Westpac - Adelaide Lending

2nd hand information so I guess take with a grain of salt but someone I was talking to today said that Westpac had informed them they wouldn't lend over $350k for a house in Adelaide. The indication was this was an across the board thing, not specific to the particular client or house (although perhaps there was a misunderstanding). Also was mentioned they will only go to 75% lend in some metro areas.

Can anyone confirm that Westpac has tightened their lending practices in Adelaide to this level?
 
If what you say is true...their PR disaster could turn out to be worse than thought!!

I think this is going to happen ...probably the result of messaging as a result of their PR boo-boo. With more things like them.....they are going to find that their loan book is going to be pretty dry over the next few months....maybe this is what they are trying to achieve.;)

2nd hand information so I guess take with a grain of salt but someone I was talking to today said that Westpac had informed them they wouldn't lend over $350k for a house in Adelaide. The indication was this was an across the board thing, not specific to the particular client or house (although perhaps there was a misunderstanding). Also was mentioned they will only go to 75% lend in some metro areas.

Can anyone confirm that Westpac has tightened their lending practices in Adelaide to this level?
 
There's a lot of houses in Adelaide listed for a lot more than $350k, they'd be insane to do that.

Guess it would keep prices down if all the banks did it :D
 
Hiya

Unlikley at those LVRs

At > 90 that would not surprise me, since QLD is limited to 450 and NSW to 500.

ta
rolf
Thanks Rolf, that's probably it, must be $350k max if over 90% LVR. Has that newly been introduced? Do other lenders have limits that strict?
 
If that is the case and other banks follow.....happy days for me as all my properties are under 350k in Adelaide.:D

Thanks Rolf, that's probably it, must be $350k max if over 90% LVR. Has that newly been introduced? Do other lenders have limits that strict?
 
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