ANZ OO Interest Only LVRs

Viewing 7 posts - 1 through 7 (of 7 total)

Tom
Participant
@thebeardedbroker
Join Date: 2016
Post Count: 10
February 7, 2017 - 1:07 am
Another lender tightening up on interest only lending.
I received an email today advising 90% max for new lending OO and 80% for OO refis.
I think we’re going to continue to see this sort of move from the mainstream lenders over 2017. It’s good news for the smaller niche lenders as there are still some really good policies around if you know where to look.
Tom | Voyage Wealth
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The Bearded Broker for Voyage Wealth - all things finance
Ethan Timor
Participant
@ethantimor
Join Date: 2016
Post Count: 282
February 20, 2017 - 11:44 pm
Yep, what the bigs are dropping, the smaller ones are picking up. Saw an article recently that also non-residents moved from the big 4 to smaller lenders so overall their % in the market is about the same as it was before…
Ethan Timor | Aligned Finance Pty Ltd
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Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
February 21, 2017 - 3:03 am
Yes more and more lenders are tightening the noose.
Be surprised how difficult it is to roll over to an interest only loan once your current IO Term expires these days.
APRA is looking at further tightening this and many other areas of servicing when the introduce their new measures in the May report.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
March 21, 2017 - 9:56 am
Tom wrote:
I think we’re going to continue to see this sort of move from the mainstream lenders over 2017.
Yep – it’s only going to get harder :-(
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Mortgage Broker assisting clients Australia wide Email: [email protected]
CharlesW
Participant
@tohkoh
Join Date: 2017
Post Count: 1
March 23, 2017 - 3:40 pm
Excuse my ignorance…
What’s OO? Owner Occupied?
- This reply was modified 7 years ago by CharlesW.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 23, 2017 - 5:17 pm
Yes Charles
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Yours in Finance
Richard Taylor | Australia's leading private lender
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 24, 2017 - 2:12 pm
Anz have also just announced an interest rate increase on all of their interest only loans whether the property be investment or owner occupied.
Looks like P & I is definitely getting cheaper by the day.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender