Hello to all… just a quick question for the knowledgable brokers and otherwise on this site, is anyone aware of any lenders who will lend with no postcode restrictions with a decent LVR? The loan would be full doc. Thanks in advance.
EDIT – By the way if any brokers are looking for business and don't want to name names in fear of going direct to the lender rather than a broker, feel free just to quote LVR's and applicable rates, i just want to know if such an animal exists before contemplating my next step because a couple of my areas of interest fall way outside of traditional LMI boundaries.
Paul
Hi Paul
It is not upto the lender but more like the mortgage insurers where the lvr is > 80%.
If the property is residential (not rural) and everything else is equal then there is no reason why you wouldnt get a 95% LVR in a small township.
Some of the lenders have revisted the post code book recently altering their LVR's but as say it is a case by case basis.
Without more information it is not possible to give you a cast iron guarantee.
Richard Taylor | Australia's leading private lender
With some banks you might find that they have an "open policy" with their mortgage insurer, meaning they have something akin to a "discretionary sign off" ie they they sign the deal off in house, rather than sending it to their mortgage insurer.
If that's the case, it's business as usual and there won't be any postcode restrictions.
Lenders and their mortgage insurers will have LVR restrictions, but as said above, it is still possible to get 95% loans in most areas as long as other requirements are met.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I'm actually in a similar position, but i was told by a family member who i thought was pretty cluey about finance that anything that outside metro and major country areas that you would struggle to even get 80% loan to value?
Hi Jamie,
Unfortunately looks like your family member is slightly misinformed. Above 80% should be fine.
Good luck with it
Hany
Hehe, yes…. oh well it gives me a chance to give him heaps!
What about really remote towns, say less than 500 people? Is over 80% still possible?
Mate,
There's no postcode restriction!!
Jamie
I think you will find it was more the zoning of the property or the land size that caused the LVR to reduce.
Richard Taylor | Australia's leading private lender
The zoning is TZ (township zone) in Victoria and the land size is around 1800sqm. Would that automatically knock the LVR down?
No not necessarily.
Sounds to me like a standard residential block so 90 even 95% should be available.
Just bear in mind there are less lenders to choice from so let your mortgage broker do the work for you as it costs nothing.
Richard Taylor | Australia's leading private lender
No not necessarily.
Sounds to me like a standard residential block so 90 even 95% should be available.
Just bear in mind there are less lenders to choice from so let your mortgage broker do the work for you as it costs nothing.
Richard Taylor | Australia's leading private lender
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