Rates only reduced when clients are under 80% LVR.

Rates charged at standard advertised rates (not special) and sometimes with 0.1-0.2% discount.

Send in updated Ival/DeskVal/Registered Valuation showing 20% equity in property. To be updated - Do we need to break all loans?

Send in updated Ival/DeskVal/Registered Valuation showing 15%/20% equity in property.

• 95% LVR - 1.2% LEM on advertised rates

• 90% LVR - 0.75% LEM on advertised rates

• 85% LVR - 0.35% LEM on advertised rates

Once updated this initially has no effect until a refix takes place. This means that one loan could continue at high LVR and another could be on low LVR. At this point it's worth considering what the break fees would be on the high LVR to reduce to low LVR.

After 6 months, send in a valuation showing over 15 or 20% equity from propertyvalue.co.nz. This will be the same as the homes.co.nz valuation.

With ASB loans do not need to be broken to have their LEM removed. So a loan on 6% for 3 years + 0.75% = 6.75% at 90%, can have it's rates reduced after just 6 months if LVR meets and reduced to just 6%.

Send in Ival showing 20% equity.

with Westpac, ALL loans must be broken at the same time to remove or reduce LEM, which can incur big break costs if the loans are not due to refix soon. Therefore, we should not look to split with Westpac on low LVR (Excl Kainga Ora).

EG: 1/2/3 year split with Westpac. Client is under 80% after 1 year. We would need to break the 2 and 3 year loans in order to get under 80% rates on the 1 year split at refix time.

Not always necessary as TSB has a glitch whereby the app will offer clients under 80% rates even though they are still over 80% LVR.

When they are actually under 80, send in an Ival as confirmation to TSB. Then when you go to refix each loan, each low will then receive special rates at refix time.

No LEM as they don't do 10% lending other than for new builds or Kainga Ora (which they don't charge an LEM on)

Note they have no 85% LVR point.

Send in an Ival confirming 80% LVR. Not all loans need to be broken to get under 80% rates.

Unclear, TBC, let Andy know the outcome