Who's doing 95%'ers
- Thread starter luvvit
- Start date
Some.
Which lenders do you currently have credit facilities (cards, personal loans) or mortgage loans with?
Other lenders will do non-genuine savings for first time customers to 95%
As always, it depends ......
Which lenders do you currently have credit facilities (cards, personal loans) or mortgage loans with?
Other lenders will do non-genuine savings for first time customers to 95%
As always, it depends ......
Hi, can you please explain what you mean by 4 star brokers?
I assume this is a rating system used for External Mortgage Brokers?
Thanks.
SP.
Even if a lender will do 90-95%, doesn't mean they will do a 90-95% loan for YOU.
The LM Insurer behind the loan has the final say and they don't seem to have a problem saying "No" at the moment. Just because you're willing to pay the LMI and they offer 95% lends, doesn't mean you're going to walk away with a 95% deal.
The LM Insurer behind the loan has the final say and they don't seem to have a problem saying "No" at the moment. Just because you're willing to pay the LMI and they offer 95% lends, doesn't mean you're going to walk away with a 95% deal.
we did a 95er today thru cba for existing FHBs who owned the block of land and had a prior history which was exceptional. Funny after the mobile lender said they had to go to 90% or get mom and dad to assist.
With NAB they only approve around 20% of 95% lends. But for this you really need to be a top shelf client. I.e. if you've got 20k in contents, 20k cash to put into the deal outside of fhog and a weak asset position for whatever reason (age/divorce etc) it is unlikely to be approved at 95%.
Then as has been mentioned you have to fit scorecards as well.
With NAB they only approve around 20% of 95% lends. But for this you really need to be a top shelf client. I.e. if you've got 20k in contents, 20k cash to put into the deal outside of fhog and a weak asset position for whatever reason (age/divorce etc) it is unlikely to be approved at 95%.
Then as has been mentioned you have to fit scorecards as well.
Some lenders are starting to qualify brokers based on various metrics, the NAB uses a star rating system. Stars are granted on professional qualifications, the number of arrears on a brokers loan book with the NAB and the amount of business you do with them.
In my opinion it has very little to do with the quality of the work the broker does, most brokers failing to achieve 4 stars fail because they don't do as much business with the NAB as the NAB wants.
As has already been mentioned, 95% loans are very difficult to obtain, regardless of who the broker is. Lenders are looking for any excuse to reject the loan application, and if they look hard enough, they'll usually find it.
If there is any way you can scrape together enough for a 90% loan, I strongly advise you do this.
CBA offered me up to 97% a few weeks back and I nearly fell over. I think they botched their numbers!
I think the catch isn't the banks' lending criteria, but moreso the LMI supplier. Folks like Genworth Financial will change their underwriting approach depending on the location of the deal, then look at the quality of the deal itself after that. Certain locations have a higher chance of the bank coming back with a lower LVR threshold due to the underwriter's 'issues'.
I ended up just calling the broker line at Genworth and asking them what their rating is for the location I was looking at. I'm not a broker, but I'm a cheeky little bugger and it saved a heap of time in selecting a loan product.
Luvvit - you seem cheeky enough to try it.
Thought I'd suggest it in case it'd help. PJ
The big 4 are always conservitve look outside the box a little.
Suncorp 95%+ capped LMI - you still need genuine savings of 5% but it is essentially a 97%.
Suncorp 95%+ capped LMI - you still need genuine savings of 5% but it is essentially a 97%.
If people are interested, you are able to obtain copies of Genworth's UW guidelines, location guide, maximum LVR and Loan Amounts, servicing calculator, etc. from their website.
http://www.genworth.com.au