I would assume so that the finance can be submitted. We were told by Metricon last week when paying our deposit that contracts would take 4 weeks, we were told by our broker to do a 60 day settlement on the land.
LMI Approval on BW 90% non genuine savings loan.
- Thread starter Rebdot
- Start date
I would assume so that the finance can be submitted. We were told by Metricon last week when paying our deposit that contracts would take 4 weeks, we were told by our broker to do a 60 day settlement on the land.
I prefer Suncorp for deals like this, much better service and they have quasi LMI underwritting authority whereas BW doesn't.
Apparantly reason being BW have too high a % arrears on their loan book. Interesting hey? Guess it must be something do with the profile of their customer base, because they have always seemed pretty finicky to me?
Apparantly reason being BW have too high a % arrears on their loan book. Interesting hey? Guess it must be something do with the profile of their customer base, because they have always seemed pretty finicky to me?
I just got off the phone to our morgage broker and she is going to go on Suncorps website to find out about there products, she said she needs to find out if Suncorp release the FHOG at settlement or when the slab is poured.
Can I change brokers? Shouldn't she know the products Suncorp offer, I lost faith in her when she said she didn't know.
No, the application was due to be pre-approved today but I have put a stop on that.
Oh pre-approval....that isn't worth anything...contact Marty or any of the other brokers here who are more familiar with the best lender (like suncorp etc) to settle this deal for you.
BWA pre approval doesnt go to the mortgage insurer, and thus can not be relied upon.
their non gen savings policy to 90 % is generally ok, and we have done a bunch of deals involving land and build.
Im with the others though, as at today, I dont think Id give BWA the first go at this even though the rate is very sharp
ta
rolf
their non gen savings policy to 90 % is generally ok, and we have done a bunch of deals involving land and build.
Im with the others though, as at today, I dont think Id give BWA the first go at this even though the rate is very sharp
ta
rolf
We had 16.6% deposit and QBE rejected due to the other houses in the street potentially lowering the value of our property in the future, even though the valuation came in at selling price. We had to raise the extra cash to get to 20% to avoid LMI.
A little different to your situation though as you're building.
A little different to your situation though as you're building.
It's ridiculous isn't it? They look for ways not to do the deal.
I don't reckon I'd name my business something that could be misread as homicide.
Reading this thread has surprised me. How do LMI companies make money if they are so eager to deny you their services?
Jake, if you look at the statistics of how much money is charged in premiums, then compare it to default rates, then compare it to actual payout figures back to the banks an so on, the figures are staggering.
Of course, they don't make those figures easily available but I did an exercise with a few other brokers looking at our individual loan books, default rates and so on. It looks even better when you consider many banks have their own underwritting authority, which means the insurer doesn't even process the application.
At one point, St George bank was even paying brokers extra for mortgage insurerd loans becuase they were more profitable (dispite being higher risk).
Of course, they don't make those figures easily available but I did an exercise with a few other brokers looking at our individual loan books, default rates and so on. It looks even better when you consider many banks have their own underwritting authority, which means the insurer doesn't even process the application.
At one point, St George bank was even paying brokers extra for mortgage insurerd loans becuase they were more profitable (dispite being higher risk).
thats a humerous response to a post thats mainly about Bankwest.
Google spoonerism and you will see my point
ta
rolf
If it was an IP maybe, but it's our first house and it's stressful enough as it is, let alone starting again with a new lender
We raised the extra cash the next day. It was very much being in the right place at the right time though.In the future though i'll be doing things much differently. 20%+ deposit will be at the top of the list, and maybe a recommended broker.
Bankwest themselves have been fantastic though, as well as our solicitor so that made things a bit easier.
Good luck OP.
Wesuck
Wankbest
Crappiest Bank in Australia
...
We've got names for all of them.
HomeSide is actually the best bank as recently voted by brokers across multiple criteria.
They have certainly turned it around from about 4 years ago hey? Best thing they did was empower their lower ranked staff to make actual decisions and take ownerwship.
Back to the post.... im impressed the broker has arranged for a dummy contract, and surprised Metricon will sign such a document. Not sure how the valuer will look at the dummy contract if it is for a diferent land address?
You will now at least get a fairly quick initial response, but I dont think it will go to QBE until the actual valuation has been performed on your actual property.
Work arounds are fine, and its something at least, but with a lender like bankwest, getting an initial indication doesnt mean you will get the same outcome when the rubber hits the road.
I suggest doing a proper pre-approval with a lender who sends their pre-approvals to the mortgage insurer. get an approval subject only to Val.
the potential sharp rate you get with bankwest is not worth the stress and the risk of getting declined.
Please keep us informed how you go.
You will now at least get a fairly quick initial response, but I dont think it will go to QBE until the actual valuation has been performed on your actual property.
Work arounds are fine, and its something at least, but with a lender like bankwest, getting an initial indication doesnt mean you will get the same outcome when the rubber hits the road.
I suggest doing a proper pre-approval with a lender who sends their pre-approvals to the mortgage insurer. get an approval subject only to Val.
the potential sharp rate you get with bankwest is not worth the stress and the risk of getting declined.
Please keep us informed how you go.
