Rams withdraws from broker market
As of 26th February 2010, Rams Home loans will be withdrawing from the broker market.
This has come as quite a surprise to the broker channel as Rams has been well supported since re-establishing themselves in this sector.
At the same time Westpac have announced a reduction in their LVR (loan to value ratio) to 85% for new customers. Existing clients can still access the 95% lend. By doing this it looks like they are trying to limit their mortgage lending exposure and try and sort out some funding issues.
Fortunately as a brokerage we have access to many different lenders and what the one lender does not offer we can access from another lender. Hopefully we will also see a lot more new and exciting products come through the non bank lender channel especially in the lo doc sector so watch this space!
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