Banks blacklist homes

WEARY methane gas affected property owners face another blow as a News investigation reveals that banks have mortgage blacklisted properties within two kilometres of the estate.
The dilemma comes one week after the CFA announced it was safe for residents to return to their homes after the emergency status at the Cranbourne estate was downgraded.
Bank insiders have confirmed widespread rumours among local real estate agents that banks are not approving finance for houses within a two kilometre radius of the estate.
The News has been told that two major banks in Cranbourne were not approving finance because they were worried about the risk to properties in and around the estate.
The decision leaves homeowners unable to sell their properties as would-be buyers are unable to get a mortgage on the affected homes.
If they are unable to sell their properties, homeowners are also left paying mortgages on properties that are of little resale value.
The latest blow comes on an already depressed housing market.
The Cranbourne Chamber of Commerce will meet City of Casey council representatives today (Thursday) to discuss the problem.
LJ Hooker Cranbourne real estate agent Paul May said all but one of the estate’s houses which were for sale have been withdrawn and that there had been no interest in the one that was still for sale.
“I would think that the methane has been negatively affecting all agents, home owners, and tenants.”