Some of you may want to note for homeside deals.
"For all applications submitted from 31st March 2013 inclusive, the rental income policy for investment properties, will now require the rental income used in the credit assessment to be the lower of:
• The verified rental income; or
• 6% of the market value of the property."
It's a bit of a pain – HSL/NAB have been good for investors from a servicing point of view due to taking other financial institutions liabilities at their actual repayments rather than inflated repayments based on P&I, a higher rate or a combination of both.
There's some merit behind their decision when it comes to certain mining towns that could be deemed high risk – but then there's also other non riskier areas where yields are high.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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