All Topics / Finance / 90-95% Home loan – Non Genuine Savings

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  • Profile photo of TNA10TNA10
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    @tna10
    Join Date: 2010
    Post Count: 2
    March 17, 2011 - 2:23 am
    Anyone aware of a 90-95% + LMI Capitalisation – Non Genuine Savings Homeloan ?

    Needs to be suitable for financing out of a Vendor Finance / Rental Purchase Plan

    Profile photo of Paul DobsonPaul Dobson
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    @pauldobson
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    March 17, 2011 - 11:44 am

    Hi TNA

    I'm guessing you're trying to refinance out of a Lease with an Option?  If the experts here in the Finance sub-forum can't help and your option term is running out, you may consider asking the Vendor to give you an Instalment Contract.

    As a matter of interest, if it is a Lease/Option, could you give us more details?

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
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    An alternative way to finance your home.

    Profile photo of Mick CMick C
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    @shape
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    March 19, 2011 - 2:01 am

    To be honest, i think you will have trouble finding any lender to consider this deal/

    With vendor finance your limited to really only 6 lenders- and all 6 lenders requires genuine savings….if this is not urgent, you can convert this NGS- to a genuine savings…and then you may have a chance- pending the rest of the deal’s detail.

    Reagrds
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Same Banks. Better Rates. Served With a Passion.

    Profile photo of Troy McErvaleTroy McErvale
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    @troy-mcervale
    Join Date: 2011
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    March 22, 2011 - 2:47 pm

    There are a few lenders around now that will do 95% with no genuine savings. However not to finance out of a terms contract.

    I deal with a number of lenders that will consider at 80% withough genuine savings.

    I don' think financing out is an option available to you just yet

    Profile photo of angelinsydneyangelinsydney
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    @angelinsydney
    Join Date: 2011
    Post Count: 270
    April 2, 2011 - 8:59 pm

    Hi guys,

    I’ve been out of the game for 5 years or more. Back in the days before GFC, we didn’t ask for proof of savings if its 80% gearing. Has the rule book changed? Do banks require proof of savings now? That seems to be the drift I’m catching.

    Thanks

    Angel

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    April 3, 2011 - 12:58 am

    Yes Angel Gen Savings required by many irrespective of the lvr.

    95% lvr with NGS available but you are not getting this at 6.97%.

    Neither of the main LMi companies accept refi out of a instalment contract.

    I am aware of one lender who might but would depend on the rest of the deal.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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