Cost of investing

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From: Firefrog .


Today I began some lending research. I was! all enthusiastic thinking I had saved almost all the cash I would need to seriously think about my first IP. I was told I would need at least 5K more than I anticipated. Is it normal to have LMI on 90% lends. I have 10% deposit (based on my target price range)and almost 5K for costs. Are there lenders who do not need LMI for 90% borrowings?


Or do I just have to save harder or buy less expensive prop??


The Frog

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You can achieve far more than you allow yourself to believe. - David Pollitt
 
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Reply: 1
From: Rolf Latham


Hi Frog

Suggest you use an independent mortgage broker. He/She will tell you that you can get a 95 % lend on an IP with capitalised mortgage insurance from at least 2 lenders, and quite a few will do 95 but ask you to pay LMI out of your own pocket.

Yes there are no LMI loans at 90 %, however in these circumstances the lender still insures the loan and wears the cost.

However, there aint no free lunch, you pay in rate and loss of flexibility.

Having said all that I have had recent experiences where lenders will just throw the rules book in the bin AND burn it.

Ta

Rolf
 
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Reply: 1.1
From: Firefrog .


Rolf do you know of any good brokers in SA?
Are there any keys to a good finance product? How do I sort the good from the bad?

I have read it is good to do a fair amount of research when selecting loans, I don't know what to look for in a loan.

The Frog

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You can achieve far more than you allow yourself to believe. - David Pollitt
 
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Reply: 2
From: Victor Mann


Anz ,suncorp and bankwest will captilise LMI.
Effectively giving you an 97% lend.


Victor (the broker) Mann

good hunting!!!!!!
 
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Sim

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Reply: 1.1.1
From: Sim' Hampel


Firefrog,

We (and many of our friends since) used Peter Catlin from Loanmart to source our finance for out first house.

Phone: (08) 8362 3944
www.loanmart.com.au

They're in Norwood, on The Parade.

I'm not sure if Peter is still there, but if he is, mention my name (Simon Hampel) to him - he may remember me and be extra nice to you. Then again, maybe he'll hangup on you and set call blocking on your number ;-)

 
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