Hi All,
We are looking to borrow up around $1 mil, variable, with a 100% offset account. Our Credit History & Serviceability are very good ($1.4 - 1.5mil based on serviceability alone).
Most lenders don't seem interested in lending to 95% any more with some exceptions for existing customers. I think NAB are still doing it for non existing customers but they wont put the LMI on top of the loan requiring it to be paid out of cash, which largely defeats the purpose (chews up our available cash savings).
I was wondering what lenders are still lending to 95% and if they are offering reasonable rates?
We also intend to purchase again shortly after our next purchase (2 in quick succession). While the first purchase may come in under $1 mil, the second would definitely take our total borrowings over 1 mil. So a lender with more tolerance to higher lending levels could be beneficial. Any recommendations on this front?
Are we likely to be able to borrow more on the second loan if it's with the same lender? Will going to a different lender be a disadvantage? We want to position ourselves as well as possible to be able to borrow again soon.
Thanks,
MF35
We are looking to borrow up around $1 mil, variable, with a 100% offset account. Our Credit History & Serviceability are very good ($1.4 - 1.5mil based on serviceability alone).
Most lenders don't seem interested in lending to 95% any more with some exceptions for existing customers. I think NAB are still doing it for non existing customers but they wont put the LMI on top of the loan requiring it to be paid out of cash, which largely defeats the purpose (chews up our available cash savings).
I was wondering what lenders are still lending to 95% and if they are offering reasonable rates?
We also intend to purchase again shortly after our next purchase (2 in quick succession). While the first purchase may come in under $1 mil, the second would definitely take our total borrowings over 1 mil. So a lender with more tolerance to higher lending levels could be beneficial. Any recommendations on this front?
Are we likely to be able to borrow more on the second loan if it's with the same lender? Will going to a different lender be a disadvantage? We want to position ourselves as well as possible to be able to borrow again soon.
Thanks,
MF35