Just got this from our broker, basically the Mortgage Insurers don't like the suburb.
"Unfortunately your loan has been declined by mortgage insurance. This is because the land is in a housing affordability scheme area and the mortgage insurers are not comfortable with doing your mortgage insurance in that estate. The most Bankwest will lend is 65% of the value of the land which is no-where near enough.
The mortgage insurer for Bankwest is QBE Insurance (previously known as PMI Insurance) – they are one of the largest mortgage insurers in Australia.
Given their opinion on the area I think it might be a good idea to re-think purchasing in this estate. "
Just a shame as this area is a lot nicer then others, has basketball courts, playing fields, a new school, shopping centre, lakes etc, good traffic plan. A lot of the new areas have the HAF boost in western Sydney as well, makes it tough. There is some land the other side of Penrith in a old development that’s been going for about 15 years, but it’s in a shit area I think. Worth more in terms of median house price, but it’s a traffic nightmare and neglected. Lots of problems over there too.
Seriously these people have no idea of the area. I don’t know how they make their decisions but I bet none of them have ever lived out here, far less crime and pollution then any inner city or city suburb.No offence to Ropes Crossing, but they're treating it like Ropes Crossing, like we're living at the back of Mt Druitt.
We've asked to see what another mortgage insurer says without going through the loan process. But for now our lot is back on the market and it looks like we won't be moving or building anytime soon. By the time they change their views on the suburb I bet you that the goal posts would have moved so much that we'll be back to where we are now.
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