WBC increases rental used in Servicing

Sure its not a tech issue to collate/categorize what spending is what, in an age of intelligent AI/ML.

So is it a data collation issue? won't ATO have access to every financial transactions linked to an individual?
how do banks currently cross verify? I am sure they don't just rely on statement submitted by borrowers

or is it deliberate to keep it dumb and not efficient? interest group lobbying etc?

 

I beleive 86400 are fully automated lenders - or nearly so

 

I need an automated lender that doesn't look at financials and offers the same low rates as the majors .

 

Any confirmation if this went through?
Just making a suggestion somewhere that should also be applying same policy

@Rolf Latham @Peter_Tersteeg @Marty McDonald @Morgs

 

What would be nice is lender says so you confident to repay the loan? I say ofcourse yes I am. Handshake and deal is done

Cheers,
Oracle.

 

If you're referring to the ANZ easy refinance policy it is definitely active. I haven't had an opportunity to test it yet but I do have a deal about to be submitted.

It's not a free pass to refinance if you can't service the loan. You still need to declare an income, the math still needs to add up. You also need to have every payment on time for the last two years (not just loans, but bills as well).

 

86400 is now called Ubank.

Which is great because now some brokers can write loans with Ubank.

 

I have lenders that can do this! In 2008!

 

Good old days of 2008. Wonder if we will ever see them again in our lifetime.

Cheers,
Oracle.

 

If you're talking about the Westpac Rental income shading only 10% - Yes it's active now.

 

@Lindsay_W yes was referring to the 10% shaving - thanks

 

WBG 10% shaving.

 

Yep in play now

 

Were they open to your suggestion? Would be good to see other banks do this

 

Gone to someone who's pretty good at getting things done. See how it goes.

 

Perfect - what happened to trust and believing in others?

 

Any news on when other big 4 will join westpac?

 

They used to shave 30%, now 10%?

 

What happens is you get people later complaining that the bank gave them a loan they couldn't afford.

Early 2020 I had a random phone call from someone whose son took a lo doc loan out with a lender in 2007. He defaulted a few years later and she was looking for advice on how to get compensation from the lender almost a decade after that. She said they gave her son a loan that he could never reasonably afford. My comment was did he read the repayment amount in the loan contract?

The common comment I hear from clients almost daily is, "Is that all the bank will give me? It's not enough."

Another conversation I've had quite frequently starts with, "I have a loan with Pepper/Bluestone/Liberty. They're charging me too much, help me refinance." That's when I remind them of the conversation we had about how these lenders are more generous, but it comes as a cost. This is a frequent conversation for people with loans from the non-banks.

People have been known to winge that brokers and bankers put preasure on them to get larger loans than necessary. My experience is that people put an enormous amount of preasure on us to get ever increasing loans approved.