Bank lending

[pickle pickle]

This time last year (settled in Januray 2009) we managed to get our 1st IP with a 5% deposit with mortgage insurance built into the loan (rather than paying it up front) yes with our incomes we had a huge buffer zone on interest rates (I would say 20% interest rates).

My question is right now would we have got the loan with the above facts with a 5% deposit?

 

[Kristine..]

G'Day pickle

Not really sure what your question is:

Are you asking whether:

If you meet the lender's serviceability requirements for the loan, then

Are loans of 95% + capitalisation of the mortgage insurance still available?

Is that it?

The answer is yes, but:


Yes, serviceability is required for all loans (except rare asset lends), and

Yes, loans are still available for 95%+LMI (depending on the lender and perhaps your relationship with them ... but not all lenders want to have met you before!)


Hope this helps

Kristine

 

[BobbyGee]

5% Deposit

In a word - No.
At that stage very few lenders would have gone 5%.
You have obviously gone through a non conforming lender but thats ok.

 

[Qlds007]

Sorry BobbyGee have to disagree Kristine is correct.

95% + LMI on investment is still available.

 

[rugrat]

In a word - No.
At that stage very few lenders would have gone 5%.
You have obviously gone through a non conforming lender but thats ok.

Disagree. I am looking at a 95% lend atm. I have a couple of options - some of them with LMI capitalised, some with non-conforming lenders but also with CBA.

 

[Rolf Latham]

There are some optiosn still.

But they are probably one tenth of the number of products that were once available.

Good credit scores and in many cases an existing client relationship are required to have a look

ta
rolf

 

[Spectre]

maybe it should be no, unless uh... i mean...