Both NAB and ANZ have advised brokers that they now require 30% deposit in the 4680 Gladstone postcode area.

The banks have stated that Gladstone is a high credit risk area, which is reliant on mining.

I feel this shows a lack of understanding, by the banks of the diversity of the Gladstone Area.

If the banks were concerned about the credit risk of Gladstone Area, they should have increased the deposit requirement 4 years ago when houses were at an unsustainable peak, not now when the market has bottomed out and there are some very attractive prices.

Not all banks have the narrow thinking of NAB and ANZ, and at Individual Home Loans we are still able to do owner occupied properties with 5% genuine savings.

John can be contacted on 0749722081 or 0410433919. or email him at jwhitten@ihl.net.au or net www.ihl.net.au. John Whitten is a credit representative (CRN 399796) of BLASSA Pty Ltd (Australian Credit Licence No 391237).