90% LVR corporate trustee with westpac

[marks]

Hi,

Has anyone had success with a 90% LVR with Westpac with a corporate trustee? Seems like there limit is 80%. Even with a director or personal guarantee.

Looking to change to Westpacfor various reasons and just come up with this hurdle.

Appreciate any feedback.

 

[Peter_Tersteeg]

Westpac tends to consider corporate trustees from a commercial or business perspective. They don't look at it from a residential viewpoint. You still get resi rates, but they've got different assessment processes and criteria.

As a result, I've always been very reluctant to use Westpac for this type of deal and my understanding is that they won't go over 80% LVR, but I admit I've never bothered to try.

There are multiple lenders who are more competitive and will go to 90% for corporate trustees. What's the reason for wanting Westpac specifically?

About the only way I can think of to get around the problem is to change the trustee to individuals (yourself), do the deal, then change the trustee again. This process is quite complex in itself (changing the trust, changing names on titles, getting the bank to agree when you change back). I don't think I'd recommend this either.

Best advice I've got is to do the deal with a different lender.

 

[Mick C]

^ im with Pete on this one....Why westpac for trust? and m pretty sure they don't go past 80% for corporate or personal trustee.

 

[Aaron_C]

Business banks don't do LMI so go to a different lender for a trust.

 

[marks]

Thanks for your responses.
Other banks came back with poor vals. The westpac one came back above purchase price.

 

[Rolf Latham]

STG would very very likely use the same panel valuer as WBC................

STG are ok with LMI and corp trustee



ta
rolf

 

[HLE]

St George and CBA would accept this scenario no problems

 

[Peter_Tersteeg]

STG would very very likely use the same panel valuer as WBC................

STG are ok with LMI and corp trustee

@marks: If Westpac did perform a valuation ask them which firm and what the comparable sales are. Take that to St George and your problem should be solved. There's plenty of lenders who will do this deal, but if they've already got valuations that say otherwise then that what they have to use. If you've got the name of a favorable valuer, with the right prodding you can get another lender to use that same valuer.

I'm willing to bet that Westpac didn't actually use a valuer, more likely they used an APM report (similar to Residex or RPData). If that's the case then you could be in trouble.