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%?
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.
if they are then APG 223 will ask them to upragde their capital real soon .......... boom there go rates ta rolf
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.
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.