Mystery Bank 4.79% 2 year fiixed

Its the advantedge product. Its quite good because their variable is also very cheap. One of the biggest problems with Advantedge is their servicing - it is very conservative.

Regards

Shahin
 
TheFinanceShop said:
Its the advantedge product. Its quite good because their variable is also very cheap. One of the biggest problems with Advantedge is their servicing - it is very conservative.

Regards

Shahin
Click to expand...

I find it to be quite good for investors with multiple properties.

It's their lack of a DUA which is the real problem.
 
Westpac, St George, AMP and Homeside are much more generous than Advantedge servicing even for investors.

They don't even accept addbacks for self employed as part of their servicing.

Regards

Shahin
 
TheFinanceShop said:
Westpac, St George, AMP and Homeside are much more generous than Advantedge servicing even for investors.

They don't even accept addbacks for self employed as part of their servicing.

Regards

Shahin
Click to expand...

Both STG and WBC are out for anyone with a decent amount of exposure due to the external debt buffer they both apply.

WBC doest even know what company retained earnings looks like

Agreed that AMP and HSL have higher servicing for the same high exposure client that Adv, but then they should, they are in the top quartile

If you arent using the Adv xcel, and relying on your agg sw, one will usually get a WRONG figure from ADV, because the auto sw doesnt neg gear automatically, needs to be done manually


ta
rolf
 
That issue is not limited to just Westpac and STG - its common for a lot of lenders. Plenty of good things that they (Westpac specifically) do to negate that and increase servicing.

Advantedge is extremely conservative for an average purchase. They become better for investors with multiple IP's but even then I would rate them as 'ok.

This isn't about Westpac Vs Advantedge - the comment about Advantedge was around how poor their policy is for a self employed applicant (another unique scenario). Let's hope they bite the bullet and start accepting addbacks and depreciation as part of their servicing.

Regards

Shahin
 
Yes its variable and they price on risk so if loan amount if above $200k and LVR is under 75% then rate variable rate is 5.38% and if LVR is between 75% - 90% then rate is 5.48%.

They are flexible with the LVR limit and also flexible on pricing when the loan amount is higher.

Regards

Shahin
 
TheFinanceShop said:
Let's hope they bite the bullet and start accepting addbacks and depreciation as part of their servicing.

Regards

Shahin
Click to expand...

the more assimilation of policies and "me too" amongst lenders the less the need for credible credit advice............

The more variety and spice amongst credit providers the more validity a brokerage business has, so I hope they stay just as they are thank you.


ta
rolf
 
nhg said:
Sorry, what does DUA mean?
I haven't heard that one before.
Click to expand...

Delegated Underwriting Authority - means they sign off on LMI in-house.

I've always found Adventedge (or Choicelend in my case) to have excellent servicing.

Cheers

Jamie
 
nhg said:
Sorry, what does DUA mean?
I haven't heard that one before.
Click to expand...

Delegated Underwriting Authority.


Allows banks to approve loans that have lenders mortgage insurance 'in house' without have the mortgage insurer assess the deal.


DUA is good as the mortgage insurers are usually pretty tough to get anything usual past and very stubborn!
 
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