Thought people might be interested in the email we have had from Westpac. They have turned us down for a small mortgage and say kiwibank and asb are taking the same position. Regds roz
From: Hayden Olsen <Hayden.Olsen@westpac.co.nz>
Sent: Thursday, 10 December 2020 4:46 pm
To: Roz Wilson <michael.rosemary@xtra.co.nz>
Subject: RE: wilson application
Hi Roz
I was looking at this application subject to CT and any conditions/covenants/restrictions being suitable to us however in the meantime we have received a handful of applications from a mortgage broker in relation to lending against these properties and additional information was supplied to us and an opinion sought from our Senior Managers as to whether Westpac was willing to take these properties on as security for lending. Unfortunately the decision Westpac has made is that we are not willing to accept these properties at this stage as security for lending as the conditions that go alongside ownership make them a risk the Bank is not willing to take at this time. I would suggest the family members might be best to look at using their own equity to buy the investment property as likely to be cheaper for them to obtain against their existing properties. However if finance is still required I would suggest contacting a mortgage broker who would be able to explore other options, possibly with a second tier lender rather than a bank. Also, It is my understanding from what the mortgage broker has told us is that KiwiBank and ASB have the same stance as Westpac, SBS Bank, BNZ and ANZ are looking into it/wanting to know more information.
Kind regards
Hayden
Hayden Olsen Mobile Mortgage Manager
Merry Christmas and Happy New Year I will be out of the office from close of business 24th December 2020 And I will be back in the office on Wednesday 20th January 2021 | ||
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From: Roz Wilson <michael.rosemary@xtra.co.nz>
Sent: Wednesday, November 25, 2020 7:03 PM
To: Hayden Olsen <Hayden.Olsen@westpac.co.nz>
Subject: wilson application
Hi hayden, did put notes on the forms but not a lot of room so story here.
We are nearly ready to settle for the unit in town. We have a sale and purchase agreement for $446000 approx but that is two years old so market value would have gone up. we have already paid $180000 so, allowing for finishing etc, need another $290000 to settle.
Our daughter and her husband are currently living overseas but wanted to be sure of having this place when we no longer want it. so we struck a deal. They would buy in for $290000 and we would be co owners of taieri mouth.
This leaves us mortgage free and with the unit in town and 46% of the one at taieri mouth.
Other family members want to buy an investment property but one not so keen on using his equity (the four of them have three houses). We offered to see if we could borrow enough for a deposit on an investment property using the unt equity.
So that is what we are doing. Property not yet found, until we can work out if deposit comes from us or their equities. Thanks roz
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