hello i am looking at buying my first ip I have already had a loan pre approved but my bank are only giving me 90% i am thinking maybe i should go somewhere else and get 95% .
any advice would be appreciated as i am just starting out.
thanks.Hi nenea
Many lenders restrict themselves to 90% on an IP however other lenders will go to 95% and capitalise the LMI.
It is is unlikely you will get your existing lender to change their policy so i would suggest you look at changing lenders.
Dependant on your circumstances it could be better to maximise yout borrowing against the IP.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
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