Westpac has announced that they will now lend up to 85% for owner-occupiers and investors without the need for mortgage insurance. The property will have to be in a metro area (not country and not inner city). The change is effect next Monday (13th). This is a huge change. It will be interesting to see if other banks will follow.
Cheers
Stu
This is a significant change in there advertised policy. However, in actuality they have been able to do this for a number of years. I purchased my current PPOR on 85% LVR three years ago and paid no LMI.
Westpac will also likely be making some other major policy changes in coming weeks.
Regards
Alistair PerryOriginally posted by APerry:Westpac will also likely be making some other major policy changes in coming weeks.
good changes [biggrin] or bad changes [angry2]????
Good.
There has been one market leader in the home lending arena doing the similar things, i.e. waive the LMI unofficially and unannouced, for somet time; subjected to special request, and competetive situation. Since Westpac has officially taken the lead. Pretty sure the other major players will follow suit.
Good for the consumersCheers,
Teachers Credit union has offered a 85% LVR (no LMI) on most loans for a long time already. Surely there are other credit unions offering the same.
Perhaps if the big 4 follow suit, Credit unions may lower there deposit requirements as well.-Thomas
“More Time To Snowboard”
hi all
watch out for hook marketing on this one.
westpac has just informed us fellow westpac customers that they are increasing their fees (funny I haven’t seen roaring inflation) the atm fee is going up and over the counter is up and internet transfer is up also.
first do the foundation up fees then increase the customer base. funny how hook marketing works.
with all lends look at the fees and charges trouble with long lends they change all the time I get a little worried when a bank increases fees and then up pops a great offer funny that ha but I might just be cynicalhere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi all
checked with one of my brokers with regard to westpac and was told by the broker and he checked with westpac and he informed me this is not the case max 82%.
Stuart Wemyss can you post if this went thru.
and who else does over 80% without lmi.
I am in the middle of refinancing 15 units across three units holders(trust unit holders) that I want to get as high loan without lmi at the moment.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]i recieved an email from wbc yesterday saying please ignore all previous emails re 85% no LMI – apparently it is not ready to go yet.
surprising….NOT
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneYes, I am being told its a few weeks away.
Cheers
Stu
You are still best to shop around whenever a finance deal comes up as some lenders do charge LMI , some dont – the rate also varies depending. YOu are best to find a good mortgage broker who doesnt charge a brokerage fee to shop around for your circumstances and quote you the rates through a variety of lenders with and without LMI and make sure they give you the set up fees.
Anita Marshall
Advanced Finance Solutions
http://www.advancedfinance.com.au
[email protected]
[hmm]hi Anitamarshall
have you or do you know a lender that lends above 82% without LMI thats not a private lender.
As I don’there to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Hi Gross,
If you have a very high income you can get 85% no LMI through Westpac. This has been available for some time. Thee is also a smaller lender offering 90% LVR with no LMI.
Regards
Alistair PerryOriginally posted by APerry:Thee is also a smaller lender offering 90% LVR with no LMI.
Regards
Alistair PerryHi Al, Interesting. Is this a securitised lender? or one of the smaller banks? Basically is the loan mortgaged insured but you don’t have to pay it? I’ve heard of banks offering up to 90% but on 2 loans. The 10% must be P&I over 7 years but when u break or repay the loan – you guessed it, get pinged twice
Both
I now of one major Bank that will waive LMI if they want the deal and also as Alistair mentions a smaller lender who again will do 90% without the need.
Richard Taylor
Residential & Commercial Finance Broker **Lodoc Commercial Loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi Richard,
Any chance of finding out who the major actually is?
Jacer..
Homeside used to go up high without LMI – 85% to 90% i have heard.
Terryw
Discover Home Loans
Parramatta
[email protected]
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Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Took the words out of my mouth Terry.
NAB the same on the retail side.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
You can get 85% No LMI depending on the strength of the borrowers credentials and the loan amount, we have achieved this on more than one or two occassions between major lenders.[biggrin]
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