LMI regional restrictions

[PHF]

Have just been looking at the "Location Wizard" for QBE. Am wanting to buy in a regional area.
It seems the max you can borrow on a 95% lend with QBE LMI would be $500K, or $350K if the loan was insured through Genworth.

My question is, am I interpreting these figures correctly?
If so, would an excellent servicing ability help get the loan across the line?

I have a DSR of around 30% and am wanting an $800K loan

Thanks for your advice

 

[Bigtone]

$800k at 95% in a regional area , that would be a miracle these days

 

[Rolf Latham]

Hi PHF

That will be a HUGE struggle though maybe not impossible

Depends what your regional is AND what the security is,and what your overall credit score might be

ta
rolf

 

[PHF]

Yeah,
I thought this might be a difficult purchase.
My credit score should be very good, no black marks against my name, everything always paid on time.
Already have one property in a regional area but the loan was less than $400K, although still at 90% LVR. No real equity to pull from that one just yet.
Deposit of 10% has been saved over the past 6 months, but stamp duty will eat half the deposit.
Security is just a house in the Pilbara, leased for the next few years at $75K p.a.

Would appreciate any advice. Lots more IP to come after this one so don't want to tarnish the credit score with unnecessary enquiries.

 

[Rolf Latham]

Gotta say in general that will be a hard ask for the locm, cos thats not really regional, thats country ............bush, but with regular income

750 may be more achievable, but still a stuggle, a 90 plus LMI is an order of magnitude easier than a 95 minus LMI and will result in similar nett cash outcomes

BUT speak with a good broker to see what they can come up with in a solid way before submitting a deal

ta
rolf