Westpac fast-tracks TC3 mortgages

Westpac has purchased geotechnical data from a major engineering firm, allowing it to fast-track mortgages on TC3 properties.

Westpac has purchased geotechnical data from a major engineering firm, allowing it to fast-track mortgages on TC3 properties.

In what is quite a coup for Westpac, it has been announced that they will now be able to fast-track mortgages on TC3 properties. Liz McDonald at The Press reports:

Westpac is fast-tracking mortgage lending on homes on TC3 land in an attempt to increase market share, and says the new policy is already boosting business.

The bank has bought land data from a geotechnical firm which compiled it for insurance companies.

Westpac’s South Island head of retail banking, John Brophy, said the bank’s staff can use the data to help approve or decline loan applications on the spot for 90 per cent of TC3 borrowers. The other 10 per cent would require more investigation.

“This is a game changer – people can walk in and walk out with home loan approval in most cases.

“We don’t even consider whether land is TC3 now. It was a blunt tool we had to use before, because we had nothing else to evaluate the risk profile of a property.”

I definitely agree. It was never intended for these technical land categorisations to be the last word on the viability of land, but merely a guide for foundational requirements. This will be of benefit not only to TC3 residents who are selling or looking to sell, but also first home buyers, who for the most part were unable to pursue TC3 properties because the banks would not lend on them.

It’s certainly heartening to see major lending institutions (as well as residents and buyers) are now seeing that there is a way forward for TC3 properties.

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About Peter Griffioen

Peter Griffioen - or simply Griff to those who know him - has an established reputation as a high-producing Harcourts Canterbury salesperson. With a focused approach to customer service you can rest assured that you are in good hands, whether it be a relaxed chat about the state of the market or an in-depth discussion regarding your next property transaction. The key advantage of engaging Team Griff’s services is their local knowledge and experience. Currently in this post-seismic era, it is vital to have true professionals working on your behalf, ensuring that you are guided through the process professionally and with a caring approach. The advent of the ‘as is, where is’ market means specialised expertise are required and Team Griff has taken it on themselves to both understand and explain the pros and cons of this now accepted sale/purchase option. For over 26 years the Griff brand has become synonymous with achieving results. Griff now prides himself with his five member team and takes much satisfaction from empowering them to both achieve and reach their own goals. A team with a proven track record placed with the highest ranking Harcourts Million Dollar Club members, exceeding the $275m level. Such accomplishments highlight the team’s exceptional marketing and negotiating skills. Team Griff are recognised as industry leaders for their online presence and regular blog posts of current and relevant real estate information. E-marketing and readily available property specific detailed info means Team Griff’s clients have the edge when it comes to selling their homes, not forgetting purchasers who benefit first hand. A simple Google search says it all – the Griff brand ranking with the most frequent. Griff’s life focus extends beyond business, with quality time and fun being high priorities, while mountain biking, boating and fishing provide that vital time out. His Christian faith is his anchor for daily living, and his community is important to him. For a team approach to optimize the result for your next property transaction, be sure to talk to this award winning team - synonymous with hard work and results! Griff and his trusted team welcome your enquiry today.

2 thoughts on “Westpac fast-tracks TC3 mortgages

  1. cornelius isaks

    Hi Griff team I am trying to buy a house as cheep as possible and the banks dont want to loan money for uninsured homes it is so frustrating. I earn good money as a supervisor builder have a kiwisaver for home deposite +-$20000 +5000 on shares. You had one house that I realy want in burwood parklands area but coudnt get finance. I am working for Fletcher construction as a carpenter supervisor and know exactly what to do with a broken home with the suport of our company and profetional workmates to bring any house back to its origenal state .I am asking is there anywhere I can go for finance. the house that i was trying to get a homeloan for was $247000. I dont mind to get a loan from a non bank institution depending on the rates. Can someone help stering me in the right direction. I could also rent such a property wile I do the repairs.

  2. Peter Griffioen Post author

    Hi Cornelius, apologies for the delay in getting back to you. While not a mortgage expert, I’m doubtful as to whether you’d be able to use your Kiwisaver funds to purchase an ‘as is’ property – lenders are rather reluctant to provide finance for these properties, particularly for borrowers who are low on equity. I’ll email you the details for a couple of brokers who you might find helpful. Feel free to give us a call anytime to let us know how you’re getting on.

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