Hi guys,
I am currently looking to purchase my first property (with my hubby). We are really keen on a small rural holding and have a few finance queries.
Location: VIC
Zoned: farming
Size: 18acres
Established Dwelling: Yes
Value: Under $250,000
Mains Power: Yes
Sealed road: Yes
Postcode where LMI is available: on application only (Genworth)
FHOG: Yes
The land was once part of a large rural holding that has been subdivided. It would not be used for farming purposes and we would derive our income from our current positions of employment.
Initially I approached the BOQ as I know a manager. They were happy to loan to us at a LVR of 95%... but Genworth would not provide LMI on the property through the BOQ as it was over 5acres. Therefore I was advised that an 80% LVR would be the max lend.
We are now applying through the CBA (who is our current bank). We have an immaculate credit history with the bank. No previous mortgages but significant personal loans in the past ($40k + and all paid out) and credit cards with nice limits that are turned over on a regular basis. Never missed a payment and paid out all loans early.
They have advised that it will be possible to get a loan on this particular property at 95% LVR. They have also claimed that Genworth restricts them to 25acreas (not 5 like BOQ) and will be possible provide LMI even though the prop. is zoned farming.
They next step is the CBA wants to do a valuation on the place. We are confident it will stand up an....d for what it is worth, we are pre-approved...
I have spoken to multiple lending advisers at the CBA and been given the same story (I am a cynical being).... I do have have a personal lending specialist at the CBA who I should add is giving amazing service
What I want to know is ....
- Will we have a hope of getting a 90 - 95% LVR on this property (from anyone!)
- Will Genworth do the LMI via the CBA?
- or am I wasting my time? and potentially money?????
The CBA wont go any further (do a valuation) until we have contract of sale ..... I am waiting on one from the vendors solicitors...
It is getting sent directly to my solicitor.... and at that point I will begin to incur costs....
Help would be greatly appreciated! Thanks in advance!
I am currently looking to purchase my first property (with my hubby). We are really keen on a small rural holding and have a few finance queries.
Location: VIC
Zoned: farming
Size: 18acres
Established Dwelling: Yes
Value: Under $250,000
Mains Power: Yes
Sealed road: Yes
Postcode where LMI is available: on application only (Genworth)
FHOG: Yes
The land was once part of a large rural holding that has been subdivided. It would not be used for farming purposes and we would derive our income from our current positions of employment.
Initially I approached the BOQ as I know a manager. They were happy to loan to us at a LVR of 95%... but Genworth would not provide LMI on the property through the BOQ as it was over 5acres. Therefore I was advised that an 80% LVR would be the max lend.
We are now applying through the CBA (who is our current bank). We have an immaculate credit history with the bank. No previous mortgages but significant personal loans in the past ($40k + and all paid out) and credit cards with nice limits that are turned over on a regular basis. Never missed a payment and paid out all loans early.
They have advised that it will be possible to get a loan on this particular property at 95% LVR. They have also claimed that Genworth restricts them to 25acreas (not 5 like BOQ) and will be possible provide LMI even though the prop. is zoned farming.
They next step is the CBA wants to do a valuation on the place. We are confident it will stand up an....d for what it is worth, we are pre-approved...
I have spoken to multiple lending advisers at the CBA and been given the same story (I am a cynical being).... I do have have a personal lending specialist at the CBA who I should add is giving amazing service
What I want to know is ....
- Will we have a hope of getting a 90 - 95% LVR on this property (from anyone!)
- Will Genworth do the LMI via the CBA?
- or am I wasting my time? and potentially money?????
The CBA wont go any further (do a valuation) until we have contract of sale ..... I am waiting on one from the vendors solicitors...
It is getting sent directly to my solicitor.... and at that point I will begin to incur costs....
Help would be greatly appreciated! Thanks in advance!
