Hi,
I know the big banks only lend upto 90% for loans including Westpac recently. But does this apply for investment properties?
thanks
Yes, you can still get 90% and even 95% LVR loans for investment properties.
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
You can still get 100% + if you have other security otherwise it is max 95% at the moment.
I heard that a couple of lenders who offer 95% are reviewing policy so would expect a few changes next week to make the majority back to 90%.
Richard Taylor | Australia's leading private lender
do you think over time banks will increase back up to 95% and even 100%…..if so when do you guys reckon when?
it must be so hard for a first home buyer now, especially when the grant comes down to $7,000
To be honest i cannot see it happening in the near future due to the incredible exposure to high level debt.
In the UK the maximum loan is 85% and in parts of the USA it is down to 70% maximum LVR.
Not only will first home buyers loose the FHOG Boost wef 1.7.09 but requirement now is that they provide 5% genuine savings and this needs to be documentated by bank statements.
Thankfully there are still 1 or 2 lenders who dont require these but the lending landscape is certainly tightening.
Richard Taylor | Australia's leading private lender
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