Bank to reassess Mackay lending restrictions
The National Australia Bank (NAB) has promised to reassess their lending restrictions for Mackay home buyers.Earlier this year the NAB changed their guidelines for Mackay to restrict home loan lending to only those who could provide a 30% deposit.Following a meeting in October with more than 20 real estate industry leaders, I issued an invitation to the National Australia Bank’s CEO to visit Mackay and hear firsthand about the effects of the bank’s ruling that buyers in Mackay were essentially a "credit risk".
MP condemns NAB’s hefty home deposits
I am going to issue an invitation to the CEO of the National Australia Bank to visit Mackay and hear firsthand about the effects of the bank’s decision to restrict home loan lending to those who can stump up with a 30% deposit.More than 20 real estate industry leaders met with me this week to share their concerns about the bank’s ruling that buyers in Mackay are a “credit risk”.The National Australia Bank has led the way in kicking us when we are down with this hard-line approach to lending, and actions like this do nothing to stimulate the economy and encourage investment.