All Topics / Finance / Westpac – 85% – No LMI

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  • Profile photo of Stuart WemyssStuart Wemyss
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    Westpac has announced that they will now lend up to 85% for owner-occupiers and investors without the need for mortgage insurance. The property will have to be in a metro area (not country and not inner city). The change is effect next Monday (13th). This is a huge change. It will be interesting to see if other banks will follow.

    Cheers

    Stu

    Profile photo of Alistair PerryAlistair Perry
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    This is a significant change in there advertised policy. However, in actuality they have been able to do this for a number of years. I purchased my current PPOR on 85% LVR three years ago and paid no LMI.

    Westpac will also likely be making some other major policy changes in coming weeks.

    Regards
    Alistair Perry

    Profile photo of maximusmaximus
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    Originally posted by APerry:

    Westpac will also likely be making some other major policy changes in coming weeks.

    good changes [biggrin] or bad changes [angry2]????

    Profile photo of Alistair PerryAlistair Perry
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    Profile photo of learnsharelearnshare
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    There has been one market leader in the home lending arena doing the similar things, i.e. waive the LMI unofficially and unannouced, for somet time; subjected to special request, and competetive situation. Since Westpac has officially taken the lead. Pretty sure the other major players will follow suit.
    Good for the consumers

    Cheers,

    Profile photo of nazzysmithnazzysmith
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    Teachers Credit union has offered a 85% LVR (no LMI) on most loans for a long time already. Surely there are other credit unions offering the same.
    Perhaps if the big 4 follow suit, Credit unions may lower there deposit requirements as well.

    -Thomas

    “More Time To Snowboard”

    Profile photo of grossrealisationgrossrealisation
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    hi all
    watch out for hook marketing on this one.
    westpac has just informed us fellow westpac customers that they are increasing their fees (funny I haven’t seen roaring inflation) the atm fee is going up and over the counter is up and internet transfer is up also.
    first do the foundation up fees then increase the customer base. funny how hook marketing works.
    with all lends look at the fees and charges trouble with long lends they change all the time I get a little worried when a bank increases fees and then up pops a great offer funny that ha but I might just be cynical

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    Profile photo of grossrealisationgrossrealisation
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    hi all
    checked with one of my brokers with regard to westpac and was told by the broker and he checked with westpac and he informed me this is not the case max 82%.
    Stuart Wemyss can you post if this went thru.
    and who else does over 80% without lmi.
    I am in the middle of refinancing 15 units across three units holders(trust unit holders) that I want to get as high loan without lmi at the moment.

    here to help
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    Profile photo of brahmsbrahms
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    i recieved an email from wbc yesterday saying please ignore all previous emails re 85% no LMI – apparently it is not ready to go yet.

    surprising….NOT

    cheers

    brahms
    Purveyor of Fine Finances
    aka Mortgage Broker Brisbane

    Profile photo of Stuart WemyssStuart Wemyss
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    Yes, I am being told its a few weeks away.

    Cheers

    Stu

    Profile photo of AnitamarshallAnitamarshall
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    You are still best to shop around whenever a finance deal comes up as some lenders do charge LMI , some dont – the rate also varies depending. YOu are best to find a good mortgage broker who doesnt charge a brokerage fee to shop around for your circumstances and quote you the rates through a variety of lenders with and without LMI and make sure they give you the set up fees.

    Anita Marshall
    Advanced Finance Solutions
    http://www.advancedfinance.com.au
    [email protected]
    [hmm]

    Profile photo of grossrealisationgrossrealisation
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    hi Anitamarshall
    have you or do you know a lender that lends above 82% without LMI thats not a private lender.
    As I don’t

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    Profile photo of Alistair PerryAlistair Perry
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    Hi Gross,

    If you have a very high income you can get 85% no LMI through Westpac. This has been available for some time. Thee is also a smaller lender offering 90% LVR with no LMI.

    Regards
    Alistair Perry

    Profile photo of asdfasdf
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    Originally posted by APerry:

    Thee is also a smaller lender offering 90% LVR with no LMI.

    Regards
    Alistair Perry

    Hi Al, Interesting. Is this a securitised lender? or one of the smaller banks? Basically is the loan mortgaged insured but you don’t have to pay it? I’ve heard of banks offering up to 90% but on 2 loans. The 10% must be P&I over 7 years but when u break or repay the loan – you guessed it, get pinged twice :(

    Profile photo of Richard TaylorRichard Taylor
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    Both

    I now of one major Bank that will waive LMI if they want the deal and also as Alistair mentions a smaller lender who again will do 90% without the need.

    Richard Taylor
    Residential & Commercial Finance Broker **Lodoc Commercial Loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of jacerjacer
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    Hi Richard,

    Any chance of finding out who the major actually is?

    Jacer..

    Profile photo of TerrywTerryw
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    Homeside used to go up high without LMI – 85% to 90% i have heard.

    Terryw
    Discover Home Loans
    Parramatta
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    Profile photo of Richard TaylorRichard Taylor
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    Took the words out of my mouth Terry.

    NAB the same on the retail side.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of ConfidentialConfidential
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    You can get 85% No LMI depending on the strength of the borrowers credentials and the loan amount, we have achieved this on more than one or two occassions between major lenders.[biggrin]

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