- September 18, 2023
- Posted by: legaleseblogger
- Category: Related News
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In the midst of the strenuous process of obtaining a loan for a new home, I have encountered a significant obstacle in the form of the deposit requirement. My intention was to secure a loan with a Loan-to-Value Ratio (LVR) of 90%, allowing me to manage the loan comfortably within the range of 800-900k. However, my plans have been thwarted by the limitation imposed by the deposit, which restricts me to an amount between 500-550k.
To compound the situation, my broker informed me earlier today that he had received information regarding a policy change that would take effect at midnight. This unexpected development has derailed my timelines, which were already somewhat urgent, and forced me into a state of prolonged renting.
The credibility of this policy change is questionable at this point, and I find myself doubting its legitimacy. It seems as though my broker may be attempting to manipulate the situation in order to push me towards obtaining a lower loan or to facilitate an alternative agenda. Uncertain about the intentions behind this sudden revelation, I have decided to sever ties with my current broker and seek the assistance of my backup broker going forward.
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****** just grabbed a
Sounds like BS
I’ve not seen any regulatory news from ASIC or APRA that has recommended this be done, so while one FI might do it, there’s nothing that would indicate multiple would.
If this is true….. which I question….. If your broker is any good, he will find you a lender that will accept the LVR you were looking to lock in. There are so many lenders in Australia, there will be somewhere else they can place you. It’s fear mongering, and as someone in the industry, I don’t know why that information was shared with you the way it has, as its added stress and worry to you, which is something a decent broker would aim to mitigate. I almost want to tell you to find another broker. It’s all in the delivery.
Lenders don’t co-ordinate policy changes.
Sounds like BS. Banks make policy decisions completely independently. That several banks made a policy change like that around the same time is extremely unlikely. Having it go live on the same day?! Noooo chance.
Broker here and no changes to anything like youÔÇÖve suggested. There are some lenders that offer no LMI for 85% lvr for FHB. This hasnÔÇÖt changed.
you don’t need thoughts & prayers you need a better broker & maybe the ability to save more haha, if you can service a 800-900k loan, but you’re stuck with like 60k in savings (assuming is the case as you’re trying to borrow up to 90% & can only borrow around 500-550) that equates to roughly like 30 – 35% of your income… save more & get better advise. there are always options out there.
If multiple banks have all agreed to coordinate a significant policy change at the same time it should be reported to the ACCC because that’s clearly some collusive anticompetitive behaviour.
>Able to service the loan up to around 800-900k easily, but deposit has limited me too around 500-550k
I’m dumb, can you explain this to me?
I work as a senior leader in the home loan section in a bank in Sydney and have not heard of this anywhere!!
This is complete BS
Tangentially related, but I’ve seen my borrowing capacity reduced from 5.5 DTI to around 5 last week. (re-freshing my pre-approval which just expired after 3 months).
My broker says that the higher interest rates + higher cost of living calculation are basically bringing all the banks in line. Some he said are only lending 4 x DTI.
At least what my broker is saying there’s a small amount of banks which can go beyond 5 x DTI but with higher interest rates.
I’d say he’s trying to save you a ton in interest payments. And stress given you’d own very little of “your” house. Go review the maths in compound interest payments
Unless itÔÇÖs a new law, I doubt every financial lender would stick to this rule. Sounds like total BS to me.
It would have been all over the news if it were true – hating on banks always gets the clicks.
Broker here. What is he smoking/consuming ?
This change would be coming from the lenders mortgage insurance providers and there is a few of them around. Although, a lot of lenders are also self-insuring.
Well, my broker just approved me with 5-10% so I recommend a better broker.
Broker here,
Have not heard anything about this at all industry wide.
There is a possibility it pertains to a policy unique in your circumstances that might make it relevant. But that would be speculation on my part.
Something doesnÔÇÖt seem right here.
What options do you have really? Will rushing to get a 600k loan solve your issues?
I would wait, and save a bigger deposit. The changes, if they do happen, may soften the market anyway, so that works in your favour as well.
Feel bad for renters but could put downward pressure on prices which ultimately will benefit FHB
Recession when
Bond yields are creeping up, possibly lenders are having problems securing funds and prioritising lower risk borrowers.
We may hear more about this in coming days, a credit crunch could be on the cards. I saw the US 10 year jump to 4.4% today, looked weird like someone panicked.
With what the financial sector has coming, IÔÇÖm surprised itÔÇÖs not 80%. It should always have been 80%. This is the main reason property is going to drop from here IMO. The credit tap is being turned off due to lack of liquidity.
They should. Lowering LVR requirements is one of the contributing factors to pushing housing prices so high. If it had remained at 80%, people wouldn’t be able to afford the insane asking price on properties, so they’d have had to come down to actually sell.
90% LVR sounds ridiculous
Call bullshit, and guess we’ll find out how well your broker is regarded tomorrow
Why don’t you qualify for the 5% no LMI home loan??
Complete horseshit. Change brokers…
Best part of a mill loan can’t afford 10% deposit, be darrrrn carefull you are getting it dammm fine.
Lmao sounds like bullshit
Which lenders?
I work at a brokerage in Vic and this is not true
First home buyer guarantees a wave of LMI with at least 5% deposit. They cant go around the government policies surely
There’s one born every minute
Yeah nah this is rubbish mate
Nah mate, they are wrong
This has always been the case in some suburbs and properties. Its the LMI insurer not willing to take the risk.
Who is making the “policy”? What governing body? Brokers dont set policy and neither do lenders. Is he saying all the lenders in the land got together at a secret meeting in a Masonic Hall somewherre and all decided on this together?
Ever heard of something called competition? If my competition started only allowing 85% LVR then I would instantly start a 90% markwting campaign.
P.S you can get 100% and a ven up to 110% loans in some circumstances. Your broker is talking absolute BULLSHIT and you should call them out. Did he send you the policy changes? Ask for them.
There are institutes that already use 85% LVR, so not sure what your on about?