I was speaking to the FM BDM last week and he was saying they are keeping it in-house as much as possible now - only sending to the insurer if the val comes back with high risk score etc.
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Ouch hopefully people see this and realise the risks associated with fixing.
According to my broker ING Direct have just announced max 80% LVR on all investment loans on any NSW properties.
As someone who has 2 IP's in Sydney ripe for an equity pull I am spewing
Mostly fixed rate too, so I can't move my business anywhere else for the foreseeable future.
Ouch hopefully people see this and realise the risks associated with fixing.
According to my broker ING Direct have just announced max 80% LVR on all investment loans on any NSW properties.
As someone who has 2 IP's in Sydney ripe for an equity pull I am spewing
Mostly fixed rate too, so I can't move my business anywhere else for the foreseeable future.
2nd mortgage
Not only just fixing, but jumping into bed with banks who are forced to close up shop when the going gets tough.
Because serviceability at CBA has recently been in the middle range ( with exception to high range for some deals) it wont affect most incumbents as much as say AMP or Macquarie borrowers who were stretched there to start with.
rolf
...and here I was thinking I was rather safe with ING. They have one of the most stringent serviceability policies I or my broker know of, yet they are one of the first to go to 80%.
Dumb to make it NSW v a bunch of postcodes that have the growth issues.......... ce la vie
No need for them to be angry - it is only one lender, and not a great one for investors anyways.rolf
Yea I could imagine people being a tad angry about it if investing in regional NSW.
No need for them to be angry - it is only one lender, and not a great one for investors anyways.
^^^^^ breach of contract.
Does that mean you need to refinance if you ever decide to move out of a PPOR and start renting it out?
Sorry Excess I don't really know.
I think I misread your prior post. I was thinking along the lines of borrowing to buy a PPOR and then doing a shifty on the bank by renting the place out.