Good Morning and Happy Monday!
I hope you all stayed warm over the weekend. We had our first frosts here with a very balmy -2 at 6am this morning.
Much of the news over the week has focused on the big 4 gaining back ground with refinancers even when the non majors are significantly sharper. I find this strange because that is not what I am seeing.
ANZ announced this week that they are working hard on fixing their turnaround times, one hopes that the others follow suit. While Australia starts to reduce some of the quarantine measures, the rest of the world are still fairly heavily restricted. Especially in countries where the banks offshore processing is located in India, Malaysia and the Philippines.
There were no major changes in the world of money this week. Rates have remained steady. Assessment times are still terrible for the larger banks, however Macquarie, ING and Newcastle permanent are still very quick with turnaround times.
The world of lo-doc loans is a constantly changing beast right now, with most of the lenders in this space reducing Loan to Value Ratio’s or how they assess an application. One lender stands out here at the moment. Victorian Mortgage Group. They have been a little bit of a fringe dweller in this space until now. Right now they have very quick turnaround times, Alt-doc lending to 80% and lending to credit impaired clients starting from 4.44% they are a great option in the current market.
On a lighter note I was very excited to see this article in the news this week. I loved these growing up, I just hope they are as good as I remember… A great story about a little Aussie battler, who with a grant from the fed govt will help to bring back a confection icon and about 38 new jobs.
Have a fantastic week, I am always here if you need a hand with anything.
JC
Scenarios and interest rates quoted above are suggestions and constitute general advice only.
Justin
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