All Topics / Finance / ANZ OO Interest Only LVRs

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of TomTom
    Participant
    @thebeardedbroker
    Join Date: 2016
    Post Count: 10

    Another lender tightening up on interest only lending.

    I received an email today advising 90% max for new lending OO and 80% for OO refis.

    I think we’re going to continue to see this sort of move from the mainstream lenders over 2017. It’s good news for the smaller niche lenders as there are still some really good policies around if you know where to look.

    Tom | Voyage Wealth
    http://thebeardedbrokerwa.com
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    The Bearded Broker for Voyage Wealth - all things finance

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    Yep, what the bigs are dropping, the smaller ones are picking up. Saw an article recently that also non-residents moved from the big 4 to smaller lenders so overall their % in the market is about the same as it was before…

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
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    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Yes more and more lenders are tightening the noose.

    Be surprised how difficult it is to roll over to an interest only loan once your current IO Term expires these days.

    APRA is looking at further tightening this and many other areas of servicing when the introduce their new measures in the May report.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    I think we’re going to continue to see this sort of move from the mainstream lenders over 2017.

    Yep – it’s only going to get harder :-(

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of CharlesWCharlesW
    Participant
    @tohkoh
    Join Date: 2017
    Post Count: 1

    Excuse my ignorance…

    What’s OO? Owner Occupied?

    • This reply was modified 7 years, 7 months ago by Profile photo of CharlesW CharlesW.
    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Yes Charles

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Anz have also just announced an interest rate increase on all of their interest only loans whether the property be investment or owner occupied.

    Looks like P & I is definitely getting cheaper by the day.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 7 posts - 1 through 7 (of 7 total)

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