Good Morning and Happy Monday,
To all of the Mothers, I hope you had a wonderful Mothers day, and got to spend some time with your families yesterday in this easing quarantine.
The week just passed certainly wasn’t light on with news, especially as many lenders
pre-report expected losses. Along with the government stating that they expect $50 billion to be wiped off the economy due to shut downs. One thing is for sure, we will need to pay the piper and this ‘Corona’ hangover will be with us for some time.
A couple more lenders this week advised of spaces they will not participate in. Auswide no longer accepting pre-approval applications unless they are first home buyers under the FHLDS (First Home Loan Deposit Scheme) scheme. They still have places available and its likely that they have decided to focus on this space and are just consolidating their resources. They have also decided to pull out of the 95% + LMI for First Home Buyers.
Teachers mutual have pulled out of the ‘off the plan’ space for the time being, as well as reducing appetite for secondary income for bonus’ and commissions.
On a positive note My State bank will allow the use of Job Keeper in servicing, as do 86400 Bank, Macquarie, Virgin Money and Westpac.
Rates across the board have remained fairly static, with no major changes.
However one lender has stood out for me this week just past. Macquarie have always had a great track record, with their speed of assessment and have been consistently sharp on rate. The week just passed saw them approve a loan to formal in 48 hours, with upfront valuations completed. The loan was a refinance of an owner occupied property with 2yrs Interest only and an investment property which is on the market for sale also interest only. Both loans at 3.19% smashing the outgoing lender on repayment by nearly $600 a month.
I hope the week ahead is positive and fruitful for you all.
Remember I am only a Zoom away and if you need any help with scenario’s just let me know.
JC
Scenarios and interest rates quoted above are suggestions and constitute general advice only.
Justin
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