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On a side note but related to the topic. What is this going to do to the Mortgage Insurers? Surely a drop in max LVR means lost business. They would have to come up with this shortfall through increased costs elsewhere.
Restricting most investment lending to 90% has a fairly negligible impact. My basic observation is about 50% of enquiries we service are below 80%, 50% are above. Less than 1% would borrow more than 90% LVR.
With Westpac group now using the new player it makes for a perfect storm for them. Jacking up premiums by 100% since 2008 was plain old profiteering and collusion so maybe they are getting what they deserve.
Hey Marty,
just trying to understand: would this mean Westpac is now one of the preferred early IP loan aims then rather than later in the strategy?
I've been quoted as between Adelaide and Westpac for first IP at 90+LMI, <500,000 loan.
I'm not sure whether there is still a set of first-up loaning institutions and later-on players!
Hey Marty,
just trying to understand: would this mean Westpac is now one of the preferred early IP loan aims then rather than later in the strategy?
I've been quoted as between Adelaide and Westpac for first IP at 90+LMI, <500,000 loan.
I'm not sure whether there is still a set of first-up loaning institutions and later-on players!
I have 7 home loans with NAB 2 LOC, and 2 credit cards.
Hi Jamie,
Going to have to definitely look at spreading my loans around which I will do once they come off fixed rate. My point was the NAB are introducing their new lending criteria in mid June. The reason I got for my recent refusal of an investment loan was due to servacibility based on the APRA recommendations, which it appears they haven't introduced yet. My question is do I have grounds to have them look at it again.
Hi Jamie,
Going to have to definitely look at spreading my loans around which I will do once they come off fixed rate. My point was the NAB are introducing their new lending criteria in mid June. The reason I got for my recent refusal of an investment loan was due to servacibility based on the APRA recommendations, which it appears they haven't introduced yet. My question is do I have grounds to have them look at it again.
I just spoke to my West Pac Manager about refinancing, he said the new APRA regulation haven't had any effect yet, but it is a good idea to get your financing done now because it may get tougher. He seemed to think I can get more than what BOM knocked me back on 9 months ago. He said just sald you have been able to meet your commitements in the past so it wont be a problem.
only 3 banks has stopped lending over 80%....there's still like 55+ banks still doing lending in the 90-95% IP space...
With Private banking, that is true to a point...as private bankers and business bankers can do the deal under their Commerial books at resi rates.
APRA rules is targeting the resi books only.