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. Brady

    Brady Well-Known Member

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    4
    4 units OOT it's late, what's OOT?
     
    Brady, 7th Jul, 2015
    #41
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    On One Title

    ta
    rolf
     
    Rolf Latham, 7th Jul, 2015
    #42
  3. Sonamic

    Sonamic Well-Known Member

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    Thanyou Rolf. Case by case basis of difference. For a single investment house it sounds like a case of personal preference.
     
    Sonamic, 7th Jul, 2015
    #43
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    WBC serviceability can be better............. but no more > 80 unless No LMI Medico or special person, so on > 80 % for the Mo CBA has the goods

    ta
    rolf
     
    Rolf Latham, 7th Jul, 2015
    #44
  5. Sonamic

    Sonamic Well-Known Member

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    In my case it's for an equity pull on PPOR to the 85% LMI free offer. Switch to IO and put the pulled $ in an offset for a future move.
     
    Sonamic, 7th Jul, 2015
    #45
  6. Mick C

    Mick C Well-Known Member

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    CBA overall is better than WBC under these new rules ( unless it's a medico deal ...WBC has a slight advantage here), CBA has slight advantage in term of servicing.

    Overall i find CBA a lot better than WBC in term of policy( more creative and active) , rate , Service time, after settlement customer service and also CBA dont have a rental reliant policy whist WBC does which kills a lot of investment deals.

    WBC currently only shines in the fast track self employed deals + NO LMI deal and Medico.
     
    Mick C, 7th Jul, 2015
    #46
  7. kr11

    kr11 Well-Known Member

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    Mick, how are wbc better than cba for medico deals. is it more that they lend at 90%, 4.5mill vs 2mill cba or is there something else.
    thanks
     
    kr11, 7th Jul, 2015
    #47
  8. Mick C

    Mick C Well-Known Member

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    WBC medico

    - higher loan limit
    - Less requirements
    - Larger range of Medico
    - Better servicing policy- WBC will take 1 years tax return and is able to take the higher figure in term of servicing for a 90% No LMI under medico...but CBA will not.
    - Better rate discounting for Medico with WBC
     
    Mick C, 8th Jul, 2015
    #48
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    esp on Ips !

    ta

    rolf
     
    Rolf Latham, 8th Jul, 2015
    #49
  10. kr11

    kr11 Well-Known Member

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    Thanks mick
    Do u still need to show 2yrs financials even though they use the latest one?
    If they only need 1yr financials, i would imagine that for servicibility, they r better yhan anz?
    Thanks
     
    kr11, 8th Jul, 2015
    #50
  11. Watson1

    Watson1 Well-Known Member

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    IMO for Medicos I would say STG>WBC>ANZ>CBA

    I haven't run the numbers recently, but I wouldn't be surprised if ANZ's serviceability for Investors is greater than WBC so potentially ANZ could be second.
     
    Watson1, 8th Jul, 2015
    #51
  12. Sashatheman

    Sashatheman Well-Known Member

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    Maybe this is in part to meet APRA requirement. At the same time new investment loans will need a 20% deposit.
    http://imgur.com/1P8rV4Y
     
    Sashatheman, 8th Jul, 2015
    #52
  13. Paul Luck

    Paul Luck Active Member

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    Recently got a Westpac 90% PPOR loan plus 85% IP refinance with zero LMI thanks to my partners profession. Saved us about $25k
     
    Paul Luck, 8th Jul, 2015
    #53
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    well, with your surname, thats no wonder: )

    ta

    rolf
     
    Rolf Latham, 8th Jul, 2015
    #54
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  15. Mick C

    Mick C Well-Known Member

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    if it's Ip yes it's going to be Max 80%...
    PPOR medico WBC..

    IP Medico - ANZ or CBA or macq ( more ANZ )


    Yes you do....+ need to have the 2 years ABN etc..
    They cal and use the most recent one....but stil need to show 2 years + provide both years.
     
    Mick C, 8th Jul, 2015
    #55
  16. kr11

    kr11 Well-Known Member

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    As anz and west pac use 1 yr financials, but west pac doesn't count negative gearing, but have better servicing calculators, i wonder who will end up more generous.
    Do westpac and st george share information about older tax returns and living expenses declared if you already have a loan with st george
    thanks
     
    kr11, 8th Jul, 2015
    #56
  17. kr11

    kr11 Well-Known Member

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    st george floor rate for serviceability being 7.1%, and anz buffer being 2.75% above actual rate which if it was 4.15% would mean assessment at 6.9%.
    wouldn't that mean anz is more generous than stgeorge for new loans
    thanks
     
    kr11, 8th Jul, 2015
    #57
  18. Watson1

    Watson1 Well-Known Member

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    No because ANZ sensitise negative gearing alot which makes a huge difference for investors. In addition they slap a $6000 credit card and the longer the interest only term, they adjust the remaining term accordingly. E.g 10 year interest only term, they calculate based on 20 years etc.
     
    Watson1, 8th Jul, 2015
    #58
  19. kr11

    kr11 Well-Known Member

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    does that mean anz don't fully count negative gearing? what was the meaning of "sensitising"
    $6000 credit card. does that mean they put a cc of at least 6k into serviceability calculations?
    thanks
     
    kr11, 8th Jul, 2015
    #59
  20. tobe

    tobe Well-Known Member

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    Not usually. But they do get a report on the conduct of banking products for each other. You wouldn't know about this unless there was an undisclosed liability or bad conduct on a loan.
     
    tobe, 8th Jul, 2015
    #60
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