Are they X-coll?
BW don't tend to be anyone's favourite for investors so you most likely would have had to move away from them at some stage anyways.
Nope all separate I made sure of that.
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Are they X-coll?
BW don't tend to be anyone's favourite for investors so you most likely would have had to move away from them at some stage anyways.
Ok thanks Jess. I still plan on pushing as hard as I can on this anyway as who knows, it could get worse! If there's another interest rate drop in Sept or something they may clamp down like crazy.
The RBA is working with other regulators (ASIC, APRA) to minimize the bubble risks in Sydney, because they want to cut rates further as they try to engineer the transition from mining to non-mining investment and consumption.
I Went to NAB and spoken with them about these new policy and regulator.
They Advised me that the policy will start easing around October this year.
IMO these new policy introduced by APRA is just a temporary to cool down Sydney and Melbourne Market. It can't sustained forever, as other capital city has not seeing the growth that you see in Melbourne and Sydney.
Also introducing further restrictions to investors, may have an effect on rent in the long term. Sydney Rental Market is already tight enough being 1-1.5% vacancy rate.
Those living off equity would be feeling very nervous.
So are 95% lends going to be a thing of the past?
I've just been hit by new policy.
Early last week I ordered desktop Val's on two western Sydney properties to top up loans with AMP. Gave go ahead for broker to proceed with one top up and to order a full Val for the other. Neither applications were filed.
This week we no longer service for the full ampunt. Top up was for 150k across the properties. Our portfolio is cash flow positive and that positive cash flow (factoring 80pc of rental income) covers our PPR mortgage. Hubby on higher than average income.
So yes, it can affect multiple property investors right now with plenty of equity and good incomes.
You need to talk to your broker about firstmac. They are still doing actuals and neg gearing.
So how long do we think it'll take for all lenders to make their changes so we can see who is the best to deal with?
Hey Euro
Any word on expected servicing changes for them?
Cheers
Jamie