Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Not at all only 2 of the big 5 Banks insure with PMI / Gemworth.
9%+ interest rate for 90% LVR, thats way too high. I would rather go with a normal loan with LMI. At 90% LVR, the LMI should be in the 1-1.5% range and not really that significant. Given that you can get full featured loans for around 7.5% interest rate, the saving in interest for ONE year is enough to recover the LMI. So unless you have trouble getting loan approval from normal lenders, I would rather pay the LMI and get a lower rate.
85 sqm is quite good size for apartments. Are you applying for low-doc loans? lenders and mortgage insurers normally don't reject 70% or 80% LVR loans.
If you apply for normal loans and they reject you at that sort of LVR, I would have seriously ? marks on the property, may be the lenders and insurers know something you don't?
Unfortunately they are not interested in investing in electronic submissions due to the entry cost, so many lenders have already said they will not be using them. Paper based, manual assessments slow assessment rates down & are workload intensive for credit staff (both lending & MI).In saying that when the new US MI hit these shores in 14 days time things might get a little more exciting.