Westpac no LMI 85% LVR for PPOR's

Discussion in 'Loans & Mortgage Brokers' started by Shahin_Afarin, 3rd Jul, 2015.

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  1. JonoD

    JonoD Active Member

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    The rate may not be different.... But the discount will likely differ!" Someone taking an 80% lend will likely get a sharper discount than an 85% borrower.
     
    JonoD, 6th Jul, 2015
    #21
  2. Big Will

    Big Will Well-Known Member

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    If that is where I was living I don't see a problem? I would assume they would send it to my current address (current PPOR) and once settlement happened to the new PPOR.

    How would it be different to someone renting their current place and buying their first PPOR, where would the bank send the mail to?

    Doesn't answer the question of would Westpac consider up to 85% LVR for buying another PPOR and renting out the current PPOR.
     
    Big Will, 6th Jul, 2015
    #22
  3. tobe

    tobe Well-Known Member

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    They likely would consider such a scenario Id say.
     
    tobe, 6th Jul, 2015
    #23
  4. Big Will

    Big Will Well-Known Member

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    Yeah sorry didn't read the post before used the 'alert' function.
     
    Big Will, 6th Jul, 2015
    #24
  5. tobe

    tobe Well-Known Member

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    Interesting it allows refinances as well. From memory last time it was restricted to purchases only.

    Could be useful accessing a bit more equity out of the PPOR....
     
    tobe, 6th Jul, 2015
    #25
  6. Watson1

    Watson1 Well-Known Member

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    I was hoping that STG would introduce this too.

    Last time STG and Westpac were offering waived LMI at 85%.
     
    Watson1, 6th Jul, 2015
    #26
  7. albanga

    albanga Well-Known Member

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    The additional equity could be a big one for this on a refinance ecspecially if your PPOR is worth a bit. Could be the deposit on your next IP.
     
    albanga, 6th Jul, 2015
    #27
  8. Sonamic

    Sonamic Well-Known Member

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    Sounds like something I'd like to implement.

    The big question is will they allow Interest Only on the Loan?
     
    Sonamic, 6th Jul, 2015
    #28
  9. tobe

    tobe Well-Known Member

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    They haven't precluded it. And Westpac let you make changes to I/o after settlement without a full application. So far at least anyway.
     
    tobe, 6th Jul, 2015
    #29
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  10. Mick C

    Mick C Well-Known Member

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    FYI.
    Just submitted a loan today under the Westpac No LMI and apparently it's capped at $1m ( From Credit assessors) - Will confirm again with BDM and head of credit tomorrow.

    Regards
     
    Mick C, 7th Jul, 2015
    #30
    almostthere likes this.
  11. Brady

    Brady Well-Known Member

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    May have asked the question of CBA to see how we're going to handle this, watch this space. Be nice to see them come into bat as well.
     
    Brady, 7th Jul, 2015
    #31
    Jerry O likes this.
  12. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Max loan is $1mil and yes it applies to refi's and existing customers.

    They also have a side offer which is $1,000 cash back for ppor refi's but max LVR 80%.
     
    Shahin_Afarin, 7th Jul, 2015
    #32
    Mick C likes this.
  13. Mick C

    Mick C Well-Known Member

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    CBA is doing the same 85% No LMI - From what i been told from my BDM..it be around August...
     
    Mick C, 7th Jul, 2015
    #33
  14. Jerry O

    Jerry O Well-Known Member

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    I would be happy if CBA will do the same... :)
     
    Jerry O, 7th Jul, 2015
    #34
  15. Sonamic

    Sonamic Well-Known Member

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    Why is CBA more favourable to Westpac?
     
    Sonamic, 7th Jul, 2015
    #35
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  16. Johann_

    Johann_ Well-Known Member

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    I have heard a smaller lender to be offering the same soon :)
     
    Johann_, 7th Jul, 2015
    #36
  17. tobe

    tobe Well-Known Member

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    Citibank and pepper also do 85 no LMI.
     
    tobe, 7th Jul, 2015
    #37
  18. Johann_

    Johann_ Well-Known Member

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    There may be another one or two!! Should hear something by next week
     
    Johann_, 7th Jul, 2015
    #38
  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    rarely : )

    CBA finally got an offset acct in the last couple of years :)

    there are a few other areas where either has an edge on product but WBC has it for me for a few reasons

    1. An LOC that actually is (ie something that capitalises)
    2. A term loan that doesnt self close when its repaid to zero

    CBA now has the edge with offset accounts ..................., but their LOC is a puppy

    Policy wise, there are lots of differences, and again one has the arm over the other, for eg WBC is generally HOPELESS with self employed, but the fast track policy can be a treat ,and CBA will do 4 units OOT and WCB resi will laugh at you

    etc etc

    Closing , what works best, works best
    ta
    rolf
     
    Rolf Latham, 7th Jul, 2015
    #39
    mcarthur likes this.
  20. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Da rock used to

    ta
    rolf
     
    Rolf Latham, 7th Jul, 2015
    #40
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