Just found this on the Web
CBA further tightens criteria
By BN | Monday, 30 March 2009
Quoting the "increasingly volatile economic climate and rising unemployment levels" the CBA has further tightened its credit policy.
Effective today, the CBA has decreased its maximum LVR to 90%, excluding LMI, for all customers who do not have current credit facilities with the bank.
This includes any customers who have a CBA loan, line-of-credit or credit card which has been funded for 6 months and has no arrears or missed payments.
In addition, the bank has installed a mandatory 5% - increased from 3% - genuine savings for new borrowers where the LVR is greater than 85%.
The genuine savings excludes the First Home Owners Grant, additional borrowed funds or the proposed sale of an asset, and may comprise of any of the following:
* A demonstrated saving pattern established over a 3-month period
* Gift - must be held in an account for a minimum of 3 months
* Term deposit - must have been held for a minimum of 3 months
* Cash - acceptable only if placed in an account for a minimum of 3 months
* Shares - must have been held for a minimum of 3 months
* Equity in existing property
Applications taken prior to the 30 March will be considered on a case by case basis under the relevant credit policy as at time of application.
Would this affect loans that have been conditional approval or is it any new loans from know on? We are waiting for valuations at the moment so this is rather annoying if it affects us!