NAB have today announced the loophole they had on servicing will disappear on the 19th November 2016.
Going forward they will service both existing and new loans at the same rate of 7.40% rather than apply a 30% interest margin to the rate you were paying on existing debts.
The NAB were the last of the traditional style lenders that still offered a favourable servicing product for investors > 80% lvr so another signed of credit tightening going forward.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I guess it was just a matter of time :-(
Looks like they won’t honour pre-approvals under the old servicing calc for very long either.
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]
No and Advantedge following suit so a lot of very unhappy investors around at the moment.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Indeed. Advantedge is following the same – however is at least correcting their absurd living expense issue by removing gross rental income from the multiplier which increases minimum living cost calculations.
Get in quick anyone needing to use them, applications must be in by Friday and conditional approval by December 16.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
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