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Are you suggesting that I push the issue with the lender or try another lender? My broker did say that if we can get the deal over the line he has been successful before in squeezing a bit more out of them. Is that what you mean?

But it's now a 90% lend, not 95%. Serviceability would not be an issuea anyway. I could borow up to at least $550k based on serviceability criteria alone. However, I don't have enough deposit for that, plus I don't wish to commit to the point of not leaving enough for life's little pleasures...

Yes, in fact I put that very idea to my broker and he said it's a good idea and may get the deal over the line, so it is one option I'm considering.

Sounds creative, though a bit dodgy ;) Another idea I had was to pay as much as I can with my cc (bills, groceries, etc) and then I'd have the cash I would have otherwise used for the same purchases. However, I wonder if the OSR accepts cc payments?

Thanks Rolf. Yes, serviceability is not an issue. I could go up to about 550k if I had the deposit and wanted to stretch the budget to the limit. This is for an owner occupied loan. I suspect the reason they won't lend 95% is that I don't have much in other assets , but as I have a high...

I have a 5% deposit saved as well as enough for stamp duty and legals, etc. However, when my broker applied for a pre-approval, they declined a 95% LVR, but subsequently agreed to 90%. This leaves me short $20k on a $400k property. I can save about $5k by settlement time if I were to buy in...

My personal credit file is clean except there is an entry there for a directorship in a company that is now liquidated. There is one default on the company's file for about $600. Is this likely to be even looked at by a lender or LMI? On the plus side, I've had stable employment for over 5...

I think the reason why many are offended is that you have automatically placed a group of people into one stereotype. I know a "single mum" who: Owns her own house Financed her eldest son's medical degree Is financing her daughter's degree Has a successfull business When she...

This is becoming very interesting. So, let me run through an example to make sure I understand. Can I do this? Purchase price $250k Lender wants to see savings 5% - $12.5k Stamp duty and other costs say $10k Get a loan pre-approval. Get a DB for about $300 and use the $12.5k...

Ah, I understand. So would it operate much like LMI? ie. vendor protected, but insurance company then sues me? Any rough idea on costing?

Thanks to all for the helpful info. Rolf, I'm not clear on how a deposit bond works. I assume it's similar to a bank guarantee, where they essentially lend you the money without actually advancing it, but guarantee to the vendor that they will get the deposit should I bail out?

I'm finally able to save funds for a deposit to get back into the property market. I have been told by a broker that these days lenders will lend up to 95% with LMI. I asked him about the normal 10% deposit required on exchange and he said that in the current market, vendors are more willing...

Sorry, I misunderstood. However, I think the question that is normally asked on loan applications is "are you an undischarged bankrupt", so no offence would be committed if you were to answer no. They will check your credit file, but I doubt they check the NPI, becasue if it's not on your...

Yep, and probably kept some people employed along the way that would otherwise be unemployed. He is to be admired for having a go at it. It didn't work out, but he had a go, which is more than most of the knockers in this forum probably don't have the guts to do so they just pull out the...

Not neccesarily. During the 3 years of bankruptcy, you can make an offer to your creditors under section 73 and if accepted, your bankruptcy will be annulled, which means a total reversal as if it never happened. So your credit file will no longer have any mention of your bankruptcy. The...

PM me and I'll give you the details of one who knows what he's doing. He may not be able to help you save your house, but may be able to offer a strategy that will be as painless as it can be. The concept of bankruptcy is that almost all proceeds are to be distributed amongst all creditors...

I haven't discussed it with her yet and based on some of the commonsense discussed here, I probably won't as my idea has the potential to place her property at risk if something goes wrong financially. So to help her in the long run, I need to build assets of my own and then we can combine...

Thanks all for the thoughts and opinions. I can say there is no wool involved. I can see her stressing and it really upsets me to see that, so I want to help. As I see it, I would be helping in the short term, but there is potential for disaster if my situation changes for example (job...

Here's my situation. I don't currently own property (divorce/business). I have a girlfriend of some 3 years that I don't currently live with, but have marriage intentions down the track a bit, maybe in the next year or so. She has a house worth around $450k, with a mortgage of $100k. Due...