Banks accused of heavy restrictions
(4 February 2010 – Australia) Australian banks have been placing pre-sale restrictions on property developers resulting in a stall of projects according to The Hunter Business Chamber’s in New South Wales.
The global financial crisis has taken its toll on financial institutions, propelling banks to place extra demands on developers before approving credit for projects.
Peter Shinnick, CEO of the Business Chamber’s, told ABC News that it is a concerning situation.
What is happening is that there are people are moving in to the Hunter looking for work and at the same time a number of major developments such as the Huntlee and the Kings Hill developments are being held up, Mr Shinnick said.
Development is needed in the region, people to be able to live somewhere and certainly there are a number of developers prepared to build, Mr Shinnick added.
Mr Shinnick also said that the major issue appears to be getting access to finance and planning approvals.
Peter Shinnick, CEO of the Business Chamber’s, told ABC News that it is a concerning situation.
What is happening is that there are people are moving in to the Hunter looking for work and at the same time a number of major developments such as the Huntlee and the Kings Hill developments are being held up, Mr Shinnick said.
Development is needed in the region, people to be able to live somewhere and certainly there are a number of developers prepared to build, Mr Shinnick added.
Mr Shinnick also said that the major issue appears to be getting access to finance and planning approvals.
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