Scenario

[zimby]

Howdy

So here's a scenario.

Property 1 loan 346 bank value 415
property 2 loan 344 bank value 439
property 3 loan 381 bank value 493

LMI paid on all loans.
How much funds could be extracted for investment.
The Figure 21k was reached for the two property's under 80% lvr, bringing them up to 80%
But having paid LMI, I believe It be can be taken it to 90% and only incur a small LMI fee ie around $700
Is this correct?

 

[Jamie M]

If your bank allows you to top up to 90% then yes - any LMI fee will just be an adjustment fee (they take into account what you've already paid).

Cheers

Jamie

 

[zimby]

Thanks Jamie

Which banks allow up to 90%? for these scenario's?

 

[Jamie M]

There's quite a lot - all majors will do it, some are easier than others. Which lenders are you with?

 

[Redom]

Thanks Jamie

Which banks allow up to 90%? for these scenario's?

Which bank are you with? You'll also need to test your servicing with that bank to make sure you can release those funds.

At 90% cash outs can be quite tricky. Some want proof of what you're going to do with the funds. If additional debt is taken on, they may want proof that you can service that additional debt too.

Cheers,
Redom