BankWest, the bank of opportunity for FHB

or not??

BW are offering 95% to existing customers, are people successfully aquiring these loans at the moment? Or are the mortgage insurers generally knocking people back asking for this kind of LVR? (not sure if LVR is in context there, correct me if I'm wrong).
My partner and I have approx. 8% and were looking at borrowing 95% of 350-380k, are our chances good? Or have the insurers tightened up too much?
I'm assuming we will get pre-approval, but worried about putting an offer in and falling through at the hands of the insurers.
 
I jast received an email from broker that P&N approved 95% loan on $265K but mortgage insurer declined it. So my broker is trying with Bankwest.
Is it easy to get loan and MI, if we choose 90% insteade of 95%? Can they work on same application if we ask for 90% loan? Sory, it seems I tried to hijack the thread. Sorry again.
 
I jast received an email from broker that P&N approved 95% loan on $265K but mortgage insurer declined it. So my broker is trying with Bankwest.
Is it easy to get loan and MI, if we choose 90% insteade of 95%? Can they work on same application if we ask for 90% loan? Sory, it seems I tried to hijack the thread. Sorry again.

I was also told P&N and BW were the two who lend 95%. Well on paper they do.
However, the BW loan was for BW customers, otherwise it was 90%.

I'm sure they can revise your application for 90%?

I suppose the question is: Who do I have to sleep with @ the insurance co???
 
ING 95% plus LMI capitalised up to 97% maximum, but only in metropolitan areas. Best to just ring up your local one and ask.
 
I once met with a BankWest loan manager who informed me that BW don't do loans with offset accounts. lol not so helpful that time.

yes they do have offset loans,

also anz do 95% but don't cap LMi where as bankwest do, so less deposit needed, the rate is higher though

the original question in the thread was from a first home buyer and with anz u need total borrowing over $500k and have an current loan to qualify so rule them out
 
BWA using QBE is pretty "simple" if you have gensavings, 95 % + cap

Existing client means some form of credit product though I believe.

This means you get stuck on their Mortgage shredder for 2 years whcih is at 7.3 v

Depending on other relationships you may have a chance with St george and some odds and sodds

AFM also do a 95 % gen savings prouct at well below 7 %

ta
rolf
 
Try Suncorp as well, don' even care about Genuine Savings any more, I've had a few approved easily enough with them and the rate is better than Bankwest's at 6.96.

Having said that I prefer to use Bankwest and haven't had too many problems getting loans approved as Rolf said...

ING is max 90.

ANZ is only doing 95 for existing mortgage clients, which seems a bit like a prostitute only offering their services for those already getting some, but what do I know?

(Apart from that though ANZ are the goto bank for everything else. If you can do 90 go there.)
 
(Apart from that though ANZ are the goto bank for everything else. If you can do 90 go there.)


Disagree there

ANZ are good for everything BUT a loan.........probably the sloppiest, worst service, and we dont give a rip attitude of any lender I have worked with in the last 11 years...........

Their offshoring of core business decisions has really affected their common sense

I hope they get back to a sensible platform again

ta

rolf
 
I do quite a few 95%LVR + LMI with BankWest over the course of the year

Not just restricted to First Home Buyers, the offer is open to all new BankWest customers but only with the one product, which can have a 100% offset transaction account linked to it

The loan is at about the SVR but can be 'switched' to a lower interest rate product twelve months after settlement

Cheers
Kristine
 
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