97% finance FWIW. From my outstanding broker (Although always check with Rolf on SS)
- Thread starter lawsjs
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CBA, WBC, STG, NAB, BWA and a bunch of others are doing them for new to bank clients again..
Until recently most lenders would only do 95 % + cap fro existing clients.
Notable exceptions right through the GFC of the majors was NAB who would and still do 95s ( no cap) for "anybody" that scored well.
Bankwest has been in the space for about 6 mths too
ta
rolf
Until recently most lenders would only do 95 % + cap fro existing clients.
Notable exceptions right through the GFC of the majors was NAB who would and still do 95s ( no cap) for "anybody" that scored well.
Bankwest has been in the space for about 6 mths too
ta
rolf
so I'm with NAB and they tell me if I go past 80% I will need mortgage insurance on the entire loan...at a cost of $15,000!! Am I missing something?
This will depend on a couple of things. Absolute amount you need to borrow and actual LVR.
for example $15k is if you are borrowing $600k at LVR of 95%. If borrowing $300k at 85% LVR it may only be $2-3k. Go to their www and test out their buying cost calculator to get a better understanding
Yep the good old days of High LVR are back! i personally dont think it's a good thing for the property industry and for clients- but hey! The Australian dream of having your own place is now no longer a dream but a possibility.
bigfire- yes sorry to say once you go over 80% LVR LMI is payable on the WHOLE loan amount....having said that a lot of lenders now offer NO lmi at 85% and reduce LMI at 95% LVR.
The mortgage market is a tough market- so i highly recommend ppl to shop around and not just stay with the lender they have bank with for the last 10-20 years....it could save you thousands! Loyalty unfortunately doesn't always pay off sadly....
Regards
Michael
bigfire- yes sorry to say once you go over 80% LVR LMI is payable on the WHOLE loan amount....having said that a lot of lenders now offer NO lmi at 85% and reduce LMI at 95% LVR.
The mortgage market is a tough market- so i highly recommend ppl to shop around and not just stay with the lender they have bank with for the last 10-20 years....it could save you thousands! Loyalty unfortunately doesn't always pay off
sadly....Regards
Michael
Loyalty unfortunately doesn't always pay off
Regards
Michael
especially where banking is concerned
If one thinks loyalty is a lenders strong suite, dont pay your mortgage for just 3 days and become a "delinquent" and see what happens, yet if they muck u around for a week its just par for the course
On the other hand, being an existing bank client can be a BIG bonus when trying to get a deal through thats sticky.
ta
rolf
nope, thats the way it works.......
The lmi premium is worked around the total loan amount, not just the bit above 80, because if it was just the bit above 80, then LMI would not be a business
instead yu could calc the premiums on the bit above 80 %, and this would would be 12 to 40 % of the bit above 80 depending on the actual lvr and loan amount.
ta
'rolf
As investors - with the WBC offer under current policy to 97% you need to show 20% equity in another property. So if highly geared they may not be able to assist.
Noting as well I mentioned this to my bdm and he is going to request credit review it as really its a policy from the GFC and another insurer pre GE.
I wont get into their turn around times being crap at present.
Noting as well I mentioned this to my bdm and he is going to request credit review it as really its a policy from the GFC and another insurer pre GE.
I wont get into their turn around times being crap at present.
This 'mob' isnt bragging. I expected this to be removed but, I have a broker who has over the last 25 years or so never done anything but exemplary work for me. On one property alone through creative use of the letter of agreement he has saved more than $40kpa for the last 5 years. In a similar way (no doubt) to what Rolf does for my sister (emma171) on her australian properties.
I get the strong feeling most people here are after tips and leg ups from 'sound' individuals. And Rolf (I know for a fact) is one of them. And of course it is extremely difficult for him to 'advertise' interesting products.
Thus, when I got an email from my broker that looked to me like it might be of use to someone here I posted a third party note. No bragging, no pushing, but this guy has helped me out, maybe he could help someone else. He has no idea I posted his details and believe me, I am not in the market for a 97% loan. Wish I was...
And I say this with the full knowledge that 20+ years ago when I actually was a member of the 'speakers' circuit people would happily pay me thousands for the same contacts....
I get the strong feeling most people here are after tips and leg ups from 'sound' individuals. And Rolf (I know for a fact) is one of them. And of course it is extremely difficult for him to 'advertise' interesting products.
Thus, when I got an email from my broker that looked to me like it might be of use to someone here I posted a third party note. No bragging, no pushing, but this guy has helped me out, maybe he could help someone else. He has no idea I posted his details and believe me, I am not in the market for a 97% loan. Wish I was...
And I say this with the full knowledge that 20+ years ago when I actually was a member of the 'speakers' circuit people would happily pay me thousands for the same contacts....
