Posted by 
ANZ is slashing lenders’ mortgage insurance for customers who live in 145 of the country’s wealthiest postcodes.
It means that lenders could take out a 95 per cent loan at $2 million and save more than $102,000 in insurance compared with someone in a less wealthy area.
“On the surface it feels incredibly unfair,” RateCity’s Sally Tindall said.
Toorak, Point Piper, Hamilton, Cottesloe, and 141 others were included in the decision by ANZ.
“This is a strategic move from ANZ,” Tindall said.
“It is cherry-picking high net worth individuals which are deemed to be low risk.”
So, where do these dream customers live?
The bulk of selected suburbs are in Sydney.
North Bridge, Manly, Bronte, Cremorne and Killara all made the list from NSW.
Brighton, Malvern, Essendon and Lorne feature for Victoria.
Tenerife, Ascot and Chandler were included in Queensland.
Crawley, Mosman Park and City Beach were selected from Western Australia.
None of the suburbs are in South Australia, Tasmania, the ACT or the Northern Territory.
ANZ says borrowers would still have to pass the rigorous lending standards, like having high income and a strong repayment history, but the police may be a way of enticing wealthy Australians to choose their bank instead of the others.
