ANZ joins the Medico LMI Waiver Party

Hi Blacky

No hate that part hasn't changed.

Still wont accept contracts with less than a year left for expats.

Think i would be revisiting the NAB and seeing if you can't unravel some of that cross collateralising on your IP's corrected.

That is the main issue especially given some of the valuations coming in WA at the moment.
 
Investec is the organisation and they work with a few lenders.

Not only do you have post settlement issues but never go back and ask for an increase as that is vocabulary they just don't understand.

Have a poor client at the moment who we are trying to refinance away from Adelaide Bank / Investec and they just don't want to listen to the word "discharge".

Also the rate of interest on the 20% second part is not exactly competitive.
 
From what I understand with St George however, they only allow the 90% no LMI if the purchase is in individual name, NOT purchasing through Trust, even if sole trustee satisfies all the criteria.

This ishappened to us with our last loan through a St George Flame Broker. I was all excited as they said "yer 90% no LMI", but then came back and said must be in individual name, can't be Trust. I was enormously disappointed and its absolutely ridiculous anyway.

Disappointing stuff. Appears that isn't the case with the medico thing with ANZ.
 
WilliamB said:
From what I understand with St George however, they only allow the 90% no LMI if the purchase is in individual name, NOT purchasing through Trust.

This is what our flame broker told us with the last loan. I was enormously disappointed.
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Well 90% LMI waiver isn't for everyone so they are entitled to have strict criteria. Sounds reasonable to me.
 
Criteria are theirs to make, but it seemed a bit harsh given I satisfied all theirs as an individual, and still essentially responsible for the loan anyways as it appears even if the purchase was through the Trust.

Not the end of the world, just seemed a bit odd.
 
WilliamB said:
Criteria are theirs to make, but it seemed a bit harsh given I satisfied all theirs as an individual, and still essentially responsible for the loan anyways as it appears even if the purchase was through the Trust.

Not the end of the world, just seemed a bit odd.
Click to expand...

Comm and WBC dont allow trusts ( I mean with corp trustee ) either

ta
rolf
 
WilliamB said:
From what I understand with St George however, they only allow the 90% no LMI if the purchase is in individual name, NOT purchasing through Trust, even if sole trustee satisfies all the criteria.

This ishappened to us with our last loan through a St George Flame Broker. I was all excited as they said "yer 90% no LMI", but then came back and said must be in individual name, can't be Trust. I was enormously disappointed and its absolutely ridiculous anyway.

Disappointing stuff. Appears that isn't the case with the medico thing with ANZ.
Click to expand...

You are allowed to have it in a trust name.

"This policy is available for application submitted for credit in the individual applicant(s) own name, or
related company or trust entities, provided direct ownership and/or directorship by the applicant(s) is
evident"
 
Hi Jon,

Are you saying my broker got it wrong with St George? I have to be honest that would frustrate me. These guys are a flame broker with a large brokerage firm in the city.
 
Last edited:
WilliamB said:
Hi Jon,

Are you saying my broker got it wrong with St George? I have to be honest that would frustrate me. These guys are a flame broker with a large brokerage firm in the city.
Click to expand...

There might be another reason that i am not aware of as to why it was not done under the LMI waiver policy. There are some other hurdles such as minimum income ect.
 
Hi Jon sorry that may have come across as argumentative. I'm genuinely asking because I am told I jumped through all hurdles including income and was told in final hour that I could not access this deal buying through a trust. At the time I was in hospital recovering rather major surgery and the easiest solution was just to throw more cash in to 80. It would really help having that extra 10% cash I threw in!
 
Medfin is another specialist medical lender that does 90% LVR no LMI (but no offset accounts, only redraws or LOCs).

Better I think than Investec which does 80% as secured and the rest as unsecured (and this part is usually P&I).

Don't think you can access them via the broker channel though...

Best to go direct.
 
scha9799 said:
What about Pharmcist ?

Is Pharmcist also included in the medical practitioner's LMI waiver ?
Click to expand...

As of 14 September 2013 Pharmcist is now included into the 90% no LMI....
Very exciting, because i actually have a Bachelor degree in Pharmacology ( yes a finance broker with a Pharmacology degree haha :p) so been offering this to a lot of my uni mates.

TPI said:
Medfin is another specialist medical lender that does 90% LVR no LMI (but no offset accounts, only redraws or LOCs).

Better I think than Investec which does 80% as secured and the rest as unsecured (and this part is usually P&I).

Don't think you can access them via the broker channel though...

Best to go direct.
Click to expand...

Medfin = NAB.
 
Yes Medfin is part of NAB, the money comes from the same place I believe, but their lending policy is not exactly the same.

Do you get any commissions to put clients directly into Medfin loans?
 
TPI said:
Yes Medfin is part of NAB, the money comes from the same place I believe, but their lending policy is not exactly the same.

Do you get any commissions to put clients directly into Medfin loans?
Click to expand...

very very similar lending policy, with a few restrictions that's diff to NAB...in fact it's the same credit guys hahah

Yep we still get upfront comm for Medfin, done via the North Sydney NAB office.
 
Mick C said:
very very similar lending policy, with a few restrictions that's diff to NAB...in fact it's the same credit guys hahah

Yep we still get upfront comm for Medfin, done via the North Sydney NAB office.
Click to expand...

Does NAB do 90-100% LVR on commercial property (medical)?
 
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