Felicity,
As a mortgage broker I can tell you that MOST lenders will not touch rural areas with a population of less than 10,000. That seems to be the general rule of thumb. However there are exceptions. If you wish I'd be happy to get a list together of those who will lend for populations under 10,000 highlighting the best deals. Drop me a line by clicking on my e-mail address above.
Regards,
Colin
 
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Reply: 2.1
From: Russell Chellew


Hi ,
The following VIC regional areas are acceptable for LoDoc loans

Geelong
Warrnambool
Ballarat
Mildura
Bendigo
Shepparton
Wodonga
Morwell
Traralgon

cheers

Russell
 
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Reply: 2.1.1
From: Felicity W.


Thanks for the feedback on this, obviously the variation in answers is because of the differences between lenders!
But it gives me an idea of what's feasible.
Keep smiling
Felicity :cool:
 
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