Business
ANZ requires larger deposits for high-risk Melbourne postcodes – The Australian Financial Review
ANZ is asking borrowers for luxury property in Melbourne to stump up deposits of 30 per cent as it prepares for foreclosures to peak in the middle of next year.
But when it comes to assessing new borrowers or customers wanting to upsize in Melbourne, he said the bank is adopting a stricter approach, especially in areas it considers overvalued despite recent falls across the city.
Asked whether the possible 15 per cent decline in Melbourne house prices forecast by the bank’s economists meant ANZ would require borrowers to stump up at least a 15 per cent in equity before getting a loan, Mr Hand said “we do have postcodes where we won’t exceed certain LVR…
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