lodoc with offset ?
- Thread starter GIDDO
- Start date
Hi Giddo
Adelaide Bank will go to 76 % lvr with no LMI exposure and provides 100 % interest offset on variable.
STG does as well on the variable, as will for eg Sucorp and BOQ but need to cover the loan with LMI if the LVR is > 60 %
ta
rolf
Adelaide Bank will go to 76 % lvr with no LMI exposure and provides 100 % interest offset on variable.
STG does as well on the variable, as will for eg Sucorp and BOQ but need to cover the loan with LMI if the LVR is > 60 %
ta
rolf
Giddo,
when you say no LMI do you mean you don't want exposure to LMI or does it mean that you don't want to pay LMI?
when you say no LMI do you mean you don't want exposure to LMI or does it mean that you don't want to pay LMI?
hi Rolf,
Well I am not sure.
I certainly do not wish to pay LMI!
Whether it is agood idea for some else to pay it for me is unknown to me. Sounds ok!
Are there any disadvantages?
I mean am I better not to attract the thing in the first place, or is it ok for me attract LMI and let the lender pay it?
Well I am not sure.
I certainly do not wish to pay LMI!
Whether it is agood idea for some else to pay it for me is unknown to me. Sounds ok!
Are there any disadvantages?
I mean am I better not to attract the thing in the first place, or is it ok for me attract LMI and let the lender pay it?
There are some LowDoc / NoDoc lenders which will not charge any LMI premiums.
Giddo,
Most lenders have an LMI policy on LO or No Doc loans, the difference between them though is whether you pay it or they do.
You didnt mention the loan amount? is this under 500K?
If so you should be able to get what you want with no payment of LMI, at a decent Interest rate around 7.24%, but once again it depends on the deal, how long you are intending to keep the property etc? what's the plan with the property etc, as this has a major influence on the type of loan you get, if you pay LMI now and want to sell the property within 3 years, then it may be better of than no LMI and high exit fees....etc
Mitch
Most lenders have an LMI policy on LO or No Doc loans, the difference between them though is whether you pay it or they do.
You didnt mention the loan amount? is this under 500K?
If so you should be able to get what you want with no payment of LMI, at a decent Interest rate around 7.24%, but once again it depends on the deal, how long you are intending to keep the property etc? what's the plan with the property etc, as this has a major influence on the type of loan you get, if you pay LMI now and want to sell the property within 3 years, then it may be better of than no LMI and high exit fees....etc
Mitch
