Bankwest - Value on completion

Hi,

Anyone know if Bankwest will look at doing "value on completion" at the moment. Current mortgage is at 90% and purpose of loan will be for granny flat.

I know about 6 months ago this was not looking good but hoping one of the brokers on here may have updated info.

Thanks in advance,
Matt
 
Hi,

Anyone know if Bankwest will look at doing "value on completion" at the moment. Current mortgage is at 90% and purpose of loan will be for granny flat.

I know about 6 months ago this was not looking good but hoping one of the brokers on here may have updated info.

Thanks in advance,
Matt

IMO BWA cant value the meat on a meat tray raffle......................

I dont think anyone is doing TOC lending at those LVRs

ta
rlf
 
there are quite a few lenders doing TBC valuations, and a few will go to 97% inc LMI. Bankwest is one who will do that. 97% on a construction loan. You get 5 stage payments, 5 valuations.

Not sure about granny flat. for a start it may not necessarily increase the valuation of the property. Bankwest may not accept it as security.
 
Not sure about granny flat. for a start it may not necessarily increase the valuation of the property. Bankwest may not accept it as security.

I think we have been here just about 2 mths ago.

Cant dig out the post, but im pretty sure they wont wear a granny, much like wesuck ( for wbc they will, but needs to be attached)

ta

rolf
 
^ ^ thanks for my 2nd belly laugh of the day!! :D

gotta be fair, its usually Valex thats the issue.............but, BWA has certain niches at some times, and we have done a bunch with them, but sometimes common sense goes out the door

Now that I think about it, their credit area is called "sanctioning"

Mental Asylum stuff :)

ta

rolf
 
Funny cause just got a call from a "Bankwest lending Specialist". I must have ticked a box on some of the emails I get. (damn)

When I asked if Bankwest will do construction loans for Granny flats at 90+% LVR the reply was "We will consider each one on their merits!" Is that a polite way of saying "Talk to the hand..." ?
 
well if you repeat my experience with them, they'll tell you it's a no brainer whilst you run around all over town and produce reams of documents and annoy the heeck out of everyone, then they'll go about 4 to 8 weeks longer just to stress you out (most likley past a finance deadline or similar) then realise it doesn't fit with their lending criteria. but they are terribly sorry, they would loved to have helped.
 
When I asked if Bankwest will do construction loans for Granny flats at 90+% LVR the reply was "We will consider each one on their merits!" Is that a polite way of saying "Talk to the hand..." ?

Look every lender says 'we will consider each deal on its merits'. But that is false for residential loans - there are strict boxes that loans fall into and if you do not fit in that box, particularly with LMI is involved, you won't get the deal. For commercial it is different, they are far more flexible.
 
Out of interest, those of you with RP data access or the like, are there any comparable sales in the Parra\Merrylands area for 3 bed house with GF?

If they (bankwest) can't bothered to send out a valuer they will just use comparable sales so i'd be interested to know what comes up. With all these GF's popping up over Western Sydney there must be a couple out there. (I hope :confused:)

Cheers,
Matt
 
would the RP data note a granny flat out back? They probably just have sale amount and date, perhaps number of bedrooms and whether its built of bricks or sticks....
 
At 90% and construction they will def send a valuer.

I would get their policy on GF's first though. I can't enlighten you there as haven't used BW for over 4 years now. Find a broker that uses them a lot and get them to ask their DBM for the good oil.
 
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Update

Update:

Just had a talk to a 'Bankwest Lending Specialist' and they advised me that the maximum LVR they would go to on a detached granny flat would be 65% (over both properties).

That puts a stop to that then.:mad:

Matt
 
Update:

Just had a talk to a 'Bankwest Lending Specialist' and they advised me that the maximum LVR they would go to on a detached granny flat would be 65% (over both properties).

That puts a stop to that then.:mad:

Matt

: ( but your broker would have asked the q,............... whatya gonna do with this place ?
ta
rolf
 
: ( but your broker would have asked the q,............... whatya gonna do with this place ?
ta
rolf

Hi Rolf,

That's the worst of it all. I fully disclosed my intentions to my broker prior to signing the mortgage docs. Not happy.

Just goes to show, even when getting recommendations from this forum, it's up to you to carry out your own DD. I thought I did this well enough by providing facts, figures and even plans but obviously not.

I won't be using him, or recommending the company, again.
 
Look every lender says 'we will consider each deal on its merits'. But that is false for residential loans - there are strict boxes that loans fall into and if you do not fit in that box, particularly with LMI is involved, you won't get the deal. For commercial it is different, they are far more flexible.


:eek:Disagree with you Aaron! There are boxes which fall into usual banking guidelines that lenders can approve without any further decisioning... but some deals need approval from credit officers, team leaders and state managers each deal assessed on merit (most of the time :()
:)But yes I agree with part of your statement that when the loan includes LMI then it can be extremly clear cut as lenders should know (or at least have access to) the mortgage insurers policy (unfortunately they are not very flexible:mad:)
 
the mortgage insurers policy (unfortunately they are not very flexible:mad:)

More often, a deal can be 100 % within policy ( LMI and all), but someone in credit wants to add their mark to the file.

When you push to get a REAL reason, you get the pre school response, .........because

ta
rolf
 
More often, a deal can be 100 % within policy ( LMI and all), but someone in credit wants to add their mark to the file.

When you push to get a REAL reason, you get the pre school response, .........because

ta
rolf


It always fun hearing the occasional credit myth (where they come up with there own policy).

I always love the response from credit 'but if you refer to bank policy you will see it cant be done', which my response usually sounds like 'if I was to just rely on bank policy for my deals than your job would be obsolete as im referring it to you because its out of banks policy and I cant approve it, so please can you re-assess this application' then the team leader usually looks at it and tells the credit officer that they should use own delegation and approve the deal.
 
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