Yesterday I was informed by my local branch manager at ANZ that they are no longer lending above 90% LVR. This concerns me as I have prepaid loan coming up for review in April 09 and they are asking for all sorts of information to roll it over in advance for another year. The loan is $342k against a recent valuation of $465k (74%). Am I best to roll it over to another financier who offers cheaper prepay in advance rates anyway (e.g. NAB is 5.29% for 12 months VS ANZ 5.64%).
ANZ dropped their LVRs in Dec last year – but you LVR is only 74%, so it won't affect you? You might as well move banks to the cheapest rate if you have to apply again. Make sure the savings are more than the costs of moving.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
It will only affect you if you wish to use the property to release some equity out of.
I think if you wait until nearer the loan expiry date and compare rates then as many lenders are sharpening their pencils.
Richard Taylor | Australia's leading private lender
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