Hi All
Just an update given it is an Property Investment Forum.
This morning one of the larger regional lenders has restricted it’s maximum lvr to 80% for investors and several others have now lifted the bar when it comes to investment loans.
Personally I think these moves are the first of many to kick in over the coming weeks.
APRA’s attitude is “Put your house in order and reduce your risk or we will impose lending conditions on you”.
Going forward more of a matter of extracting the equity when you can rather than when you need it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yep – the changes are flowing through quickly. Reduced LVRs, changes to servicing models and less discounting on rates for IP loans :-(
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]
Thankfully it’s only Bankwest at this time – not a lender that investors should be using in any case. The adjustments to serviceability models and rate discounting removals are much larger impacts IMHO.
Interesting times at the moment – as always we need to evolve with the challenges presented to us.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Bankwest, Westpac, ANZ, Combank are all tightening up. More will follow no doubt.
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
SGB and Advantedge did last week so you haven’t seen anything yet.
Cheers
Yours in Finance
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This reply was modified 9 years, 7 months ago by
Richard Taylor.
Richard Taylor | Australia's leading private lender
SGB and Advantedge did last week so you haven’t seen anything yet.
What’s adventedge doing? I haven’t heard anything.
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]
All external loans sensitised from 5th June 2015 at 7.4% or 2.25% margin over and above the actual rate.
Heaven forbid if you have a Pepper loan at 6.5% as you will need to service that at nearly 9%.
Macquarie meeting tomorrow and expected to follow suit immediately.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yep – just found out too.
Damn – it sucks that the generous lenders are being knocked out.
I guess it’s just a matter of time for Nab?
It’s going to be very difficult for those on average incomes to get a few IPs under their belt.
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]
NAB change 5th June.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Alternatively Jamie those with a few IP’s who decide to buy their own PPOR will now struggle to do so.
Cheers
Yours in Finance
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This reply was modified 9 years, 7 months ago by Richard Taylor.
Richard Taylor | Australia's leading private lender
Yep – sure will. Quite dramatic changes across the board :-( Guess it’s just a matter of adapting and working with the new set of rules.
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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This reply was modified 9 years, 7 months ago by
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