Friends of ours have been rejected by two banks trying to buy a vacant block of land in Bright, country Victoria. The sale price agreed is $240,000 and they have a 20% deposit. The bank says it's too risky as it's rural and has no power or water connected.
How is this so? Banks not as keen on doing business as they make out perhaps.
melbourne: 29 and 30 october, page-10
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