90% with (almost) no LMI for everyone!!!

Hi Mic,
Sorry the investment properties value is approx 900K, from which I am expecting to draw 200K (at 90% lend) to pay off LOC (investment use only) against own house; as in the near future needs to upgrade own house by selling it.
 
Hi Mic,
Sorry the investment properties value is approx 900K, from which I am expecting to draw 200K (at 90% lend) to pay off LOC (investment use only) against own house; as in the near future needs to upgrade own house by selling it.

It needs to be controlled funds...can not be cash out if you want us to pay or waive the LMI at 90%.

Controlled funds = purpose need to be stated and proven....so if used to renovate need quote and funds will be paid directly to builders etc...

if used for new purchase, need signed sale contract ( new purchase can be 90% no lmi if your income level and profession fits )
 
If medico/certain other professions can definitely do volume discounts on 90% no LMI. Rates are same/slightly more competitive with pricing - put one of these through just recently at 4.6% for similar amount of funds.
 
I ended up going direct with ING on this $1 LMI offer as it timed in perfectly when we went to auction. LVR of 89.9% (borrowing $560k), all confirmed and ready to settle next week on our first home PPOR. 4.89% variable which I'm pretty happy with. This all happened very quickly in a very hectic December, so I opted against going to a broker as the $1 promo was on offer.

Out of interest sake, I'm also a chartered accountant working in industry, and my spouse is a primary teacher. Is there much better that could be done in terms of rate/no lmi loans as an accountant?

From what I can read, the income threshold they like to see met is $150k/yr... I'm not there, but wouldn't be far off. Is a no LMI loan a possibility?
 
Out of interest sake, I'm also a chartered accountant working in industry, and my spouse is a primary teacher. Is there much better that could be done in terms of rate/no lmi loans as an accountant?

You've done VERY well to get onto that promo when you did.

I'd take what you've got and settle - it's unlikely you'll find anything significantly better at present (in terms or rate anyway). ING aren't too bad a lender - just a bit annoying with future equity releases and they're not overly generous with their method of calculating max borrowing capacity.

Cheers

Jamie
 
It was a case of dumb luck too - timing just fit perfectly.

We got lucky I think too.. Got pre approval prior to it being pulled on the 15th, then submitted for full approval on the 16th with lower borrowing amount and contract.

We're definitely settling with ING - not a huge issue of borrowing power at this point, just wanted to see thoughts on the LMI issue.
 
I ended up going direct with ING on this $1 LMI offer as it timed in perfectly when we went to auction. LVR of 89.9% (borrowing $560k), all confirmed and ready to settle next week on our first home PPOR. 4.89% variable which I'm pretty happy with. This all happened very quickly in a very hectic December, so I opted against going to a broker as the $1 promo was on offer.

Out of interest sake, I'm also a chartered accountant working in industry, and my spouse is a primary teacher. Is there much better that could be done in terms of rate/no lmi loans as an accountant?

From what I can read, the income threshold they like to see met is $150k/yr... I'm not there, but wouldn't be far off. Is a no LMI loan a possibility?

Could be tizey - do you work at an accounting firm?

If you're close to the 150k mark, Westpac may consider it.

Cheers,
Redom
 
Could be tizey - do you work at an accounting firm?

If you're close to the 150k mark, Westpac may consider it.

Cheers,
Redom

No, I dont work in an accounting firm. Moved into a company as their internal accountant.

I guess its good to know that this promo more likely than not benefited us as it doesnt seem like no LMI (or $1 of LMI) would have happened.
 
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