Happy December,
Well a busy week indeed news wise. With Westpac’s boss standing down, it seems an irony that amidst a money laundering scandal that he still received a payout in the millions while others in the Westpac group have their bonus’ frozen.
I imagine that this isn’t the last we will hear of lenders poor conduct, especially with APRA and ASIC’s commitment to greater collaboration and sharing of information in response to the Royal Commission’s suggested outcomes.
NAB have been selected to help implement the first home loan deposit scheme. Given that it is set to be operational from 1st Jan 2020 there are other lenders yet to be named. NAB do have some very attractive first home buyer interest rates starting from 2.88% on 2 year fixed.
In order for a First Home Buyer to participate in the scheme they will be required use a lender approved by the scheme and fit within the eligibility criteria. Eligibility criteria for the scheme can be found here https://www.nhfic.gov.au/what-we-do/fhlds/eligibility/
ANZ this week released an expansion to their LMI waiver. Previously only available to Medico’s, it has now been extended to include accountants and legal professionals. Brokers have been asking for an expansion to this scheme for quite some time.
There are some criteria that need to be met. In broad brush terms it means that a client can borrow up to 90% LVR without LMI with borrowing up to 2.7M. This cap is quite remarkable as LMI at 2.7M could potentially be a whopping $74,000! Let me know if you’d like to investigate this further.
With a little over 3 weeks till the fat man arrives, I hope this week finds you able to get on top of things in this crazy period for everyone.
Justin
Scenarios quoted above are suggestions and constitute general advice only.
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