Westpac 85% no LMI loans - are they still available???
- Thread starter LynnH
- Start date
Hi Lynn
Westpac still do the 85% no lmi
From memory a fwe which might suit... ING also are offering a waiving of the reduced equity fee to 85% subject to their conditions (i.e. employment timeframes etc) until the end of Sept. There are a few more who are covering LMI to 85% here & there - probably best to talk to a good MB.
Theres also a few who incorp LMI into the rate.... I.e. you coudl borrow 100% with firstmac but the rate is inflated to cover the premiums. Think it would probably be running @9.20%
Suppose its a question of what you want as far as product/rates etc goes re questions about better deals as what might be considered a good deal by someone else might not be considered good by you (i.e. there is never a 'best deal')
Regards
Richard
Westpac still do the 85% no lmi
From memory a fwe which might suit... ING also are offering a waiving of the reduced equity fee to 85% subject to their conditions (i.e. employment timeframes etc) until the end of Sept. There are a few more who are covering LMI to 85% here & there - probably best to talk to a good MB.
Theres also a few who incorp LMI into the rate.... I.e. you coudl borrow 100% with firstmac but the rate is inflated to cover the premiums. Think it would probably be running @9.20%
Suppose its a question of what you want as far as product/rates etc goes re questions about better deals as what might be considered a good deal by someone else might not be considered good by you (i.e. there is never a 'best deal')
Regards
Richard
Hi there LynnH,
The 85% no LMI is standard policy for Westpac (metro and major regional).
I have just moved all my banking from NAB and refinanced my properties with Westpac @ 85%. There was no extra fees associated with the 85% LVR. They have been great so far, very happy
If you would like any more info feel free to msg/pm me
Cheers
Jacob
The 85% no LMI is standard policy for Westpac (metro and major regional).
I have just moved all my banking from NAB and refinanced my properties with Westpac @ 85%. There was no extra fees associated with the 85% LVR. They have been great so far, very happy
If you would like any more info feel free to msg/pm me
Cheers
Jacob
Thanks jopie
As I said in my post above, the information is for a friend - we already bank with Westpac and are very happy with them. Since we haven't used the 85% no LMI, I wasn't sure if it was a one-off thing or whether it was still available. Thanks for the info - will pass it on!
Cheers
LynnH
As I said in my post above, the information is for a friend - we already bank with Westpac and are very happy with them. Since we haven't used the 85% no LMI, I wasn't sure if it was a one-off thing or whether it was still available. Thanks for the info - will pass it on!
Cheers
LynnH
Yes Westpac does provide 85% no LMI and we are in the process of doing it at the moment for our first PPOR.
Just one warning though: They seemed to take FOREVER to get their loan approval/offer done. I have to write a complaint and chase them up EVERYDAY to get the documentation. They make a lot of promises then saying that something has gone wrong with the system etc etc etc. So if you do use Westpac make sure you chase it up all the time.
Just one warning though: They seemed to take FOREVER to get their loan approval/offer done. I have to write a complaint and chase them up EVERYDAY to get the documentation. They make a lot of promises then saying that something has gone wrong with the system etc etc etc. So if you do use Westpac make sure you chase it up all the time.
I agree 100% . I have just been through a refinance with WBC and the delays have been ridiculous.
I agree 100% . I have just been through a refinance with WBC and the delays have been ridiculous.
Good to hear that I am not alone. The only reason I went with them was because of the 85% No LMI otherwise I would not even go near them. Their customer service is non-existant, and their bank managers are simple rude. I will lodge another complaint with them to get compensation from stress that is completely their fault ..... In fact the number of errors that Westpac has done is almost to a point of being hilarious .....
So if you do go for Westpac make sure you get them into their toes right from the start.
Edison
If I may just ask a query....
By the sounds of it westpac hasnt done a great job with things so far then why dont you pull the pin with them?...
i.e. what I'm getting at is the savings on the LMI premium worth your unhappiness...when you could do the loan with another lender and maybe get the LMI waived there (I'm thinking something like ING if you qualified for their reduced equity fee special they are doing currently...)
It just seems to me that if you arent going to be happy there and you're not even there yet then why would you go there?
If I may just ask a query....
By the sounds of it westpac hasnt done a great job with things so far then why dont you pull the pin with them?...
i.e. what I'm getting at is the savings on the LMI premium worth your unhappiness...when you could do the loan with another lender and maybe get the LMI waived there (I'm thinking something like ING if you qualified for their reduced equity fee special they are doing currently...)
It just seems to me that if you arent going to be happy there and you're not even there yet then why would you go there?
Hi there LynnH,
The 85% no LMI is standard policy for Westpac (metro and major regional).
I have just moved all my banking from NAB and refinanced my properties with Westpac @ 85%. There was no extra fees associated with the 85% LVR. They have been great so far, very happy
If you would like any more info feel free to msg/pm me
Cheers
Jacob
For those who have re-financed with Westpac (with existing WBC loans) have you been able to increase your leverage from your current LVR eg 80% to 85% with no LMI?....
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Sorry lukentel but we went thru a mb & had to sign loan docs 3 times when we refi our PPOR. When we signed for the IP we went to a different branch, were treated much better and apart from having to get an extension for our finance date, this transaction went much smoother than for the PPOR even though both loans were preapproved.
I think the PPOR refi took about 5 - 6 weeks - I was about to pull the plug when they got it together
They did mange to settle the IP on time though.
Cheers
Stella
buzz
Without directly answering your question...
i've gone from <80 to 97% incl lmi on a refi w/westpac for clients.
The good part of that is they still allow cashout where they make funds available.
lots of other lenders have put restrictions to 90% or so
its one of the pros of westpac LMI being in house and their self insuring.
Hey Luke,
I am in the process of trying to get a loan with Westpac....seems like I have to go with westpac since they have all my security.
The new valuation on my new build came back lower than expected...Cost $360k, Borrowed $380k, Westpac Valuers $450k...that's not bad CG on completion eventhough I'd put it on the market at $520k. Their valuers are usually very conservative.
Anyway, my bank manager wants me to put up 15% deposit as I don't have enough security which is $42k to borrow $198k. I am already being charged default interest for extending settlement. I have until 10/10 for finance.
Apparently, she will try and get back my $42k when we do the finance for the construction. I don't know what to do. For construction loan, we can use the rental income...but she doens't want me no go higher than 85% otherwise it will go to credit and they will start asking questions and we have income issues.
It's a big chunk of my buffer, house will take 8 mths to complete and what if i can get the construction loan.....it's a big let down.
I am in the process of trying to get a loan with Westpac....seems like I have to go with westpac since they have all my security.
The new valuation on my new build came back lower than expected...Cost $360k, Borrowed $380k, Westpac Valuers $450k...that's not bad CG on completion eventhough I'd put it on the market at $520k. Their valuers are usually very conservative.
Anyway, my bank manager wants me to put up 15% deposit as I don't have enough security which is $42k to borrow $198k. I am already being charged default interest for extending settlement. I have until 10/10 for finance.
Apparently, she will try and get back my $42k when we do the finance for the construction. I don't know what to do. For construction loan, we can use the rental income...but she doens't want me no go higher than 85% otherwise it will go to credit and they will start asking questions and we have income issues.
It's a big chunk of my buffer, house will take 8 mths to complete and what if i can get the construction loan.....it's a big let down.
