Why's that? LMI doesn't need to be a big dilemma if the deals put to the right lender. Particularly if the deal is 90% and less - a lot of them won't even hit the LMI providers in tray.
Cheers
Jamie
LMI Approval on BW 90% non genuine savings loan.
- Thread starter Rebdot
- Start date
Cheers
Jamie
not sure if this has been answered and it may be different in vic but you will also need to check when they fund the fhog as this will affect you ability to settle on the land. this may need to be a neg between yourself , builder and land people. if your broker deals with builders than they should have this sorted anyway.
Hi all,
Has anyone dealt with BOQ. Do they have underwritten authority for LMI like Suncorp? I am chasing 95%. It seems to be hard.
My situation is :
My property which is under offer is due to settle next month and getting 66K cash. I have put an offer for a place which has been accepted ($320k).
Out of 66K I will pay:
10K stamp duty
16K deposit (5%)
LMI to be added on to the loan.
other fees and charges say $3K.
To make it round I am giving 30K and keeping 36K in pocket.
I have an IP with 20% equity and is rented out. Rent covers major part of the repayment and I pay about $200 out of my pocket every month.
My annual income from my permanent job is about 90K. No other commitments.
How my situation is looking? your opinion will be really appriciated. I am unsure what is going to happen.
Has anyone dealt with BOQ. Do they have underwritten authority for LMI like Suncorp? I am chasing 95%. It seems to be hard.
My situation is :
My property which is under offer is due to settle next month and getting 66K cash. I have put an offer for a place which has been accepted ($320k).
Out of 66K I will pay:
10K stamp duty
16K deposit (5%)
LMI to be added on to the loan.
other fees and charges say $3K.
To make it round I am giving 30K and keeping 36K in pocket.
I have an IP with 20% equity and is rented out. Rent covers major part of the repayment and I pay about $200 out of my pocket every month.
My annual income from my permanent job is about 90K. No other commitments.
How my situation is looking? your opinion will be really appriciated. I am unsure what is going to happen.
Some fraud from the franchisees is to blame, I would say. I've heard lots of funny things going on there...
For contruction loans the FHOG is paid (by the government) when the slab is poured, not at settlement of land.
There are a few lenders who are willing to advance you the same amount of the FHOG at settlement of the land, knowing they will get the money back when the grant is actually paid.
As for Bank of Queensland, they are dealing with brokers again, but I would be very reluctant to recommend them to anyone given their financial state at the moment. When smaller lenders started going under during the GFC, their rates only went one way and they didn't come down with the rest.
Thanks Aaron. The property which is getting settled next month is with BOQ and I thought there will be less hassels if I just get it done from there. Its like sell one get another one around the same price except LMI part.
To the lender, there is absolutely no impact on the amount of hassle. It might be a little less hassle for you in providing one less set of documents, but to the lender it is a whole new deal, with a whole new assessment.
I am dealing with a corporate branch and the manager is pretty switched on. Hope nothing funny happens in my case.
By lender do you mean BOQ or the LMI company? ye providing less documents is a convenience if they get it approved. Looks like I am stuck
These are often questions asked before submission: (
Hope it goes ok for you
95 % is"easy" but needs to be set up the right way with the right lender for your circumstances and resources.
Proactive rather than reactive I suppose
ta
rolf
That would depend on why the decline an application. If it's a risk problem, often you might have to change the loan to 80%. If it's a funds to complete problem, it's just a matter of coming up with sufficient to complete the purchase and they'll be able to instruct you on how much is needed.
If LMI rejects a 95% deal they usually ask you to go 80%, not lower the LVR to 90%, since now a bank can only do the loan in accordance with their own policy and not LMI's.
So it is better to apply for LVR of 90% ??? which can make the approval much easier instead of applying for 95% which will leave me with no option other than organising 20% deposit in case it is declined.
and I got too many transactions in my credit file due to trying different options I was trying for built strata (nothing worked and the stupid staff in this particular bank keep on doing multiple credit checks) I managed to build but only after getting seperate titles after WAPC approval ...going a bit offtopic here
and I got too many transactions in my credit file due to trying different options I was trying for built strata (nothing worked and the stupid staff in this particular bank keep on doing multiple credit checks) I managed to build but only after getting seperate titles after WAPC approval ...going a bit offtopic here
