LVR in Newman, WA mining town

Viewing 9 posts - 1 through 9 (of 9 total)

SethBill
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@sethbill
Join Date: 2011
Post Count: 10
April 18, 2013 - 12:45 am
Hi All,
Does anyone know any lender providing house and land construction loan at 90% LVR?
Many thanks,
Billy
TheFinanceShop
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@thefinanceshop
Join Date: 2012
Post Count: 1,271
April 18, 2013 - 5:17 am
Depends – is the total package under $1mil?
Regards
Shahin
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SethBill
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@sethbill
Join Date: 2011
Post Count: 10
April 18, 2013 - 5:42 am
Yes total package around $750,000.
Do you think there are any lender for 90% LVR on that price?
TheFinanceShop
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Join Date: 2012
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April 18, 2013 - 6:09 am
Yes. If the package is under $1mil – Homeside will do it (assuming everything else stacks up of course such as servicing, credit history, etc).
Regards
Shahin
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SethBill
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Join Date: 2011
Post Count: 10
April 18, 2013 - 6:21 am
Thanks for sharing the info Shahin,
However is that the only lender? Could LMI be an issue as well?
TheFinanceShop
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Join Date: 2012
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April 18, 2013 - 6:47 am
Resimac will do it but they charge an arm and a leg – Homeside is the best lender for this scenario. LMI is not an issue – they will go to 90%.
Regards
Shahin
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Jamie Moore
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Join Date: 2010
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April 18, 2013 - 7:38 am
Don't go above 90% with Homeside – even with LMI. Credit scoring becomes harsh.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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SethBill
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@sethbill
Join Date: 2011
Post Count: 10
April 18, 2013 - 1:09 pm
Does Homeside still ok with 90% LVR? What about Resimac like you said Sachin? Do they have inhouse LMI?
I prefer not to have LMI through genworth or QBE since they did not like Newman area for a loan around $750,000 anyway.
Thanks,
Billy
TheFinanceShop
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Join Date: 2012
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April 18, 2013 - 10:25 pm
Billy – this is a Homeside deal. Homeside have their own DUA under $1mil and they do not have a postcode restrictions hence why I initially asked if its under $1mil. If everything stacks up then you will be ok. If you just started your job, have multiple credit hits, bad credit history, then no. Get your broker to assess your application to see if everything is ok.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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