LMI

Viewing 7 posts - 1 through 7 (of 7 total)

freedomfinder
Member
@freedomfinder
Join Date: 2004
Post Count: 63
September 14, 2004 - 9:03 am
hi brokers,
Ive been told that GE and PMI have limits to the amount debt they insure, for memory 750k and 800k.
Is this per loan security or total loans and securities.
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
September 14, 2004 - 9:42 am
Hi Freedomfinder,
GE & PMI current limit is $1.000.000 per security, subject to LVR and loan type.
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 15, 2004 - 2:56 am
Freedomfinder
The figures you quote are the maximum exposure levels per client for LOW DOC loans.
That is why I think people should consider purchasing in one name only, especially for low docs. With low docs, a husband and wife buying separately could have up to about $3mil in loans, but jointly only up to about $1.5mil.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
freedomfinder
Member
@freedomfinder
Join Date: 2004
Post Count: 63
September 15, 2004 - 9:42 am
thank guys, terryw your spot on I forgot to mention lo doc, I,m so close to the limits, what other avenues I could use when my limit has been reached and all loans are in both names, damn.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 16, 2004 - 1:54 am
Freedomfinder
You could try low docs that are not mortgage insured such as:
Suncorp – 80% LVR soon to change i beleive
ING – 76% LVR
Adelaide Bank – 76% LVR
ANZ 60% LVR etc
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
freedomfinder
Member
@freedomfinder
Join Date: 2004
Post Count: 63
September 17, 2004 - 7:13 am
thanks terryw
its good to know some lenders offering high lvr without lmi, didnt know that, but I knew anz 60% I have 1.
you guys a a great source of information, thanks again.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 20, 2004 - 2:40 am
Hangon Freedomfinder. There are some changed coming in October. ING will be 60% max wihtout LMI and probably other banks will be following as well. This is due to some sort of new APRA requirements
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au