Great call.
I have a coffee mug from a seminar I went to with them. Doesn't keep coffee warm for long either. Useless.
BOQ - No LMI
- Thread starter GreyGhost
- Start date
Great call.
I have a coffee mug from a seminar I went to with them. Doesn't keep coffee warm for long either. Useless.
Gday
Got an email from CPA today promoting BoQ 3 year fixed rate of 3.99% which is ok but the thing that caught my attention was the 'borrow to 90% LVR with no LMI'. Then it said something about borrow to 100% with no LMI but didnt mention the rate. Will call them tomorrow to see what the catch.
Pele.
Got an email from CPA today promoting BoQ 3 year fixed rate of 3.99% which is ok but the thing that caught my attention was the 'borrow to 90% LVR with no LMI'. Then it said something about borrow to 100% with no LMI but didnt mention the rate. Will call them tomorrow to see what the catch.
Pele.
Hey Pele, how did you go with finding out what the catch is?
Received the same email.
Access a home loan at an attractively low 3 year fixed interest rate of 3.99% p.a.* (4.87% p.a. comparison rate**) at up to 90% LVR (minimum loan size of $350 000)
All for an annual fee of $395 which we will waive for the first year2. And, if you purchase the property as your home on specific BOQ Specialist home loans you can borrow up to 100% LVR and there is no Lender's Mortgage Insurance for loans over 80% LVR. You can also access an offset account with a variable rate home loan to help you reduce your monthly interest.
If you take up their waived LMI offer, it precludes you from the 3.99% fixed rate.
Access a home loan at an attractively low 3 year fixed interest rate of 3.99% p.a.* (4.87% p.a. comparison rate**) at up to 90% LVR (minimum loan size of $350 000)
All for an annual fee of $395 which we will waive for the first year2. And, if you purchase the property as your home on specific BOQ Specialist home loans you can borrow up to 100% LVR and there is no Lender's Mortgage Insurance for loans over 80% LVR. You can also access an offset account with a variable rate home loan to help you reduce your monthly interest.
If you take up their waived LMI offer, it precludes you from the 3.99% fixed rate.
Gday
Spoke to him on the phone. So far there is no catch. The only condition he mentioned is that you need to be a CPA. He said the up to 90% lvr with no lmi is for owner occupied and also said that for investment property's it is up to 95% lvr with no lmi. I think the 100% loan will be at a higher rate. Maybe like the structures mentioned earlier in this thread. My interest is heightened so I will be having a face to face meeting with him early next week. Will report back with any news then.
Pele.
Spoke to him on the phone. So far there is no catch. The only condition he mentioned is that you need to be a CPA. He said the up to 90% lvr with no lmi is for owner occupied and also said that for investment property's it is up to 95% lvr with no lmi. I think the 100% loan will be at a higher rate. Maybe like the structures mentioned earlier in this thread. My interest is heightened so I will be having a face to face meeting with him early next week. Will report back with any news then.
Pele.
90% no LMI
95% = 1 loan at 90% on std rate, balance of 5% is a 5yr p&i loan with a personal loan rate. Basically personal loan dressed as a home loan.
So at 90% it's fine but the extra 5 % will cost you.
Can be useful by weighing up interest on 5% additional loan vs LMI savings and keeping additional capital/cash..
95% = 1 loan at 90% on std rate, balance of 5% is a 5yr p&i loan with a personal loan rate. Basically personal loan dressed as a home loan.
So at 90% it's fine but the extra 5 % will cost you.
Can be useful by weighing up interest on 5% additional loan vs LMI savings and keeping additional capital/cash..
Nope. They are a bit tight that way.
It varies between lenders, but many medical staff, athletes, celebrities, vets, accountants, lawyers - all the jobs our parents want us to be, or at the very least marry. 
GreyGhost I'm glad you got a good deal with your LMi waiver but it's not that brokers wont mention BoQ. They actually do use brokers now (they were out of this space for a long time but are coming back in as is every other serious lender as we do more than 50%of all new loans now so they cant afford not to be in this space!). You are correct in saying they don't currently offer this specialist deal though which for a broker is a major turn off.
If they want to play then we need access to all products. I'm also not convinced that besides the LMI waiver they are anything to get excited about. Certainly had very mixed reports over the years from customers and refinanced a fair share too.
If they want to play then we need access to all products. I'm also not convinced that besides the LMI waiver they are anything to get excited about. Certainly had very mixed reports over the years from customers and refinanced a fair share too.
Hi Marty.
I agree with you entirely.
We want to buy 2-3 properties quickly, rate is reasonable.
Before this we were just going to bite the bullet and incur LMI to build our portfolio.
Proof will be in the pudding as my IP settles on Friday.
The BOQ calculator is a shocker when it come to serviceability and is akin to ANZ from my experience to date.
They have a niche in the 95%+ full cap of LMI that suits some.
If you're earning more than 150k and working for an accounting firm, try Westpac.
120K with the dragon (St George)
Yes of course. Interesting hypothetical though. What happens in a few years time if they no longer offer this and you want to re-borrow above 80% of current lvr at that time. Probably full lmi at that time? Not that that would stop you pursuing this now but is a likely scenario none the less. Time will tell I guess.
Does that mean it's a good one to use up front then and then move onto lenders with looser serviceability down the track?
Similar threads
