What our clients are saying

    "Marty was fantastic! We swore never to use a broker again after bad experiences with other brokers in the past, and our last loan we negotiated ourselves, however this time we needed a mortgage... " – Blake Millgate
    "It is impossible to exaggerate how highly I rate Mortgage Experts and my experience with Marty McDonald... " – Brendan Arlington
    "Mortgage Experts have provided a fantastic experience in an area that can be complicated and emotional. Marty was always clear and precise and always made time to discuss the matters at hand... " – Brett Parker
    "I was really impressed with Marty's services. He was responsive to emails and calls, considered a range of options, and kept me informed at every stage. He was also very patient... " – Elise Darsow
    "Marty was great to deal with. From initial contact to finding a perfect solution and strategy to our situation to then securing the funding in a tight time frame nothing was too much trouble... " – Nick and Blaise Porter
    "Great service! All the advice I've received in the past has been really helpful. Love the newsletters which keep me updated on developments in the market. Highly recommended! " – Nick Jolly
    "I have used Marty's mortgage brokerage service (Mortgage Experts). He has been professional, resourceful, gone beyond the call of duty in servicing my mortgage. He has been able to... " – Prithvi Moses
    "We’re both really happy to have been able to get this sale across the line and are particularly grateful for you finding us a way to make the finance work! Walking into our new home... " – Sarah Macdonald & Stewart Bovell
    "We found Marty McDonald from Mortgage Experts through a Google search because he had a hugely informative page about family trust loans. Choosing Marty as our broker was a huge blessing... " – Tracey Cools

Loans in postcode restricted areas

Many lenders have lending restriction based on the location of a property. This is commonly referred to as postcode restrictions. Some lenders have a list of areas they won’t lend in at all or areas where they will only lend at 80% or 70% loan to value ratio (or less) for example. It goes without saying this can be a problem if the property you are looking to finance falls in one these areas.

Another layer of complexity comes if you are seeking to borrow over 80% LVR and mortgage insurance is involved. The insurers have their own location restrictions which can be more onerous than lenders themselves. There are often simple ways around these potential problems and it usually comes down to knowing which lenders are comfortable doing what where. This is where Mortgage Experts can help.

Common issues borrowers face relating to postcode restrictions which we usually find a solution for.

  1. Inner city apartments

    Properties right in the heart of major cities are mostly high rise apartment buildings and can be subject to periods of over –supply. For this reason many lenders are reluctant to lend in these areas. Or if they will lend it is often with some LVR restrictions. Not all lenders have inner city postcode restrictions.

  2. Rural areas/ smaller towns

    Properties located in and around towns with less than say a few thousand residents can be problematic to finance. There are often two issues with properties located in these areas. One is the postcode restriction issue which is a blanket approach by the lenders in determining if the location is a bit too remote or small for them to consider mortgage worthy. The second potential issues in these areas can be a lack of recent comparable sales. Which can make determining fair market value a problem for lenders.

  3. Mining towns and single industry towns

    Many mining towns and their surrounding areas are in remote locations so lending restriction based on the postcode of the towns may apply. Adding to this are their volatile property markets and high rental yields which combined makes lenders nervous about over extending on property located in these areas. In trying to avoid possible over speculation many lenders have now also placed additional restrictions on the amount of rental income that can be used in their borrowing capacity calculations for properties located in these single industry towns or indeed for any property with a higher than usual rental yield. Of course this conservatism in regards to mining towns and single industry towns may be misplaced especially if a blanket approach by lenders is adopted. Areas such as Gladstone for example have been one of the best performing areas to invest in over the last decade. Often we can find a way to finance properties located in areas with postcode restrictions.

  4. Boat only access and island properties

    We have in the past come across lenders not being too keen to finance boat only access properties such as those located on the Hawkesbury River near Sydney. There are lenders who will lend against these properties. Scotland Island is another boat only access area near Sydney where we can arrange finance.

Our Current Lender Panel

Lex Luther Enterprises Pty Ltd (ABN 58114636949) trading as “Mortgage Experts” is an Authorised Credit Representative (444479) of Martin Warren Thomas McDonald, Australian Credit Licence (391230) under s64(1) of the National Consumer Protection Act 2009.