All Topics / Finance / recommend any good non-conform lender with no LMI?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of avranjesavranjes
    Participant
    @avranjes
    Join Date: 2003
    Post Count: 58

    hello,

    my property partner and i are having troubles financing our 2nd property. the problem is that Lenders mortgage keep knocking us back. the banks are ok.

    Can anyone recommend any non- conforming lenders that dont use LMI ?

    please advise

    thanks

    Profile photo of avranjesavranjes
    Participant
    @avranjes
    Join Date: 2003
    Post Count: 58

    sorry, i should be a bit clearer, we only have 5% deposit, we may be able to stretch a little more but thats it!

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Is the issue with the mortgage insurer based on the location of the property?

    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.

    Profile photo of FWFW
    Member
    @fw
    Join Date: 2002
    Post Count: 478

    St George might be a possibility, they self insure, but I don’t like your chances of getting 95%!
    I haven’t really found anything reasonable above 80% in the lo doc market with no LMI.
    Even at 80% a lot of them charge higher entry fees, some stiff “early repayment” fees and a higher interest rate.

    Keep smiling
    Felicity 8-)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    GE are a non conforming lender with a 90% loan, no LMI. The last time I looked, the interest rate was over 10% pa. You will have problems getting over 80% I think.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TheFinanceManTheFinanceMan
    Member
    @thefinanceman
    Join Date: 2003
    Post Count: 18

    If you would consider living at the property then Pepper home loans would offer you a 100% home loan at 8.45% (owner occupier only). They charge a 1% settlement fee instead of LMI.

    So all you need to cover are the costs.

    May be your only option.

    Profile photo of TheFinanceManTheFinanceMan
    Member
    @thefinanceman
    Join Date: 2003
    Post Count: 18

    Apologies,
    Pepper does charge a 2.5% LMI fee…

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