Yellow Brick Road: no proof of savings

[tdh78au]

Interesting bit of news:

Yellow Brick Road removes proof of savings in home buying applications

http://www.news.com.au/money/proper...ory-e6frfmd0-1225912093936?area=money-sub-one

I'm personally still confused specially given the whole NCCP bit!

Would be good if they can get the banks to follow them! Spousal equity here we come!!!!

 

[Rolf Latham]

read the fine print

there are quite a few mainstreams that do non gen savings to 90, and at least one non bank that goes to 95.

Like always, the release of old news can sometimes generate free publicity

ta
rolf

 

[Peter_Tersteeg]

It's always good to see competition in the marketplace, regardless of the form.

However, you have to ask yourself, do you really want to be borrowing money from a lender with high exit fees and engaging in high risk activities?

 

[Bradsdad]

I wonder who their insurer is

 

[Rolf Latham]

BOTH GE And QBE will insure non gen savings deals.

And 95 IO deals.

Its usually the lenders that arent willing to do the deal.

That should be of great comfort really.

Vey different to the view that " we can get it insured" do the deal.

ta
rolf

 

[tdh78au]

there are quite a few mainstreams that do non gen savings to 90, and at least one non bank that goes to 95.

hhhmm ... didn't know that!

Learn something new everyday; and that's why I love these forums. Thanks Rolf.