Hi all. Long time lurker, first time poster etc.
I wonder if anyone has had experience with lenders who offer to waive LMI to borrowers from certain professions (eg doctors) for high LVR loans?
For example Investec advertises 100% finance for owner-occupiers and 95% finance for IPs to people in professions considered low risk. http://www.investec.com.au/professional-practices/professional-services/residential-mortgages.html
My question is... are these loans actually competitive (for those who can get them), or is there a sting in the tail with higher interest rates and associated costs?
I ask because I have a reasonable deposit saved and would ideally like to take out a high LVR loan for an IP and stick my savings into an offset so I can then benefit from the tax advantages when I use those savings as a deposit on a PPOR a few years down the line. As this would be my first IP I am aiming for a conservative strategy where I can comfortably meet repayments even if the property is untenented for a period.
I wonder if anyone has had experience with lenders who offer to waive LMI to borrowers from certain professions (eg doctors) for high LVR loans?
For example Investec advertises 100% finance for owner-occupiers and 95% finance for IPs to people in professions considered low risk. http://www.investec.com.au/professional-practices/professional-services/residential-mortgages.html
My question is... are these loans actually competitive (for those who can get them), or is there a sting in the tail with higher interest rates and associated costs?
I ask because I have a reasonable deposit saved and would ideally like to take out a high LVR loan for an IP and stick my savings into an offset so I can then benefit from the tax advantages when I use those savings as a deposit on a PPOR a few years down the line. As this would be my first IP I am aiming for a conservative strategy where I can comfortably meet repayments even if the property is untenented for a period.