For years now, putting 4306 as your postcode almost always results in a loan application rejection. Banks deem the postcode “risky” because the location is classified as a “rural” area, despite the fact that Ipswich has already undergone a massive population boom in the past decade.
“I’m sick and tired of people judging us on our postcode,” said Ipswich Mayor Paul Pisasale. “This country is being dictated by out-of-touch banks and valuers who have no understanding what a postcode means. It really frustrates me. It’s about time they got off their backsides, and start to have a look at the areas they are investing in.”
As one of Australia Post’s largest delivery zones, postcode 4306 covers some 53 suburbs, all of which are classified as rural. No distinction is made between those areas considered to form part of the city fringe and those which are indisputably country tones.
Though Ipswich was once known to be one of Brisbane’s roughest outer suburbs, things are different now. Last year, it was named as one of the world’s smartest cities, thanks to its digital prowess. Its population also increased by 700 per cent in the past decade, as new hospitals, schools, and high-end establishments are being built.
Yet many bank lenders and insurance companies still refuse to grant loans and coverages to the postcode.
“My message for banks and valuers: Ipswich has moved on,” Pisasale said. “I’ll never say that our city is better than anywhere else, but what I will say is over the last 12 years we’ve worked so hard to make our city the best it can be.”
He even issued a little challenge to these lenders. He said, “It’s about time they get off their little butts and stop judging postcodes and come out and have a look at what that postcode means and how it’s changed.”
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now