Hi there,
I am looking at buying a vacant lot off Vic Roads and I've run into two issues with CBA
I am also a first home buyer
The Offer has been accepted at $149,000 + G.S.T ($163,900)
I was hoping to front a 10% deposit ($16,390) + LMI
First of all CBA say that I cant get a loan for the GST component and i will have to pay that out if my own pocket ($14,900)
which is fine i can afford to do that
After sending the section 32 to the bank they "valued" the property and told me that because there is a High Voltage power line across the property that it is classed as a high risk loan and I would not be able to get LMI so i would have to front up 20%
Are there any other lenders out there that could either be able to give me a loan for the property with the GST Covered in the loan amount? or another lender who use a different LMI criteria?
Thanks in advance
I am looking at buying a vacant lot off Vic Roads and I've run into two issues with CBA
I am also a first home buyer
The Offer has been accepted at $149,000 + G.S.T ($163,900)
I was hoping to front a 10% deposit ($16,390) + LMI
First of all CBA say that I cant get a loan for the GST component and i will have to pay that out if my own pocket ($14,900)
which is fine i can afford to do that
After sending the section 32 to the bank they "valued" the property and told me that because there is a High Voltage power line across the property that it is classed as a high risk loan and I would not be able to get LMI so i would have to front up 20%
Are there any other lenders out there that could either be able to give me a loan for the property with the GST Covered in the loan amount? or another lender who use a different LMI criteria?
Thanks in advance