for new clients in the next few days
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Bankwest back to 95 % IO
- Thread starter Rolf Latham
- Start date
Hi Rolf,
I got a Bankwest Easy Doc loan on 80% LVR with a IO payments approved just a couple of weeks ago through Mortgage Choice. The property settled last Friday.
The Easy Doc loan is basically a No Doc but you have to have an ABN registered for GST. The interest rate (7.7%) was a little high but I can transfer it to a Lite Loan in two years time dropping it by ~0.7%.
Cheers,
Bazza
Hiya Bazza
BWA and Suncorp via QBE still do 80 % lo doc purchase on STATED INCOME with ABN > 2 years.
The old NO DOC was a bit different, where u signed a statement that says "I can afford the loan"
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BWA and Suncorp via QBE still do 80 % lo doc purchase on STATED INCOME with ABN > 2 years.
The old NO DOC was a bit different, where u signed a statement that says "I can afford the loan"
ta
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see attached
not dissimilar to many lenders
but, be aware that BWA will cap the lmi to 97, some lenders such as WBC and NAB dont.
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Attachments
Does this mean that Bankwest have access to new funding from the market or CBA or simply happy to increase their exposure back into resi property?
I believe BWA have other funding lines, with CBA only bringing in about 30 % of total, which is probably a good thing seeing the amount of offshore xposure that CBA holds
BWA still hold their own licence, so they can garnish funds separate to CBA
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BWA still hold their own licence, so they can garnish funds separate to CBA
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Hi Rolf,
Just to clarify - are you saying that BankWest will lend 97%? I ask because in the OP you said 95%.
Cheers,
Dusty
Hi Dusty
Sorry, dysfunctional indusrty talk
They will lend you to 95 % of the property val or contract ( whichever is lower).
They will then allow you to add the mortgage insurance premium to the loan up to a maximum total of 97 %
ta
rolf
Sorry, dysfunctional indusrty talk
They will lend you to 95 % of the property val or contract ( whichever is lower).
They will then allow you to add the mortgage insurance premium to the loan up to a maximum total of 97 %
ta
rolf
Hi Dusty
As much as Im usually against it, and if the $ values arent too big you could consider doing a cross, in which case they MAY allow it case by case
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As much as Im usually against it, and if the $ values arent too big you could consider doing a cross, in which case they MAY allow it case by case
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no trusts
personal borrowers only
Try RAMS
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personal borrowers only
Try RAMS
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Do they offer the same 95% LVR to buy land with the intention of building within few months time?
apparently
We do lotsa 90 % build with em, cant sese why the 95 would be diff
have a chat with your broker.
ta
rolf
We do lotsa 90 % build with em, cant sese why the 95 would be diff
have a chat with your broker.
ta
rolf
Still available?
Hi Rolf,
I've just seen your original post on 6 October, where you said it was available for "a few days". Is it not available now?
thanks,
Hi Rolf,
I've just seen your original post on 6 October, where you said it was available for "a few days". Is it not available now?
thanks,
ahhhhhhh the difference a word makes 
in the next few days
Yup, its still around
ta
rolf
in the next few days
Yup, its still around
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rolf
Thanks Rolf - I should have read it more carefully. I assume the 95% LVR is for full-docs, & that their lo-docs max at 80% LVR. Is that correct?
