Q. for broker/banker

My Partner & I are applying for finance today for a property we successfully offered on last week.

The product we will be applying for is the BW Mortgage Shredder (95%).

The offer was accepted @ $367 500, which means we will be showing genuine savings of $18,375, which we have. My question was basically just wanting someone to clarify "genuine savings".
It's just that we have an almost equal amount which we will be receiving from shares that were tied up in my partner's parent's portfolio. This $ will be in my partner's account over the next day or 2.

We need to pay a deposit to the agent this week and were wondering if we need to wait for the shares money to come through (day or 2) or if we can use some of the $18,375. I just needed to know how BW will want to see the 5%. Can it be in different accounts? does it matter how it got there? etc.

I'm sure my Broker will let us know tonight, I just wanted to see what you guys thought.

Cheers
Steve
 
They will just want 3 months statements to show the money has been in there for that period, or saved over that period.

If you pay a deposit to the agent, just keep the receipt and put that with your statements and that will still go towards the 5%, no problems.

They won't look at the shares money as part of it unless the shares were explicitly in your name (or your partners). So just ignore the shares they aren't helping with the 5%.
 
They won't look at the shares money as part of it unless the shares were explicitly in your name (or your partners). So just ignore the shares they aren't helping with the 5%.

This is what i figured, thanks for clarifying though.

I was just worried about the deposit for the agent coming out and no longer having the 5%, but you advice seems logical, thanks again.
 
They can ask for more than 3 months, and they will if the savings pattern is anything other than regular deposits that corresponds to your salary credits.

So if there are any lumps in there, or withdrawals, get ready to provide the other side of the lumps/withdrawals with statements from your transaction accounts etc, and go back 6 or 12 months if need be.
 
...The product we will be applying for is the BW Mortgage Shredder (95%)...

G'day Steve

You will need to provide a Certified Copy of the Receipt as part of your FHOG application

BankWest have a good explanation of their requirements for Genuine Savings - your Broker will no doubt provide you with all the pdf Product Disclosure Statements so ask him/her for the pdf regarding Genuine Savings

Rolf, the Premium is up to max 90%LVR

Not even the Intro Mortgage Shredder is above 90%LVR

It is only the standard variable rate Mortgage Shredder product which can go to 95%LVR - I thought I could get a Land loan through last week at the 12 month intro but because I flagged that we will be reworking for the Construction loan both loans have to be the same product for my customer to get the 95%LVR

However, Steve, the Mortgage Shredder automatically rolls to the Lite Home Loan after 3 years, but if you want to switch to the Premium once your LVR is at or below 90%LVR you can do that for a small switch fee, say about twelve months after settlement

Hope this helps
Kristine

BankWest have a very comprehensive user friendly website. Have a look around the website, you should be able to download the pdf information files from there
 
Thanks for the advice guys.

Well, as it turns out we ended up having the 10% and went with the Premium product anyway. Which is obviously good news for us. Brought our LMI costs down a heap too which is great.

We applied last Tues, received conditional app. on Friday and last we heard (yesterday morning) the bank had performed a valuation, and it was now in the LMI's hands, which will mean we will know either today or tomorrow.

Cheers
Steve
 
Central Ballajura.
That should be a big enough clue considering theres only 2 for sale in Central Ballajura (near Jacana Park).

Cheers
Steve
 
thanks very much. But you can't rest easy until settlement I guess, so until then, fingers crossed.]

the place needs a bit of a face lift & a tidy up, but it's exactly what we were looking for.
 
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