Browse Forums Home Finance Re: Losing Out due to Bank Lending Policy Changes? 41Oct 31, 2009 2:18 pm congrats on getting your loan through. Can I just hijack this thread for a sec. We have been with westpac for 10 years and have had home loans with them for the past 8 years. Our block loan has been with them for nearly 2 years and for the past 10 months, we have been making double the repayments on it without fail. They wouldn't lend us 95% only 90%, but on their website it still says that if you are an existing customer they will lend 95%. Are they still doing it or not, does anyone know?? At the moment we only want 90%, but if the valuations come in short, it would be nice to know if we are entitled to borrow a little higher percentage. Re: Losing Out due to Bank Lending Policy Changes? 42Oct 31, 2009 8:51 pm Hi Rizzo, we were told we could have 95% due to a combination of factors as they changed policy on us too. We were existing customers with our land loan at 95% plus we had a current pre-approval for construction. Had we not of had the up to date pre-approval, we were told any new application would only be consider for a maximum of 90%. Having said that, this is where a good broker may be able to help get it through. Good luck. Re: Losing Out due to Bank Lending Policy Changes? 43Nov 03, 2009 4:28 pm Hi Elzbeth, Glad you got it through, our site has now started so looking forward to seeing your colours etc! and the start of your build - it won't be long away! Lisa PD Marina 42 Mariposa Contract signed 20 July 2009 Permits in 2 Oct 2009 Construction start 22 Oct 2009 www.broquemansion.blogspot.com Re: Losing Out due to Bank Lending Policy Changes? 44Feb 22, 2010 1:19 pm Rizzo Can I just hijack this thread for a sec. We have been with westpac for 10 years and have had home loans with them for the past 8 years. Our block loan has been with them for nearly 2 years and for the past 10 months, we have been making double the repayments on it without fail. They wouldn't lend us 95% only 90%, but on their website it still says that if you are an existing customer they will lend 95%. Are they still doing it or not, does anyone know?? At the moment we only want 90%, but if the valuations come in short, it would be nice to know if we are entitled to borrow a little higher percentage. Well, you should count yourself lucky. It is now less than that. Westpac Banking Corporation has tightened its mortgage loan criteria by lowering its loan-to-valuation ratios (LVR) for new full-documentation mortgage customers in January 2010 from 92 per cent to 87 per cent including two per cent for lenders’ mortgage insurance. Re: Losing Out due to Bank Lending Policy Changes? 46Feb 22, 2010 1:28 pm Rizzo wow, really. In the end our lend ended up being 89%, they wouldn't go the extra 1% for some reason. They must have been told to go conservative in advance. It often happens short time before policy restriction announcements. I engaged my builder in December last year and we’ve been working on preliminary drawings for last couple of months. I got a call from the salesperson this morning… 0 361 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11915 4 14277 |