CBA low deposit premium ?

i have been asked to contribute a low deposit premium as part of a 90% loan on an investment property my loan will be 447k this includes 5.7k low deposit premium, can anyone advise me how different this is to loan morgage insurance & if at 5.7k is this cheaper than what loan morgage insurance would be the low deposit premium is provided under the cba & is not a third party insurer, the loan will be free standing facility on the investment property & i have contributed the 10% deposit from my own funds.
i will also pay stamp duty & lagals from my own funds.
 
same premiums as LMI however CBA have authority to sign off without going to the mortgage insurer.

Did you ask the banker at CBA the above question?

Now that you have chosen CBA, what product did you go with, and did your tender emails to all the banks get you anything more than a CBA advertised rate? Just curious
 
thanks,finished up going with cba at 5.04% svr loan.

I must admit email requests for better deals was fruitless exercise.

will further ? cba on low deposit premium.
 
G'day all,

I contacted Comm Bank today to try and find out some details about their Low Deposit Premium (LDP) without much success.

I was told that it was offered on a case by case basis after an application for a loan is made. I couldn't obtain any further info. I am beginning to look at loan options and am trying to see if there are any savings in LDP vs LMI.

Has anyone been able to look at the numbers and compare them?


Cheers
Marc
 
I have done two loans via the CBA this year.....both at 95% lend + LMI capitalised.

I found the low deposit premium from the CBA to be much cheaper (15-20%)than Genworth or PMI.

I believe that the CBA provides their own insurance where they view the customers credit rating and conduct is good.

I personally would prefer the CBA premium as it is cheaper.
 
Thanks Sash.

If I end up going with CBA i'll be sure to guide them down that path.

Did they offer you the LDP though a mortgage brokering service, or did you knock on the bank's door?


Cheers
 
Well...I have a pseudo relationship manager....but that I mean I found a branch manager who knows what she is talking about. She started in the credit department at 17 and is now 26!:)

Make sure that you find a lender who knows their stuff. A lot of the CBA staff are trained monkeys!:p

Thanks Sash.

If I end up going with CBA i'll be sure to guide them down that path.

Did they offer you the LDP though a mortgage brokering service, or did you knock on the bank's door?


Cheers
 
Sash, I have also met these monkeys. They almost cost me a lot of money.

I think I'm going to give one of the reputable SS brokers a go this time. I think they'll be able to clean up some of my early errors.


Cheers
 
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