Current interest rates

2 to 4 loans a month.

Examples over the last 5 months

4 refis and a bridging loan..........26 working days to approval, simplish self employed for one applicant, and other a partner at a mid tier law firm. Granted, no other lender would do this loan due to a niche ANZ policy, and client didnt even need a bridge, but doing so meant the client could retain 1100 k of deductible lending, providing a retained deduction of approx $ 70 000 per annum. Had a similar nightmare with Worstpac recently so ANZ isnt alone with inexperienced assessors in the bridging space.

ANZ did redeem themselves on this file in the end, but was a fully preventable mess. What made it worse was that I personally knew a broker that had gone through identical issues a few months earlier on their own loan, via a broker friend of theirs ( Most lenders wont let brokers lodge their own loans)

ANZ dont data map from AOL to their lodgement system. AOL is the software that most brokers use to lodge an application to a lender. ANZ rekey the data manually. Suspicion, rather than confirmed. Quite a few applications come back with weird questions, around say Employer X, and other material changes in the app, that doesnt happen with other lenders. ANZ even send an alert that says "data entry completed"

Paper based loan docs....................makes for preventable errors both on the borrower and lender side. I have even had solicitors as borrowers stuff the docs up. Had a scenario recently where the ANZ doc prep officer failed to send a Witness Certification Form to the Expat Client. Minor ommission but caused much grief with an almost late settlement. Yes ANZ paid the client's costs incurred with the delays, after a chase. And like most lenders did deny any ommission or wrong doing, usual corporate dodge.

Small things, ANZ dont generally issue deferred notices or "More Information requests", ANZ issue "Declinal Letters", how one does the small stuff is often a reflection of how we do the big stuff.

Day of Settlement for a 5 mill bridge purchase. We and client's soli get an email at 10 am. 1 500 000 shortfall, please transfer to account x before 2 pm. Cant speak with the ANZ settlements officer, they dont take inbound calls. Took much chasey to get them to call an hour later, meanwhile borrower is sweating bullets. An error on both the clients soli side and ANZ not recognising proceeds of other refis settling same day.

2000s technology in tracking tools, remembering they were the last lender to still use Fax technology until a few years back.

Good things about ANZ

Some niche policies that other lenders do not have
Ok Pricing to very good pricing for a big 4
IO on Owner occ
10 years IO in Investment from the Get Go
Refinance Rebate
Most of ANZs business comes in via Brokers
Minimal Broker and Branch Channel Conflict, vs say NAB and CBA
Best in Market Borrowing Capacity tool, which the assessors dont get to use......?
Will lend on resi stuff that a lot of other lenders wont
Great Commercial product and policy for sub 1.5 mill lending
Decent Policy and credit requirements manuals that can generally be relied upon



Now, all brokers could write similar things about pretty much all lenders, ANZ isnt unique here, just that in our case half of our ANZ loans have some issue, and its much less with other lenders.

ta
rolf

 

FM are rarely a fit for someone looking to come out of Pepper

For most scenarios FM sit in between APRA lenders and Pepper et al.

ta

rolf

 

what are you looking to do with the loan ? Pay it off over 20 to 30 years or ...........?

ta
rolf

 

IO on part of the PPOR debt can help speed debt recycling in some scenarios, but if one has a Master Limit product, ANY principal can be recycled from OO PI to Investment IO.

Hard to beat AMP at the moment with > 1 mill lending, and a properly set up Master Limit structure for ADR. the .05 % extra for the PPOR PI lend pales into zip IF one actually implements an ADR strategy AND has the fuel (ongoing family budget surplus) to invest.

ta
rolf