Bankwest

[Shahin_Afarin]

Whilst we're on the topic of Bankwest.

My first IP is with Bankwest, loan was approx 90% upon acquisition. Now that some equity has been gained in the property i'm looking to draw the loan up to 90% again and cash out for a deposit on my next IP.

Is there anything inherently bad about using Bankwest for the first few IP's?

I'm guessing that their serviceability calcs are quite stringent so not worth using them further down the line.

Cheers

Servicing calc is one of the most conservative so best to check your servicing before getting an unnecessary hit on the good ole credit file.

BW will require documentation for the cashout at 90%. Whats the funds for?

 

[Jamie M]

Whilst we're on the topic of Bankwest.

My first IP is with Bankwest, loan was approx 90% upon acquisition. Now that some equity has been gained in the property i'm looking to draw the loan up to 90% again and cash out for a deposit on my next IP.

Is there anything inherently bad about using Bankwest for the first few IP's?

I'm guessing that their serviceability calcs are quite stringent so not worth using them further down the line.

Cheers

It's not so much their policies that are bad. I've done cashouts at 90% with them.

It's there turnaround times that are ridiculous. They can't expect applicants to wait 3 to 4 weeks for an approval. It's just unacceptable.

Cheers

Jamie

 

[Asheam]

Cash-out will be for purchase of Ip #2 as soon as it is sourced . If what you are saying is correct Bankwest will require offer and acceptance contract for the purchase prior to cashing out to 90%? Then will take weeks to cashout... That would put a standard time frame quite out of whack.

 

[Aaron_C]

Cash-out will be for purchase of Ip #2 as soon as it is sourced . If what you are saying is correct Bankwest will require offer and acceptance contract for the purchase prior to cashing out to 90%?

Most likely, yes. But this is common for most lenders.

Then will take weeks to cashout... That would put a standard time frame quite out of whack.

Imagine waiting 3 weeks for approval on a bloody cash out. You might be better off cutting your losses and changing to a proper lender.

 

[jonmardell]

Cash-out will be for purchase of Ip #2 as soon as it is sourced . If what you are saying is correct Bankwest will require offer and acceptance contract for the purchase prior to cashing out to 90%? Then will take weeks to cashout... That would put a standard time frame quite out of whack.

at 90% the will definitely require a contract. if you have not paid mortgage insurance on your current loan then i would suggest looking at other lenders as Bankwest is just going to take too long.

 

[Jamie M]

at 90% the will definitely require a contract. if you have not paid mortgage insurance on your current loan then i would suggest looking at other lenders as Bankwest is just going to take too long.

Good advice!

Cheers

Jamie

 

[HD_ACE]

update

heres a bit of an update.

upfront val ordered late 28/10. Recieved the valuation today.
Came back more than I expected for a perth property.
will now have access to some funds for next project.

will send off the application next week for cash out and see how long that part takes.

cheers

 

[jonmardell]

heres a bit of an update.

upfront val ordered late 28/10. Recieved the valuation today.
Came back more than I expected for a perth property.
will now have access to some funds for next project.

will send off the application next week for cash out and see how long that part takes.

cheers

Best of luck, my guess it will take at least 10 working days to pickup the file. I hope you get it through quicker than this.