New home loan rules for apartments

Macquarie Bank has announced new tough rules for loans to buy high-rise and high-density apartments. Macquarie Bank now requires a maximum loan-to-value ratio of 70 per cent, meaning buyers need an additional 10 per cent deposit.

Macquarie has identified 120 postcodes that will be affected by the new policy, including Sydney’s The Rocks, Haymarket, Millers Point and southern suburbs as well as Melbourne’s Docklands and South Wharf. More than 40 postcodes in Queensland are identified, including the Gold Coast and Brisbane CBD as well as some areas in Adelaide, Perth and North Hobart.

Source: Australian Financial Review