Hi,
I'm considering a property at an auction around 650K at 90% lend but won't have enough deposit to cover the approx 15K LMI myself.
My question is whether most lenders would have any issues capitalising this much LMI and whether there are limits where they start saying "no" to capitalising the LMI ? (i'm currently with Westpac)
Also are low valuations after auction common or very rare, as I would be scraping the barrel on this one and don't want to risk losing my deposit when I can't cover any shortfalls? (property in moonee ponds)
Thanks!
I'm considering a property at an auction around 650K at 90% lend but won't have enough deposit to cover the approx 15K LMI myself.
My question is whether most lenders would have any issues capitalising this much LMI and whether there are limits where they start saying "no" to capitalising the LMI ? (i'm currently with Westpac)
Also are low valuations after auction common or very rare, as I would be scraping the barrel on this one and don't want to risk losing my deposit when I can't cover any shortfalls? (property in moonee ponds)
Thanks!