As of March Westpac are not doing any loans above 80% LVR (loan to value ratio) without MI. (Mortgage Insurance)
As some might be aware Westpac and ANZ where quite happy to offer loans up to 85% without MI. These where 2 lenders that where offering this, so maybe if you are with Westpac and looking to buy get in now for approval!!!!
I guess guidelines within banking are going to get a little tougher in the short term or maybe for some time longer than we think, however i think Australian banks are doing better than they suggest despite the credit crunch!
It will be interesting to see what fixed rates do in the next few days when announced, probably not much movement if any at all!
It is quite dissapointing that people fixed rates above the 8% mark less than 6 months ago and know there at 5%, the dissapointment out of this is that banks at senior level knew what was ahead. Did they honestly think that rates would go to levels beyond 10% with dedt levels at its highest........well yes and that is what most average consumers where led to believe.
