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Bankwest PPOR - Set and forget lender

Discussion in 'Property Finance' started by albanga, 11th Feb, 2016.

  1. albanga

    albanga Well-Known Member

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    Hi All,
    I know Bankwest gets slammed a bit on these forums for investors but what about PPOR set and forget at 80%?
    Having a look they have a brilliant offering. 4.08%, 100% offset, as far as dealing with banks go I have used them and found them brilliant at everyday banking branch level, and they have free access to the biggest ATM network.

    If cash out is not a concern for the foreseeable future then any other issues?
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    One of the reasons they get slammed is because they're not set and forget. They have a consistant history of churning products about every 2 years.

    That product has a great rate today, but if they're consistant with the last 8 years, they'll replace it with another product and the product you've got will increase in cost, quickly becoming extremely uncompetitive.

    Also, they do have lousy cash out policies and terrible servicing.
     
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  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Personally - for set and forget I'd go Suncorp at 4.1 or pay a slightly higher rate of 4.24 and go with CBA (awesome policies, easy to deal with post settlement, great online banking, branches everywhere)

    Cheers

    Jamie
     
  4. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    I can see the attractiveness. Can always refi in a couple of years if your confident LVR wont be an issue then or servicing wont be either.

    Haven't used them for a long while but have one my desk about to submit. I will update the forum on how it goes
     
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    I've got an application in progress with them at the moment, my first in a long time. No real complaints on the process, although the cash out policy has been a pain (detailed description for $52,000).
    It's what happens later that annoys me.
     
  6. albanga

    albanga Well-Known Member

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    Cheers All for the response.
    @Peter_Tersteeg being the case even if they stay true to form, you would still be well in front if you needed to refi in 2 years due to uncompetitive rates.
    Head to head against CBA and your $2,500 in front after 2 years but Ofcourse that is based purely on set and forget.
     
  7. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    I did a construction loan with them recently and it was a pain in the butt - complete with formal approval being revoked and the deal reworked. Would never have gone there but client had an existing fixed loan with them.

    Fun times.
     
  8. Hodor

    Hodor Well-Known Member

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    Didn't have any problems with them. After about a year i decided to fix my loan for five years (io for the whole period), one form from memory and no need to have my financials reassessed as per other lenders (nab broker).
     
  9. God_of_money

    God_of_money Well-Known Member

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    You are still able to get 4.1% wit CBA if you can get the pricing team to agree for 1.5% disc off wealth package...
     
  10. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    For some borrowers yes.

    1.5% of IP loans isn't difficult if you're diamond.

    1.5% of owner occ requires high agg borrowings

    Cheers

    Jamie
     
  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    For some borrowers yes.

    1.5% of IP loans isn't difficult if you're diamond.

    1.5% of owner occ requires high agg borrowings

    Cheers

    Jamie
     
  12. tobe

    tobe Well-Known Member

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    In 3 weeks when it gets picked up by an assessor, and they explain they haven't received a clear copy of the ID and you need to go back into the queue.
     
  13. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    They have their place, just like most other lenders. If you've got a sub 80% PPOR and no intention of investing, they're on the radar of potential options.

    In the office we did write a bit of their 3.95% 3 yr fixed special for non investors while it was around.

    The problem is many people don't know if they're going to 'become' an investor - and if you've got substantial equity you may find it suddenly locked away.
     
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    did someone say BWA and forget ?

    ta
    rolf
     
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  15. Be Developer

    Be Developer Property Developer Business Member

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    aren't most lender set and forget types??

    We use Macquarie, Westpac,BWA,Rams, St,george,Anz, etc.

    Hardly any dramas , except few rate increase letters recently :cool:
     
  16. Redom

    Redom Mortgage Broker Business Member

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    Geared more towards FHB's with clean scenarios and no debt than investors - as others have said, they have their place in the market. Their calculator actually works out well relative to others here, you can generally get a little bit more out of them relative to others for this scenario. So for a FHB trying to scrape together an extra 20k in serviceability, they service this market well.

    It doesn't really align all that well with the PC consumer/poster so much, but the mortgage market is massive and they gear themselves as very competitive to a segment.

    For investors, i've done quite a few refi's away from customers who have gone there with a flashy rate based product, moved onto a much higher rate without scope for getting it down to match current competitive levels and have their equity tied up.

    Cheers,
    Redom
     
  17. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I just called bankwest about an existing loan account that I personally hold.

    Waited on hold for 10 - 15 minutes then was told that the team who deals with my query is busy - and they would call me back in 3 to 4 business days.

    Cr*p service.

    Cheers

    Jamie
     
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  18. York

    York Finance Broker Business Member

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    Not the kind of impression you'd want to leave on a broker is it?
     
  19. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    It's really annoying.

    It's a call I had to make too because they've just advised that a rate on one of my loans is going up to 5.97!

    ....so it's off to CBA with that one.

    Cheers

    Jamie
     
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  20. York

    York Finance Broker Business Member

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    Going through the same thing with the Dragon. CBA looking good....