Help with Mortgage agent Sydney for 95% LVR loans

[Mick C]

Hi Peter and other Folks

Do you think its a good idea to buy in an auction with the following

1) Get loan pre approved
2) 95% LVR + LMI capitalization agreed in the pre approved loan
3) Buy 2-5% less than the current market price in that area
4) Have 5-10K extra just in case the valuation comes down lower

What do you think?

^ Can it be done - Yes
Good idea - not really, as your board line- but if this is all you got than go for it.

In the sydney market this is common as the prices are so ridiculously high; esp if your looking for your PPOR-your list is common and a lot of our clients carry it out that way as well with no issues...2% less and a small buffer.