1st visit with mb - I'm excited

Had an appointment with a mortgage broker tonight. :)

I am quite excited by it all!!

Found out that yes I have got enough equity to pull out of my ppor. I dont have to use my savings to help with the deposit. Wooohooo :D

She will be emailing me with all the facts and figures tomorrow so I'll post again soon.


Thinking of getting a loan with Police & Nurses

5.6% SV IO
Might get a 60/40 split loan - 60% fixed at 6.5% for 3 years.

I can capitalize LMI with Police & Nurses which helps.


I can afford:
$220 K ip
+ $10 K for costs (including stamp duty, settlement costs etc)
+ $10 K for reno = $240 K loan


My $30 K cash buffer will be preserved woooohooooo you beauty. This was the important thing for me. To keep this cash in tact.


Just waiting now to hear from her about the 40 sqm ruling police and nurses have. She thinks that there could be a good chance that they will loan me 95% if the property is 40 sqm which would be excellent, because I wouldnt have to find 20% deposit. She said that she was able to do this with a recent client.

The things that will work in my favour

a. My savings
b. My genuine savings history.


It depends though where I buy. Obviously for example they would reject me if I wanted to buy a 1 bed in a suburb like Northbridge because it is such a high density area, but perhaps they might say yes to Dianella or Yokine. I'll find out tomorrow if they'll accept a <50 sqm at 95%.

To the mbs here. Have you done any 95% loan deals lately where the unit is less than 50 sqm? What do lenders look at when considering loaning 95% Location? Tenant demand? Do you have any stories?

I'm really looking forward to hearing from the mb tomorrow. I hope she has good news for me.

Did I say I was excited :D

haha
 
Hiya Kim

if you can get a 95 % er with a sub 50 sq m place, and you arent an existing client of CBA, then I reckon the P&N offer is good, but a little exxy.

You cant have it all, there are very few lenders now that will do sub 50s, St George used to be a great source of funds for smaller places, but alas with their progressive WBC policy alignment getting closer and closer, it wont be long before the "dragon" differential is gone altogether.

ta
rolf
 
We used to be able to go down to 25 sqm for a 1 bedroom apartment , or 45 sqm for a studio.

Sadly, the minimum is going to be 50 sqm for new customers.

Might be time to become a broker.

/cry
 
We used to be able to go down to 25 sqm for a 1 bedroom apartment , or 45 sqm for a studio.

Geeze, my kids tent is bigger. :eek: Who lives in these boxes:confused: I'd hate to think what the historic CG (or lack of) is.?? I guess that explains why banks dont readily lend down there - higher risk.
 
if you can get a 95 % er with a sub 50 sq m place, and you arent an existing client of CBA, then I reckon the P&N offer is good, but a little exxy.

You cant have it all, there are very few lenders now that will do sub 50s

ta
rolf

Hi Rolf

What do you mean by exxy?

Also mb said if I wanted a 95% loan with CBA, Westpac, NAB, SGB I had to be an existing client. So thats why those banks were ruled out.

There were 2 options, the P & N and ANZ.

I have my ppor with ANZ but ANZ dont capitalize the LMI interest and will only go to 90%. If I went with ANZ it would cost me another $15 - 20 K... equity that I dont have.

I think the P&N could be a good loan. 95% loan with capitalized LMI. Sounds good to me.

Anyone here have a P&N loan?
 
Hiya

I dont believe ANZ would do a shoe box at anything above 80 % ? Been wrong b4 though.

By exxy, I mean 5.6 is a full 10 % higher in interest cost than most lenders basic products

ta
rolf
 
You are not required to be an existing client of NAB to qualify for a 95% LVR.

Your Broker just needs to hold a 4 Star Rating.

Pro Pack rate for loan over 250K is 5.04% so as Rolf mentioned extra 55bps.
 
Had an appointment with a mortgage broker tonight. :)

I am quite excited by it all!!

Found out that yes I have got enough equity to pull out of my ppor. I dont have to use my savings to help with the deposit. Wooohooo :D

She will be emailing me with all the facts and figures tomorrow so I'll post again soon.


.....


Did I say I was excited :D

haha

Didn't even cost you $3k to find that out! ;)
 
Does this look right!!!!!! How can there be such a large amount of shortfall.
This is what the mb worked it out as. Negative cashflow $491 a month. The most I would be willing to go to would be $200 a month negative cashflow

Loan - $237, 500

Repayments
Monthly $ 1291

Rental Income
Monthly $800

$ 491 Monthly shortfall


If I got a loan for $200,000 the situation looks a little bit better

Loan - $200,000

Repayments
Monthly $1067

Rental Income
Monthly $800

$ 267 Monthly shortfall
 
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