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??
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??