Genworth verses QBE lmi's

[Cozzie]

I notice that comparing Genworth to QBE as far as the max loan on a 90% lend, on the same postcode, QBE comes up with a larger lend.For example, at Kingscliff, Genworth will only insure up to $850,000 where as QBE will do $1,000,000.
I'm looking at a $950,000 loan based on 90%, so I was curious as to which lenders specifically use QBE.I have tried to search but there's not much info I can find.
Regards

 

[tobe]

There are quite a few lenders who can use either. A couple of the larger lenders have their own sign off under LMI, when some of the LMI restrictions dont apply. There are a couple of lenders who are restricted to one LMI provider.
Its best to talk to a good broker at this point and get more specific advice.

 

[Token Funder]

There are quite a few lenders who can use either. A couple of the larger lenders have their own sign off under LMI, when some of the LMI restrictions dont apply. There are a couple of lenders who are restricted to one LMI provider.
Its best to talk to a good broker at this point and get more specific advice.

Also worth noting that even though the insurer might do it, the lender may not.

And, of course, vice versa.

 

[Rolf Latham]

950 k at 90 %.........

wanna be a nice very well presented loan proposal.

ta
rolf

 

[Cozzie]

Salary 280k,same job 22 years,5% savings history (shares),Last credit enquiry Dec 09 (car loan ,didn't proceed),crra clean,married with 3 dependants,renting since Mar 09 @ $725 week (excellent rent history),other assets (not much property though, mainly shares)
Rolf, do you think it's a possibility?

 

[Qlds007]

Personally i think it would fail on Credit score on lack of Assets given the disposible income.

Might be different if you were only putting in 10% deposit but had Assets in the background you didnt want to cash in.

 

[Cozzie]

Thanks Richard for the reply,
I do have 400k in shares of which I would use some for the deposit.Also a rural property worth 330k with a 232k loan.
Cozzie