Which lender is best to borrow from to buy or build on Russell Island?

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88KATmando Oct 22, 2020
I am not an expert and have not had to borrow to live here, but there are limited lenders I believe who lend for the islands, plus they used to require a larger deposit than on the mainland, still the case? Years ago back in 2001/02/03?, we wanted to borrow and buy a cheap block on Macleay ($9000 back then) and we were told no, because, as far as they as lenders were concerned, they had zero faith in the islands! Houses then were obtainable for around $60k, that was before the TV show "Hot Property" came to Macleay and the whole of Australia saw the episode and prices increased by as much as $100k within a very short while. Prices have either levelled back to what they paid, if bought at the high end of the frenzy or if bought well may have picked up say $50 - $150k dependent on when they bought and what they paid. Today the most expensive listing on the island is a home at $695k (on realestate.com), that is for a fully developed waterfront home/property. A good broker may be able to point you in the right direction regarding a lender. Be careful there have been a couple of shonky builders/companies here who have taken people's money and run, so use a very reputable lender/broker
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