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Westpac shuns first home buyers
22 January 2010 |
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| First home buyers will need a deposit of at least $37,500 if they want to buy an average priced first home with a home loan from Westpac.Under changes announced by Westpac yesterday, the bank is demanding much higher loan to valuation ratios for new customers than ever before.For a house worth $250,000, mortgagees will need a $37,500 deposit, up more than $12,000 on the previous requirements and they will also need to budget for monthly repayments of $1726 on a 25 year loan.The changes are thought to be designed to cool off demand for Westpac mortgages.“(The changes to our lending rules) are consistent with Westpac’s strategic focus to build a multi-product relationship with customers … so we need to be able to reward existing customers,” said Westpac spokesperson Jane Counsel.“We want to continue to support first-home buyers … all we’re saying if that if you’re a new bank customer, we’ll require you to have a larger deposit,” Ms Counsel said.Infochoice CEO Shaun Cornelius said the move would reduce competition in the marketplace.“Westpac are effectively signalling that they’re not interested in growing their home loan customer base. So Westpac pulling back and becoming less competitive will reduce the range of appealing home loan products on the market, hurting consumers,” said Cornelius. |
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| Source : Herald Sun |
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| 29 January 2010 | - Rates have to rise says KRudd |
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| | - Aussies put bills on credit card |
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| | - ANZ still the customer’s favourite |
| | - St George says we are big enough and small enough |
| | - Aussie waiving personal loan application fee |
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| 28 January 2010 | - Inflation pushing interest rates up |
| | - Houses are still cheap |
| | - Bonus TD rate for Infochoice readers |
| | - Melbourne property boom continues |
| | - Small Business customers like NAB and St George |
| | - NAB slashes fees on small biz |
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| 27 January 2010 | - Four rate rises on the way |
| | - Banks to absorb rate hikes |
| | - Smaller lenders returning to mortgages |
| | - Nab cuts business banking fees |
| | - Resi offering 5.7% home loans |
| | - ME Bank wants to help WA fire victims |
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| 25 January 2010 | - RBA to add $600 to mortgage repayments |
| | - First home buyers getting older |
| | - Melbourne house prices rising $766/day |
| | - Mortgage relief for Queenslanders |
| | - New bank rules to add to rates |
| | - Credit cards – pay more than the minimum |
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| 22 January 2010 | - Other majors reject Westpac ‘s LVR tightening |
| | - We still love our credit cards |
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| | - Chinese growth leads to higher mortgage rates |
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| 21 January 2010 | - Three more rate rises coming soon |
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| | - ANZ lures business with bonus rate |
| | - NAB, Westpac to dominate financial planning |
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| 20 January 2010 | - Westpac cuts LVRs for new customers |
| | - Housing shortage leads to higher prices |
| | - One stop shop for WA homebuyers |
| | - Westpac doesn’t want new home loans |
| | - RAMS turns off broker loans |
| | - Credit union driving 8 per cent car loans |
| | - 2016 Eftpos bug is dead and buried |
| | - Debtors are paying up |
| | - Bankwest zero fee account sizzling hot |
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| 19 January 2010 | - Two more rate rises coming soon |
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| | - Minnows take business from the major banks |
| | - Plenty of cars – any buyers? |
| | - Couples keeping separate accounts |
| | - Investors still have lots of cash |
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| 18 January 2010 | - Average Sydney home to top $1mil by 2019 |
| | - Demand returning to property’s top end |
| | - Stolen mail leads to boom in loan fraud |
| | - Banks hit and run on savings |
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| | - Bank and investor taxes to be slashed |
| | - Profitable banks under pressure to limit rate rise |
| | - Homeloans plants a tree for every borrower |
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| 15 January 2010 | - Big rate rises tipped for 2010 |
| | - Victorian first home buyers exiting market |
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| 14 January 2010 | - Westpac raises fixed mortgage rates |
| | - NAB on wheels poaching Westpac customers |
| | - 7,500 frequent flyer points for joining NAB |
| | - Personal loans staging a comeback |
| | - More expected to default in 2010 |
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| 13 January 2010 | - Rate rises hurting housing market |
| | - More Aussies falling behind on mortgage |
| | - Rent to rise in 2010 |
| | - Sydney rents to hit $500 |
| | - Banks complain of high funding costs |
| | - Aussies lose $3K per year |
| | - NAB offering 0% on balance transfers |
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| 12 January 2010 | - ING cuts fixed rate mortgage rates |
| | - Credit card debt sneaking up |
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| | - Transfer xmas debt to a low rate card |
| | - ANZ giving prizes to women who save |
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| 11 January 2010 | - Mutuals are ‘safer than banks’ |
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| | - ANZ is watching small biz customers |
| | - Retiring early is a thing of the past |
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| 08 January 2010 | - Rates to go up as shoppers splurge |
| | - Commonwealth dominating mortgage market |
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| | - MacBank returning to mortgages |
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| 07 January 2010 | - Rates to rise more than 1% in 2010 |
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| | - Commonwealth makes some big promises |
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| 06 January 2010 | - New home sales fall away |
| | - Time right for first time property investors |
| | - Queensland property looks a good investment |
| | - WA leading in new home sales |
| | - Westpac borrowers leaving in protest |
| | - 2016 Eftpos bug affects thousands |
| | - ANZ paying bonus rates on savings |
| | - New year resolutions add to wealth |
| | - Take stock of xmas debts |
| | - Bendigo give $1m to fire victims |
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| 04 January 2010 | - Signs point to a better financial year |
| | - Mortgage fatigue can prove costly |
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