how much does that cost for the LMI if it is 95% ?
It varies a bit, but expect 2.5% to 3% of the loan amount.
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how much does that cost for the LMI if it is 95% ?
Depends how much money is involved. But it's quite substantial, at least ~3% of the loan.
Spoke to the sellers agent, they told me it had a valuation done in August last year that came in at 240K(I believe them).
I'm tossing up between CBA 7.31% and NAB 7.07% packages, Any compelling reasons why CBA would be worth the extra .24%?
Spoke to the sellers agent, they told me it had a valuation done in August last year that came in at 240K(I believe them).
I'm tossing up between CBA 7.31% and NAB 7.07% packages, Any compelling reasons why CBA would be worth the extra .24%?
So I could buy a new car / holiday but not an income-producing asset. May I ask the reasoning behind this?CBA will do top ups to 95% (so will genworth but most all lenders won't) as long as purpose is home improvements or personal purposes ie no investment.
southport/labrador is hit hardest in GC market slump. had one property there valued last week 10% less than what we paid 3 years agoThanks for the replies guys! So hard to get the underlining rules the banks don't publish
The minor reno must be done, concrete floors. The reason I think it's undervalued is because the market is very weak and it has minor faults, people are getting nicely done up places cheap so why go to any effort?
They tried to auction it but no-one registered to bid.
No sales in the block since 2009 when there were three sales with a median of 290K(market has taken a dive since then about 10%) I put in 205K and they took it, my brother is a builder and he quoted me 7K max to get it up to scratch.
rental yield gross 7.1% net 4.6%
Capital gain 25year history 7.23%(Including 10% price drop)
Any criticism would be highly valued.... That's what the 5 day cooling off period is for!
So I could buy a new car / holiday but not an income-producing asset. May I ask the reasoning behind this?
... post-settlement is considered to be an Internal Refinance, and refinance is generally limited to 90% + LMI ...