All Topics / Finance / NAB falls in line on servicing

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  • Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post 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.

    Cheers

    Yours in Finance

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

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post 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.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    No and Advantedge following suit so a lot of very unhappy investors around at the moment.

    Cheers

    Yours in Finance

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

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post 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.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

Viewing 4 posts - 1 through 4 (of 4 total)

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