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Move PPOR from CBA to WestPac?

Discussion in 'Property Finance' started by mcarthur, 23rd Jul, 2015.

  1. mcarthur

    mcarthur Well-Known Member

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    Posts:
    523
    Location:
    ACT
    Bought PPOR last year, but still in the middle of renos (sigh - don't ask).
    LVR was 80% (can't get current since the state of the house during reno would bring the val way down).

    Westpac is now offering pretty good PPOR deals - 85% LVR without LMI and maybe kickback of $1500 for bringing the loan across. CBA isn't (yet?).

    Even if a val on the property says the property hasn't moved (esp since I'm I/O), I could potentially gain access to another $35,000 85% LVR with no LMI downside.

    Cash in hand being king (queen? lol), it would be nice to have that money for another IP (topped up with other cash). It could sit in offset until then.
    Any reason not to move from CBA to Westpac?

    Whoops, and I just forgot that my new IP is with Westpac (just signed) - would that affect their acceptance? I'd obviously not want to xcol, but I'd assume I wouldn't have to given the IP is already setup.
     
  2. Mick C

    Mick C Well-Known Member

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    Location:
    Sydney
    1. No cash out with 85% NO lMI...Just direct refin dollar to dollar and purchase

    2. Westpac is pushing for P.I under the 85% No LMI

    I think the first 2 point is enough to convince you to stay lol....

    if your after a decent PPOR rate consider other bank other than WBC.
     
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  3. mcarthur

    mcarthur Well-Known Member

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    Well, that's easy. Thanks Mick.
    Rate is far less important than the equity release and IO.
    CBA it stays for now then...
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Have you had a CBA AVM (desktop val) run on your current property? Might find it's worth more than your current estimate.

    Cheers

    Jamie
     
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  5. mcarthur

    mcarthur Well-Known Member

    Joined:
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    Location:
    ACT
    Hmm, thanks @Jamie Moore , good idea.
    I'll finish the new IP work (settlement, reno and getting tenants in) then an AVM that may help get the next IP started.
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
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    Location:
    Canberra and Sydney
    Try get the AVM done quickly after settlement though - you want to get it done before the recent sales data (the price you paid) hits the revenue office and impacts the AVM result.

    Just keep in mind though that the assessor might be clever enough to realise the recent sales price (I don't know if that will cause issues or not).

    Cheers

    Jamie