Hi there,
I am <1 week away from settlement and in quite a bit of trouble as I stand to lose an $80k deposit.
My issue relates to the fact that I have purchased what I thought was a conservative choice (large terrace divided into 2 unit & we intend to rent out one of them to help with mortgage repayments) however the fact that it is split into two units (& possibly also because it's heritage listed though this has not been sepcifically mentioned) means that both Genworths and QBE have refused to provide LMI to us. Further details are:
- We have an exitsing property with $385,000 owed and bank vals between $520,000 - $540,000
- Purchase price on new property is $795,000 and bank vals between $730,000 (ouch!!!
) - $795,000
- We were hopeful of getting it thorugh with CBA at 90% LVR based on their 2 valuations (higher ones) however deal died when the LMI provider said no.
We now cannot go through any lenders who use Genworths or QBE (I know, almost all banks do) so we're trying Liberty because apparently the dual occupancy isn't a problem for them. We are prepared to sell existing property (and expect sale of at least $580,000) but we can't find someone to lend us the money to buy us time to do this.
We have immacluate credit history, double income with no kids, long term with employers and we have met servicability criteria with both Bank West & CBA.
I am hopeful Liberty will come through but with such a big difference in previous valuations and the dramas we've had with this so far I would love to have some other options to investigate/pursue.
I am absolutely frantic about our situation including the fact that we start incurring interest charges with the vendor next week and our risk of losing a $80k deposit.
If anyone has any ideas I would be so grateful.
Marguerite
