LMI

Viewing 7 posts - 1 through 7 (of 7 total)

HHH
Member
@hhh
Join Date: 2004
Post Count: 50
April 16, 2004 - 6:37 am
Hi everyone,
currently doing a refinance with 90% LVR.
They are saying all LMI must be paid upfront now and doesn’t get added on to the amount being borrowed… that stinks….
my broker says they all do this now… when did this happen?[comp][evil4][evil5][grrr]
HHH
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
April 16, 2004 - 8:47 am
Hi HHH,
Quite a few lenders will allow LMI Capitalisation,
Can you tell us who the lender is?
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
Victoria
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
HHH
Member
@hhh
Join Date: 2004
Post Count: 50
April 16, 2004 - 10:42 am
Hi
they are citibank and Bank of Queensland.
My broker said ALL banks are doing this now!!
I really want to name these brokers as they have screwed my around like you would not believe.
HHH
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
April 16, 2004 - 10:48 am
Many banks expect LMI to be paid upfront.
Not all though as your broker suggests.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
April 16, 2004 - 2:50 pm
Hi HHH,
Unfortunately, Bank Of Queensland and Citibank do not Capitalize LMI,
However, I know of at least 10 lenders who do, ANZ, St.George, CBA, HSBC, etc,
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
Victoria
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
HHH
Member
@hhh
Join Date: 2004
Post Count: 50
April 16, 2004 - 11:25 pm
Hi Steven
thanks for the reply. Unfortunately, i am committed to these lenders now.. which is a bugger, I was looking at St George, but they would not accept a valuation I got myself. They wanted to do their own…[blink]
I posted to another thread, do you know how I go about trying to get some of that LMI back? The other thread was talking about proving a higher valuation within 6months.
I believe they have undervalued my IP by about 30-40K, making me go to a 90% LVR – will another valuation be enough to get me back any LMU? or do they have to convince them selves somehow?
thanks
HHH
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
April 17, 2004 - 2:51 am
Hi HHH,
Most lenders have their own panel of valuers, and will not except a valuation organised by the customer,
Have you approached the Lenders/Brokers with your concerns, It may be worthwhile asking for an explanation as to why there is a discrepancy between the valuation you have obtained and the Banks valuation,
You may be entitled to a part refund of the insurance premium when the LVR reduces to 80%, this may be subject to the period of time to achieve this and the lenders terms & conditions.
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
Victoria
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.