Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
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.
Yours in FinanceJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
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.
JamieRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
No and Advantedge following suit so a lot of very unhappy investors around at the moment.
Yours in FinanceCorey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
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.