Are banks lending during COVID-19?

Discussion in 'Loans & Mortgage Brokers' started by timetoact, 22nd Mar, 2020.

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  1. DueDiligence

    DueDiligence Well-Known Member

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    27th Jan, 2020
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    439
    Location:
    Sydney, Australia
    Mainstream media are running stories saying the FHB FHOG needs to be doubled immediately before job keeper ends. Are people on JobKeeper able to get a mortgage?
     
    DueDiligence, 25th May, 2020
    #201
  2. duinnsleibhe

    duinnsleibhe Member

    Joined:
    2nd Apr, 2020
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    Location:
    Gloucester, NSW
    We got approved for 80% LVR with the valuation within 10% +\- of our offer price.
     
    duinnsleibhe, 25th May, 2020
    #202
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    23,536
    Location:
    Sydney

    No. They don't have job security. Not completely. A few payslips with hours who knows
     
    Paul@PAS, 25th May, 2020
    #203
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
    Gold Coast (Australia Wide)
    Case by Case

    We have had a couple get through

    If u work(ed) for Virgin.................. well no, but if you are say on reduced hours for a decent business and the loan doesnt need mortgage insurance, cant see wht it wont fly.

    Cant be sole source of income typically, like all shorter term gov benefits

    ta
    rolf
     
    Rolf Latham, 26th May, 2020
    #204
    Lindsay_W likes this.
  5. DueDiligence

    DueDiligence Well-Known Member

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    Location:
    Sydney, Australia
    So essentially that’s still a bet the applicant has a job to go back to.
     
    DueDiligence, 26th May, 2020
    #205
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,653
    Location:
    Gold Coast (Australia Wide)
    and

    with a sensible assessment, most lenders will take on,

    We need to understand the concept of job security has a max 1 month notice window typically.

    So when a credit manager whines that a fixed term contract only has 6 mths left to run for a client. we drop the "what is the notice period for your current FT role pls"


    ta

    rolf'
     
    Rolf Latham, 26th May, 2020
    #206
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  7. Melbourne_guy

    Melbourne_guy Well-Known Member

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    Melbourne
    ...to which the credit manager should reply with, 'If that occurs, I am due $50k severance pay, $30k long service leave and holiday pay and 1 month salary';)
     
    Melbourne_guy, 27th May, 2020
    #207
    dave80, Pingu1988 and Marty McDonald like this.
  8. captain starlight

    captain starlight Well-Known Member

    Joined:
    16th Dec, 2018
    Posts:
    46
    Location:
    canberra
    possibly off topic, but does anyone have a copy of the new postcode categories that Westpac are using to define the lvr for particular areas (refer to below)? This was mentioned in a post a few pages back...

    Is it ok to share this info?


    upload_2020-5-29_19-52-16.png
     
    captain starlight, 29th May, 2020
    #208
    dave80 likes this.
  9. dave80

    dave80 Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    136
    Location:
    melb
    if you possess a valid CBA credit assessed pre approval with ~90 days remaining -- is there any risk of this being rescinded or may i continue shopping with confidence until its expiry?

    note: preapproval obtained prior to covid19 (feb), there have been no changes to personal circumstances nor covid19 impacts.
     
    dave80, 30th May, 2020
    #209
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