Qudos bank

Discussion in 'Loans & Mortgage Brokers' started by almostthere, 19th Jun, 2018.

Join Australia's most dynamic and respected property investment community
Tags:
  1. almostthere

    almostthere Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    88
    Location:
    Sydney
    Hi,
    Just wondering whats the current service calculations of Qudos bank like?

    Is it still OFI = Actual + 25% loading and Assessment of 7.25% for new and existing Qudos loans?
    Do they offer this for LVR > 80%?
     
  2. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

    Joined:
    4th Mar, 2016
    Posts:
    556
    Location:
    Level 2 287 Collins St Melbourne VIC 3000
    I'm not accredited with them, but I remember hearing on the grape vine that OFI had been changed to being assessed at the assessment rate.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,598
    Location:
    Gold Coast (Australia Wide)
    if they are then APG 223 will ask them to upragde their capital real soon .......... boom there go rates

    ta
    rolf
     
  4. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    1,648
    Location:
    Sydney
    Over 80% LVR they use Genworth so you need to service on Genworth's servicing calculator which is very conservative.

    Under 80% LVR - they do P&I repayments at actual rates plus a 2.25% loading or 7.25% assessment (whichever is higher) AND the loan per mis based on 25 years so their servicing isn't great.
     
    almostthere likes this.
  5. Redom

    Redom Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    4,607
    Location:
    Sydney (Australia Wide)
    They did this for a period - it was great, low rates + good servicing. They did has a DSR backdrop where they wanted $1k surplus's for every mill of debt though, so it wasn't all perfect in some cases. Servicing changed a while ago (at least 3-6 months) to the industry norm.
     
    almostthere likes this.
  6. almostthere

    almostthere Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    88
    Location:
    Sydney
    Thanks Shahin.
     
  7. almostthere

    almostthere Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    88
    Location:
    Sydney
    Thanks for the history Redom. I was late by 6 months then :)