Hi guys,
Just stumbled across this forum and what a good place this is. I need some help\advise with following scenario ;
We will complete 6 years in our residential property and with family growing we have decided to jump in mkt and buy a new one and rent this one out.
I will be getting around $40,000 equity from refinancing this property which I can use to buy a new one. We are targeting not to borrow more than 480,000 in next one ( incl all govt fees , LMI etc).
My broker suggested me to try Bankwest for pre-approval . With Bankwest , I noticed that my LVR on new loan would come around 97% with LMI approx $16000 (thru QBE ).
I also checked Genworth LMI calculator , it says LVR to be 89% and LMO cost to be $8,500.
1. 1stly I want to know why such a big diff between 2 ? Am I doing missing something or doing something wrong ?
2. Any suggestions banks \ financial institutions who I can look into for my 2 loans i.e. 1 refinancing my current loan , 2 New home loan.
Thanks in adv.
Just stumbled across this forum and what a good place this is. I need some help\advise with following scenario ;
We will complete 6 years in our residential property and with family growing we have decided to jump in mkt and buy a new one and rent this one out.
I will be getting around $40,000 equity from refinancing this property which I can use to buy a new one. We are targeting not to borrow more than 480,000 in next one ( incl all govt fees , LMI etc).
My broker suggested me to try Bankwest for pre-approval . With Bankwest , I noticed that my LVR on new loan would come around 97% with LMI approx $16000 (thru QBE ).
I also checked Genworth LMI calculator , it says LVR to be 89% and LMO cost to be $8,500.
1. 1stly I want to know why such a big diff between 2 ? Am I doing missing something or doing something wrong ?
2. Any suggestions banks \ financial institutions who I can look into for my 2 loans i.e. 1 refinancing my current loan , 2 New home loan.
Thanks in adv.