Are banks lending during COVID-19?

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

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  1. LibGS

    LibGS Well-Known Member

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    I have conditional approval from Macquarie on 1.8m. They are really scrutinising your work industry at the moment. For some industries like retail and tourism, they are doing far more rigorous checks as other people have stated.
     
    LibGS, 3rd Apr, 2020
    #81
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Just another reason why Macq isnt just another Tier 1 bank.

    They have been sifting good, well secured business and have nothing like the commercial exposure that say Suncorp have.....................

    ta
    rolf
     
    Rolf Latham, 3rd Apr, 2020
    #82
  3. Lindsay_W

    Lindsay_W Well-Known Member

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    Depends what industry the First Home Buyers work in, of course retail, gyms, hospitality etc are not going to be looked at favourably - banks don't want to approve a loan for someone who's going to request a repayment holiday right after settlement. So if in a stable industry lenders still going up to 95% LVR for now, how much longer that will last, not sure.
     
    Lindsay_W, 3rd Apr, 2020
    #83
  4. euro73

    euro73 Well-Known Member Business Member

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    Suncorp's turn

    Screenshot 2020-04-03 12.42.38.png
     
    euro73, 3rd Apr, 2020
    #84
  5. bumskins

    bumskins Well-Known Member

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    Only problem with Macquarie is what they did during the GFC.
     
    bumskins, 3rd Apr, 2020
    #85
  6. albanga

    albanga Well-Known Member

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    This is how people working in essential services are going to start walking into a bank.
     
    albanga, 3rd Apr, 2020
    #86
    Tyler Durden and BuyersAgent like this.
  7. albanga

    albanga Well-Known Member

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    People in non essential services.
     
    albanga, 3rd Apr, 2020
    #87
    icic likes this.
  8. essendonfan

    essendonfan Well-Known Member

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    Seeing some weirrrrd stuff from credit teams.

    At some point you have to signal to the market are you open to lending or not? If not, that is fine - but don't waste peoples time.

    Can only see the big 4 consolidate from this position.

    So much for supporting to the smaller lenders
     
    essendonfan, 3rd Apr, 2020
    #88
  9. geeza

    geeza Well-Known Member

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    Submitted new application to St George (have loans with them already). This was over two weeks ago and still waiting to hear back
     
    geeza, 3rd Apr, 2020
    #89
  10. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    BuyersAgent, 4th Apr, 2020
    #90
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  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I don't know across Australia but probably less than 5% of my clients pay LMI.
     
    Terry_w, 4th Apr, 2020
    #91
    TheSackedWiggle and BuyersAgent like this.
  12. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Thats more a function of the Draggggiiiiiing than credit availability

    ta

    rolf
     
    Rolf Latham, 4th Apr, 2020
    #92
  13. Chill2205

    Chill2205 Well-Known Member

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    If you had pre-approval from a bank a month ago, given whats happened throughout March, the bank turned around and changed their mind or would only consider lending you less. Would they consider approving the loan if you offered to pay 6 months or 12 months interest upfront on the new loan?
     
    Chill2205, 4th Apr, 2020
    #93
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Nah

    lenders dont have that flex

    If u have a pre approval from lender x a mth ago, and you habe demonstrable income security that wont be am issue

    ta
    rolf
     
    Rolf Latham, 4th Apr, 2020
    #94
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  15. Chill2205

    Chill2205 Well-Known Member

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    Thanks Rolf
     
    Chill2205, 4th Apr, 2020
    #95
  16. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    @Rolf Latham @Jamie Moore @Redom et al what percentage of loans would you estimate will be impacted by this?
     
    BuyersAgent, 4th Apr, 2020
    #96
  17. albanga

    albanga Well-Known Member

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    Not sure and it would vary considerably amongst brokers and locations and demographic they service. I would assume most FHB in Melbourne and Sydney would need LMI.
    The FHB scheme won’t assist anyone wanting to live within a 20km radius to the CBD that isn’t a 1 bedder.
     
    albanga, 5th Apr, 2020
    #97
  18. Brady

    Brady Well-Known Member

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    Changes are coming, harder to get financial/more questions for casual and self-employed. ‘Temporary Measures’
     
    Brady, 5th Apr, 2020
    #98
  19. geeza

    geeza Well-Known Member

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    Can mortgage brokers on here confirm that pre-approvals are taking 2-4 weeks now from submission due the virus? I’m hearing mixed things
     
    geeza, 5th Apr, 2020
    #99
  20. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    This varies from lender to lender
     
    Terry_w, 5th Apr, 2020
    #100
    geeza likes this.
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