How good is Adelaide Bank's servericeability?

Discussion in 'Loans & Mortgage Brokers' started by htopg, 20th Jun, 2018.

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  1. htopg

    htopg Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    434
    Location:
    Sydney
    Hi,
    I am thinking of refinancing (plus cash out) my ING PPOR loan.
    I talked to Reduce Homeloan and they told me that Adelaide Bank provides the funding and the assessing criteria will be done by Adelaide Bank.
    My question is:
    How good is Adelaide Bank when it comes to assessing serviceability?

    Thanks in advance

    PS.
    I am doing loan reviews at the moment.
    I have refinanced to Mortgage House for loan #1, Loan Market for loan #2, and this is my 3rd loan.
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
    Gold Coast (Australia Wide)
    depends on your personal circumstances

    MHA and Loan market dont have products per se, so its hard to gauge where your servicing sits. They are both re sellers, as is Reduce.

    ABL on average is low to middle quartile for most mutliple investors.

    ta
    rolf
     
  3. Redom

    Redom Mortgage Broker Business Plus Member

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    Location:
    Sydney (Australia Wide)
    Pretty standard calculator in line with most others. Nothing too spectacular about their servicing calc (similar assessment rate, similar income treatment, etc). Most servicing calcs operate within a small bandwidth of each other now, with lenders having limited flexibility to differentiate on servicing (following APRA prudential practice guidelines which is more prescriptive now).
     
  4. Miss_D

    Miss_D Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
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    Location:
    Qld
    I just got a letter today from adelaide stating they will no longer be offering discounts on their loan from 23 july.

    Part of the letter i receved today.
    “As of 23 july, the annual percertange rate for your loan will no longer be linked to a reference rate and therefore any discount or margin outlined in uur home loan contract will no longer be relevant or apply. Your annual percentage. Rate will be a standalone rate based on your chosen home loan type and features and any future changes to yourrate will be communicated to you. “
     
  5. Athikalaka

    Athikalaka Well-Known Member

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    1st Jan, 2016
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    Location:
    AU
    Interesting. Do these changes trickle down to 2nd tier lenders who are under Adelaide Bank?