95% lvr still available?

[The Chaser]

I have searched the recent posts and can see that some of the big banks will still do 95% lvr if you are an existing customer...except my bank ANZ! ANZ won't go above 90% lvr.

As we have decided to put our next IP purchase solely in hubby's name (high income earner), we are wanting to achieve a degree of asset protection (due to risky employment) by gearing our purchase as highly as possible. Does anyone know of any lenders who would consider 95% lvr if not an existing customer? Hubby would be a full-doc borrower, high income + rental income, looking to borrow up to $550,000 (have been advised that current borrowing capacity is well over $1.5M).

All feedback greatly appreciated.

Thanks
Angela

 

[tobe]

Its possible, but a lot harder in recent times. Where is the 5% coming from? Is it borrowed equity? Saved money? Do you have exisiting equity in your current property? If you do, then it might be a better strategy to borrow 10% of the purchase price from there, and use that as deposit on the new purchase, rather than try and get a bank to lend 95% on the new property. LMI will probably be cheaper as well. If you dont have any equity, it will be a lot harder. Some lenders are still doing 95% lends, but many restrict it to O/O purchases only. Investment purchases are still possible, but it is more risky to the lender, ie, if you lose your job, its the investment property you are more likely to let the payments go on, rather than the house you live in.

 

[rugrat]

I know CBA will offer a 95% plus LMI capitalised on top IF you are an exising customer.

 

[Qlds007]

Angela

NAB will but only through one of their 4 Star Brokers.

 

[The Chaser]

NAB will but only through one of their 4 Star Brokers.

Thanks very much Richard, I will definitely look into this option.

Thanks to the other replies as well.

We will be using equity from another property for deposits and costs. However that property doesn't have the same structure as this loan will and thus we wouldn't be able to maximise our asset protection goal through leveraging. It is certainly our plan B though to apply for a 90% lvr with capitalised LMI if the 95% option isn't available.

Angela

 

[Dragon]

If there is enough to justify it, we will consider it.

In this case, the income is good, reason for high gearing exists, so would probably consider this one.

I wonder what it takes to get 4 stars with NAB ?

 

[Qlds007]

I wonder it takes to get 4 stars with NAB

Minimum number of deals per month / sufficient quality of submission / rated on numbers of years experience and qualifications the Broker has.

 

[The Chaser]

Richard, just wondering how long it is currently taking to get 95% finance applications fully approved through NAB? Can I also confirm that the deal you refer to is available to non-NAB customers?

Thanks again
Angela

 

[Qlds007]

Yes Angela available to non NAB customers.

Had 2 approved today at 95% subject to usual verifications and they took around a week to 10 days start to finish including full valuations.

 

[Bradsdad]

Yes Angela available to non NAB customers.

Had 2 approved today at 95% subject to usual verifications and they took around a week to 10 days start to finish including full valuations.

Unless they forget to order the valuation when they said it was ordered
Thought I was tracking on close to 10 days with my last one

 

[Qlds007]

Steve

Must just be lucky having a darn good Banker who i deal with.

Now if it was Homewide that would be a different story.

 

[eggnog]

I thought homeside was nab

 

[Qlds007]

Nah there wholesale division totally different channel.