Westpac - probation period & LMI

[saiman]

Hi all,

Just wondering if anyone has had any luck getting around Westpacs no LMI if you're on probation rule?

Trying to get 90% lend but still on probation at the moment....have not had 2 years of constant employment in same industry either

...really dont wanna go with CBA

 

[Aaron_C]

Looks like it may have to be CBA or ANZ.

 

[tobe]

why do you want to put your square peg in a round hole?

Who helped you with the application? You would think most brokers and bankers know the lenders policy?

 

[Shahin_Afarin]

The issue isn't the probation per se as there are several lenders that can accommodate. The area of concern for me is the instability in the employment at a 90% LVR loan. You need to have a strategy around this - by this I mean you need other parts of your application to "score" really well. Remember the higher the LVR - the stronger your overall application needs to be.

 

[saiman]

why do you want to put your square peg in a round hole?

Who helped you with the application? You would think most brokers and bankers know the lenders policy?

I haven't applied yet but know the rule exists. I like Westpac and have most of my loans with them currently.

 

[Aaron_C]

Don't fall into the trap. Pick the lender that will give you the money.

 

[Colin Rice]

Will your employer consider waiving the probation period via a letter on a company letterhead?

 

[Rolf Latham]

I haven't applied yet but know the rule exists. I like Westpac and have most of my loans with them currently.

is that really a good reason to load up your risk profile ?

Certainly not something I would encourage my clients to do, because not only do you have issues today, what do you expect to happen when u need cash out for the next equity pull.

Probably inappropriate structuring I expect, with more creedence given to convenience over risk management.

I see this all the time amongst DIY and "brokers that have no idea, but should".

ta
rolf

 

[Wiseguy]

slightly off topic, but what sort of PAP discount could one expect from westpac for $1.5M loan at 80%LVR?
cheers

 

[Rolf Latham]

slightly off topic, but what sort of PAP discount could one expect from westpac for $1.5M loan at 80%LVR?
cheers

depends on splits and no of props

105 to 110 should be achievable

t
arolf