Hi,
Does anyone have any information on the 99% LVR home loan with Mortgage House? Is it a true 99% LVR or is it a 95% loan with LMI capitalisation?
I've deleted the email I received now, so can't check. I think it was 99% inclusive of LMI.
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 don’t know the specific product details however it is a marketing trick.
MH don’t want 100s of these. It’s like any retail business – they market a “golden apple” to attract attention.
Like many high LVR products the LMI will be through the roof. This voids the additional funds.
For example – let’s say you have a bank loan at 95% plus LMI. Total 97%. I can guarantee you MH LMI will be more expensive on the LMI side e.g. 99% less LMI say 96%.
Often these products only get you an extra 1% net.
Your better to slap it on a credit card and pay it over the months.
Putting 3-4k on a credit card for 12 months is cheaper than paying the same amount in edtea LMI.
Unless i’ve misunderstood and they lend 99% plus LMI.
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