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Complete Lending Solutions Est 2002

Get in touch | 0427 257 257

Did they not think that APRA has the last say?

On Thursday, 20 June 2019 Westpac made a bold move to reduce their serviceability assessment rate from 7.25% to 6.50% for first home buyers.

APRA set a floor of 7.00% in December 2004.

Late Thursday night, Westpac made an abrupt about-face back flip after incurring the prudential regulator's wrath by removing the it without approval.

What is more important than shoving money down the throats of first home buyers, without regulatory approval, is to offer them substantially better interest rates than what Westpac currently offers compared to the market.

What is equally important is to extend the same courtesy to existing customers.

Jun 20th, 2019
Here we go again – if you are ripped off …

  Refinance. Only if it was as simple as anyone that wants to grep a media headline tells us to – yes you guest it – refinance.   The biggest hurdle is … wait for it … affordability, i.e. are you able to pass the lenders’ post Royal Commission scrut...

Loyalty Tax

  Now that we had three Reserve Bank interest rates cuts in June, July and October 2019 and banks have not passed in full the Reserve Bank cuts, the topic of the "Loyalty Tax" has surfaced.   Withhold some of the Reserve Bank rate cuts for existing loyal customers but of...

Best Interest Duty

The Morrison Liberal government’s proposed Consumer Credit Protection Amendment (Mortgage Brokers) Bill 2019 contains a new best interests duty obligation on mortgage brokers but not on lenders.   The application of this test would require mortgage brokers to ensure their conduct me...

Need Some Assistance?

  ‘Need some assistance? Speak to a Mortgage Broker’ the ad boasted.   But the best part of the ad was 'Access 3,000+ loans from over 20 lenders.'   A simple arithmetic calculation equates to an average of 150 loans per lender.   Now this...

Whinging Mortgage Brokers

Recently, there has been a lot of extra whinging from numerous mortgage brokers that the time and effort required to prepare a loan application has increased, and wait for it, wait … it is eating into their profitability.   They sight noticeable differences in the way home loans ar...

Responsible Lending – ASIC, Westpac and The Federal Court

The Federal Court of Australia, New South Wales | NSD293/2017 | Australian Securities & Investment Commission v Westpac Banking Corporation ACN 007 457 141.   In an opening submission on Monday, 6 May 2019 barrister for ASIC, Jeremy Clarke, SC, alleged that Westpac breached responsibl...

Oh, by the way … this is what you will not find on our website!

Experts That we are experts, specialist and have 150 years combined experience, that we partner with our clients, continually exceed expectations, we are customer focused, or our lender panel has over 35 lenders that offer more than 2,500 products.   Biggest Financial Commitment We...