Investec Home Loans Review
Founded: Investec (1974); Investec Australia (1997)
Owned by: Formerly Investec; Currently Bank of Queensland (BOQ)
Funded by: Retail deposits and wholesale capital markets
LMI provider: Currently Genworth but previously self-insured
Lender type: Non-bank, Specialist Lender
Investec Australia no longer operates in Australia but their Professional Finance business was purchased by BOQ in 2014.
The go-to specialist lender for high net worth (HNW) individuals and professionals like doctors, accountants and lawyers was Investec Australia, a wholly-owned subsidiary of its South African parent company.
Before its acquisition, Investec served customers in very much the same way as other mortgage brokers: it worked with customers directly to find a loan solution that would best support their future investment plans. So how did their investment offering compare to other non-bank lenders?
How did Investec’s home loans compare?
They were great at
- Lending up to 100% with no Lenders Mortgage Insurance (LMI) by topping up your loan with a personal loan
- Professionals wanting to rapidly build their investment portfolio
But they had some drawbacks…
- If you had a large deposit, you could have likely gotten a better interest rate elsewhere
- There were high interest rates applied to any unsecured portion of your home loan, that is, the personal loan component
- A guarantor loan would have been a better option for many professionals looking to borrow at the max LVR and still is!
- Their lending policy was strict and their credit department was rarely flexible
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Investec Australia is gone so what now?
If you’re a professional earning a strong income, you’re probably wondering where you can go to get:
- A great interest rate
- Avoid paying Lenders Mortgage Insurance (LMI)
- Purchase a luxury property
- Continue to rapidly invest without exceeding mortgage exposure limits
Compare Investec to other lenders
Not sure which lender is right for you? Our Home Loan Experts can help!
Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form today.