Just wanted to comment on how pleased I am with the new Bankwest Lite Home Loan I have justfinanced. They were very easy to deal with (thru Terry W) and actually lent me more than 80% (following a second valuation before settlement) without LMI. Very impressed. Good interest rate and no fees and they lend up to 95%. Worth checking out if youre shopping for a loan.
Dev [kid]
Another fan of bankwest here as well.
I am no fan of BankWest which many people here know.
I have to say devil, that I doubt you got higher than 80% LVR with them without LMI. I noticed you mentioned a second valuation having been done. I must assume that this made your LVR 80% or less and THAT is why mortgage insurance did not apply.
This just tells me that they initially under-valued your property and the second (more appropriate) valuation makes them look good in your eyes.
I wonder, who paid fr the second valuation?????
TMA
http://www.email4money.info
Essential Links
First Home Buyer WebsiteNope, The Devil did get over 80% LVR (about 84% I think) without LMI. I was once able to get someone 95% LVR without LMI with Bankwest too. Bankwest are one of my favourites as they have good service, are flexible and cheap (6.65% on the Lite Home loan). They also do loans for Hybrid Discretionary Trusts with the title in the company name and the loan in the individual’s name.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Was there an existing relationship, a shorter than 30 year loan term or was it just a pay off for some other reason?
LMI waivers are not common.
What was the point of the second valuation????
Regarding the 95% LVR with no LMI, was the client a new professional (ANZ do this)?
Regarding the Lite Home Loan, what is so good about it?????
* no offset
* expensive redraw
* lacking in featuresTMA
http://www.email4money.info
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First Home Buyer WebsiteTMA, there was no existing relationship apart from the fact I grew up in Perth (I dont think that helped though…)
The point of the second valuation was due to the house having no kitchen or bathroom when I signed the contract. The val came back at ‘land value’ only, so once I had put a kitchen and bathroom in they came back and did a re-valuation. I paid for the second valuation and knew I would have to, but I saved quite a bit in LMI so happy to pay [grad]
As for whats so good about it…
*Easy to deal with
*Simple home loan (without ‘Features’)
*Good interest rate
*They refund your application fee ($500) after 3 years
*No hassles with paperwork or documents
*They are based in WA (wink wink)I guess each loan is going to suit each person differently, as far as ‘no offset’ and ‘expensive redraw’ or ‘lacking in features’ – these are not things which I need in a loan, so, I guess this suits me fine. It may not suit you or anyone else but I just wanted to put up a post to say how pleased I was.
The fact that they didnt charge me the LMI was the icing on the cake and for that I think they deserve some positive comments on the forum [helmet] Hey, maybe banks will realize one day that if they do the right thing by people that people will say good things about them??
Then again…………………
Dev* [kid]
Did you get a P&I loan or I/O???
Is it PPOR or IP?
TMA
http://www.email4money.info
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First Home Buyer WebsiteIts an IO IP
I love investing terminology [hat]
Dev* [kid]
So where are you putting your extra funds until you are ready to purchase your next investment or personal item?
TMA
http://www.email4money.info
Essential Links
First Home Buyer WebsiteTMA
Some people have more than 1 property and have no need for any extras. A simple IO loan is all that is needed.
For the 95% loan with no LMI, this was for a new client as well, and it seems Bankwest are willing to do this as a matter of policy. As long as LMI are not involved (ie LVR 80% or less based on valuation), they can approve these sorts of deals.
Terryw
Discover Home Loans
North Sydney
[email protected]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
Forgive my ignorance here everyone, but I thought that LMI applied for every instance where you were borrowing over 80%??
I also go through Bankwest and don’t have any real complaints but have been told by every institution that I have approached that LMI always applies above 80%.
If this is not the case, can I technically use the equity in my POPR to look at other investments without incurring LMI?. Details as follows:
Mortgage – $405K
Valuation – $485K (2 months ago and assume around similar figure)
Assuming that serving is good and no other debts.Appreciate the input!
Jan
Awesome result Terry…
Can you clear this one up pls?
I have spoken to a broker in the eastern states who has advised me that they cannot organise finance for me in WA unless they have a CPL as issued in WA ?
Is this correct, and if so, how did you manage to organise finance for Dev on their WA purchase ( apart from the obvious, that maybe you have a CPL?)Thanks
kpHi KP,
I think Dev is based in VIC, Cheers.Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Dev & Terry,
Congratulations on the revaluation & positive outcome, good news. Cheers.Regards
Steven Crane
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Cheers Steven
Very pleased with the result. Its not often I can say good stuff about banks so when it does happen it comes as quite a shock. They may not be so generous next time though…Yes I am based in *sunny* Victoria…
Dev [kid]
Ahhhh…that would explain it
Thanks Steve.
But…posing the same question again…can you originate a loan for a customer (me) who is in WA for a WA property ??A broker in Melb has advise me that they can do it.( for a WA property)but I am not sure how ??
I have used the same broker to organise a loan but it was for a Qld property.kp
I think there is a different licensing system in WA (or something) so whilst you can buy property in other states through your broker on the east coast, to buy property in WA I think you have to use a WA broker that is licensed to work in that state.
Can anyone confirm this?
Dev [kid]
EG, my sister is 19, lives in WA and wanted to buy a property in WA, I told her to use a good mortgage broker (Terry W) but unfortunately Terry could not ‘work’ in that state as he is from Sydney…
[kid]
Originally posted by Terryw:Some people have more than 1 property and have no need for any extras. A simple IO loan is all that is needed.
Don’t get defensive… I am allowed to ask questions. So, where is all the extra funds going????? Devil, do you have more than one property????
For the 95% loan with no LMI, this was for a new client as well, and it seems Bankwest are willing to do this as a matter of policy. As long as LMI are not involved (ie LVR 80% or less based on valuation), they can approve these sorts of deals.Is this an oxymoron??? What do you define as a 95% loan when LVR is less than 80% based on valuation????
TMA
http://www.email4money.info
Investor Links
First Home Buyer WebsiteWA Finance Brokers need to be licensed. Any broker outside WA can operate in WA if they can get licensed. There are two way to get licensed (ignoring all other requirements)…
1. Live in WA
2. A Director of your company lives in WA and holds the license.Either way is not practical for single operators not living in WA. This requirement has been challenged on Constitutional grounds, protectionism and restrictive trade practice back in 2004. This ‘residency’ requirement should be dropped in the very near future.
You can thank ME when it happens!!!!!!!!!!!!!
WA brokers will hate me though as their businesses will drop off.
TMA
http://www.email4money.info
Investor Links
First Home Buyer Website
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