Olivia regularly reminds all of us at GPS that “the investors would like some more loans please”.
The slow down in loan velocity has been part of a deliberate strategy by GPS to be even more conservative in these uncertain times.
I am sure you all know too well my “I would sooner not take the money, then not give it back” saying.
My drive for loan pipeline has been towards townhouses and owner occupier product for a number of reasons. In particular, such product is not oversupplied, with purchasers having greater access to credit.
There is good news. We have a number of loans going through the system.
Subject to our usual extensive due diligence, they will include townhouses at Gordon Park, Loganholme and Taringa and owner occupied units at Sherwood, Taringa and Redcliffe.
There are also some further stages coming up for some of our existing, successful loans.
The credit squeeze has allowed GPS to be even more selective. I am also pleased to see the return of some well-respected past borrowers who were pursued by the banks.
Jess and Olivia are primed to provide you with further details once credit approval has been achieved on these new loans.