Loan for Hybrid Trust

Hi guys
we've purchased our first ip about a month ago now, and am now in the process of sorting out the finance side. we're going to put the property under our hybrid trust. we had pre-approval from the bank, no problem with our income, etc, and the plan was to do 10% deposit and we'll pay the LMI.

Then this week i was told by our mortgage broker that because we're purchasing under a trust, we have to go 80%. The LMI provider dont want to deal with a loan that has a guarantor. so now basically we have to purchase the property under our personal names in order to get 90% finance. we've only got 2 weeks left, and cant afford to stuff around as we've gone unconditional.

so for every property that we purchase under the trust name, we always have to have 20% deposit. i'm wondering if any of you guys have purchased under a hybrid trust before, and been told the same thing?? :confused:
 
There are still one or two lenders left that will lend more than 80% on an HDT deal but i wouldnt fancy your chances in getting approval within the next 14 days.

Your Broker should have a knowledge of other lenders out there which maybe worth considering.
 
I assume one of you is borrowing in your personal name to contribute to the trust, you would need to meet the genuine savings requirement (5% over 3 months or 10% equity in another property) to keep the mortgage insurers happy. Some lenders will do at 90% as the guys said, but not in 2 weeks.
 
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