LMI (part 2)

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From: James Wollaston


Folks,

Have read the previous thread about LMI and am comfortable with the pros and cons - whatever it takes to clinch the deal ;)

I would however like to know if there are any lenders out there who are prepared to lend above the magic 80% LVR without requiring LMI - say to a ratio of 90%?

I have recently heard talk of St. George et al. now lending up to 90% LVR but on quizzing one of their call centre robots I was told that this was not without the usual requirement for LMI - the only "new" feature is that they will allow redraw against LOC facility to the full 90%. BFD I say.

Is anyone aware of a lender(s) outside of this mould?

Regards,

James.
 
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Reply: 1
From: Rolf Latham


Hi JAmes

Both Ge Capital and Origin will do 90 % lends "without" Lmi.

AS the saying goes, there aint no free lunch.

The GE rate is 9.4 variable, and the Origin deal is for "Professionals" only, and has a number of restrictions which make it very lumpy for an investor. The Origin deal is rebadged by many many resellers into various "me-too" professional packages.

One or two lenders will actally waive LMI at say 83 % but not 90 %.

What you are perhaps looking for is a lender that will capitalise the LMI premium rather than taking it out of your wallet ??

Ta


Rolf
 
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Reply: 1.1
From: Victor Mann


both anz and suncorp will capitilze lmi insurance


victor
 
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From: James Wollaston


Rolf / Victor,

Thanks for your replies ... capitalising the LMI is not something I had really factored in before - makes sense.

Thanks again.

James.
 
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