NAB LVR

Viewing 9 posts - 1 through 9 (of 9 total)

stargazer
Participant
@stargazer
Join Date: 2002
Post Count: 344
June 3, 2004 - 11:38 am
Hi all
Someone told me the other day that NAB will only go to 75% LVR on residential property and 60% LVR or apartments.
Can anyone confirm this or what it actually is.
Regards
alf
Lizzy
Member
@lizzy
Join Date: 2004
Post Count: 230
June 4, 2004 - 2:42 am
Alf,
Check that they weren’t referring to a particular postcode i.e. inner city.
Iambored – 100% finance inner city units?? was that a typo?
Liz
Mortgage Lender
holdandrefinance
Member
@holdandrefinance
Join Date: 2004
Post Count: 38
June 4, 2004 - 7:16 am
iambored
for tohse of us that dont know can you please explain what St George SMS is and LEF
THANKS
never never never sell
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
June 4, 2004 - 10:46 am
I have hardly had any problems with NAB vals.
Yes, they have some weird standard policies but they will do the same LVR’s as other lenders (i.e. they will generally ignore internal policy).
I think they changed max LVR for invt from 80% to 75%.
Cheers
Stu
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
June 4, 2004 - 1:58 pm
Originally posted by iamborediambored:
You can still get 90% pretty easily in the Eastern States and 100% for owner occupied inner city units.
Iambored… are you sure 100% finance for o/o inner city?
My reference says that for no deposit home loans there are geographic restrictions for Sydney Metro (amongst others)
Liz
Mortgage Lender
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
June 5, 2004 - 12:16 am
Firstly Rob (or iambored), I don’t think you should be posting lenders manuals in a public environment. I’m sure St George would not be happy.
Secondly, there is DEFINATELY post code restrictions with the 100% loan. I know this from experience.
Apartments with greater than 3 levels and apartments is certain post codes are out also.
Email me if you want the post code list!
Cheers
Stu
Carlos_2
Participant
@carlos_2
Join Date: 2004
Post Count: 4
June 5, 2004 - 1:58 am
Oops, I jus gave my real identity away there.
Here is my post again :
I spoke to the St George Customer Help Section this morning and was told (rightly or wrongly) that they may indeed look at 100% no deposit loans on inner city units.
Note, the words ‘Look at’ means just that i.e. there isn’t a guarantee of getting a loan.
The quoted paragraph says it all : ‘Lending will generally be restricted to geographically diverse metropolitan areas demonstrating depth of market and growth, as agreed with Group Credit, from time to time.’
Carlos
Lizzy
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@lizzy
Join Date: 2004
Post Count: 230
June 5, 2004 - 2:23 am
Iambored… we are talking about “Sydney METRO” here, not rural areas, my reference is to “restrictions apply for Sydney Metro”.
My guess is they treat it on the strength of the application overall, i.e. building type, location, storeys, no. in complex etc and perhaps whether the client is blue chip or not would have some bearing.
It would really surprise me if they just took security in inner city postcodes at 100% lends for just about anything provided it serviced…
That would be crazy!
Liz
Mortgage Lender
Monopoly
Member
@monopoly
Join Date: 2004
Post Count: 1,612
June 5, 2004 - 6:07 am
Originally posted by iamborediambored:
PS: Some things don’t need to be said in public!
Too true!