Which lenders will lend to higher LVR on dual occupancy?

[Blurbman]

Hi All,

Thought someone might be able to provide the name of banks who will lend to 80% LVR, or higher as against a dual occ (Granny Flat). I am with ANZ for multiple loans and while they are willing to lend to me presently, it is only to 70% for the dual occ. This is reducing the lend by about $50,00 which i would love to use now.

My broker has spoken to a person who said ANZ will go to 80% for dual occupancy, but only for ones where there is a single water/electricty metre and are essentially leased to one family. They did say that ANZ were looking at changing this policy, but that does not help me now.

Currently I have property to the value of about $1.2M, and loans of about $830,000 being an LVR of close to 66%. I had wanted to borrow up to 80% on the total to use as deposits for further investments. Instead ANZ will lend to 80% on my PPOR, and only 70% on the dual occ.

Servicability isn't an issue as income in excess of $200K gross combined.

Thinking of moving loans to another lender who is willing to come to the party. Any suggestions? Would they waive fees for moving that much in loans?

 

[Aaron_C]

um....anyone? 90% is no problemo.....

 

[jonmardell]

most of the majors will do this.

Hi All,

Thought someone might be able to provide the name of banks who will lend to 80% LVR, or higher as against a dual occ (Granny Flat). I am with ANZ for multiple loans and while they are willing to lend to me presently, it is only to 70% for the dual occ. This is reducing the lend by about $50,00 which i would love to use now.

My broker has spoken to a person who said ANZ will go to 80% for dual occupancy, but only for ones where there is a single water/electricty metre and are essentially leased to one family. They did say that ANZ were looking at changing this policy, but that does not help me now.

Currently I have property to the value of about $1.2M, and loans of about $830,000 being an LVR of close to 66%. I had wanted to borrow up to 80% on the total to use as deposits for further investments. Instead ANZ will lend to 80% on my PPOR, and only 70% on the dual occ.

Servicability isn't an issue as income in excess of $200K gross combined.

Thinking of moving loans to another lender who is willing to come to the party. Any suggestions? Would they waive fees for moving that much in loans?

 

[Peter_Tersteeg]

ANZ is really the wrong lender for this sort of deal, probably one of the worst. There's lots of alternate options up to 90% LVR.

 

[Shahin_Afarin]

Instead of taking the easy but most expensive option (which is 90% lend) - why not try and get the valuation to come in under 80% and save your the massive LMI which is payable on that size loan?

 

[Jamie M]

Hi All,

Thought someone might be able to provide the name of banks who will lend to 80% LVR, or higher as against a dual occ (Granny Flat). I am with ANZ for multiple loans and while they are willing to lend to me presently, it is only to 70% for the dual occ. This is reducing the lend by about $50,00 which i would love to use now.

My broker has spoken to a person who said ANZ will go to 80% for dual occupancy, but only for ones where there is a single water/electricty metre and are essentially leased to one family. They did say that ANZ were looking at changing this policy, but that does not help me now.

Currently I have property to the value of about $1.2M, and loans of about $830,000 being an LVR of close to 66%. I had wanted to borrow up to 80% on the total to use as deposits for further investments. Instead ANZ will lend to 80% on my PPOR, and only 70% on the dual occ.

Servicability isn't an issue as income in excess of $200K gross combined.

Thinking of moving loans to another lender who is willing to come to the party. Any suggestions? Would they waive fees for moving that much in loans?

As Pete said, ANZ aren't too crash hot with multiple property deals.

Lot's of other lenders will look at it - why not arrange a couple of upfront vals with different lenders? That way you'll know how much equity you can extract with each before proceeding.

Cheers

Jamie

 

[pinkboy]

We currently have one 'on the go' with CBA.

When I say that its 'on the go', I use that term very loosely. (In house joke and the person who will get it knows who he is and has nothing to do with the said lender)!

pinkboy

 

[Rolf Latham]

Quite a few lenders are a NO go with Duals and grannies at >80 % lvr

Appropriate choice of lender is geared more to do with getting a decent upfront val and making sure its the most appropriate lender at the timeline of your investing career.

No point soaking up NAB LMI exposure when CBA will do.

ta
rolf

 

[Rolf Latham]

Thinking of moving loans to another lender who is willing to come to the party. Any suggestions? Would they waive fees for moving that much in loans?

I think it would pay to look at what the pros and cons of this are............

The concentration risk looks to be just ok, but youd want a lot more from a move like this other than rate, fees and convenience.

If going down such a track, make sure that the lender fits your future goals,since its easier and more palatable to choose the right lender, than bend your goals later on..................

tarolf