Westpac LMI

[Token Funder]

Any of the learned brokers on the forum have a view on Westpac LMI's changes announced y'day?

 

[perky29]

The 85% gone...what a shame. Now back to 80% in line with the other lenders.
Tightening credit once more. Hopefully not a sign of things to come...

 

[JIT]

Any of the learned brokers on the forum have a view on Westpac LMI's changes announced y'day?

What were the changes...no more 85% LVR with no LMI? What about 95% LVR with LMI...has this changed too?

 

[Bradsdad]

I haven't been notified of the changes via aggregator, the bank or email. Just had a look at their broker site and can't find any updates on there either.

Is it just the 85% stuff or are there other changes?

 

[sash]

Have an approved 95% loan approved and ready to settle Monday next week. The loan is with the CBA...no dramas on that front.

What were the changes...no more 85% LVR with no LMI? What about 95% LVR with LMI...has this changed too?

 

[MJD]

just submitted my loan application last Friday, still OK 85% without MLI, was advised after 2 Mar , only upto 80%, still good atm
cheers
MJ

 

[buzzlightyear]

So are these changes legit or was this post just a s*** stir

 

[StuartW]

Legit - from 2 March there's no more 85% - no LMI.

 

[Token Funder]

So are these changes legit or was this post just a s*** stir

I **** you not.

 

[Rolf Latham]

very legit

extracts of low lights below

LVR 80% - 90% Current Standard Mortgage Insurance Policy Applies - No Changes
LVR 80% - 85% WITH NO MORTGAGE INSURANCE APPLICABLE NO LONGER AVAILABLE - Policy as per LVR 80% - 90% applies
LVR 90% - 97%

- External Re-finances Maximum LVR 90%

- Equity Access Loans (EAL) Maximum LVR 90%

- Maximum Loan Size and Location restrictions applicable over 90% LVR

- Non Genuine Savings over 90% Principle and Interest Repayments Only

- Eligible Loan Purposes and Exclusions also apply


ta
rolf

 

[JIT]

- Maximum Loan Size and Location restrictions applicable over 90% LVR

Rolf do you know what the max loan size may be?

 

[danwatto]

Legit - from 2 March there's no more 85% - no LMI.

What if already formally approved and settling later in march?

 

[Rolf Latham]

Hiya DW

all good

New applications lodged before March and settling within 90 days should be hunky

ta
rolf

 

[danwatto]

Thanks, glad we just got in before it was too late!