Recently I went through a loans officer to LMI with a 95% refinance and a 80% new loan. LMI came back to the loans officer querying my (sanity) I suppose.
o Does she know that this property is positively geared? (the 80% one)
o She should be purchasing negatively geared properties.
o You’d better get her to pull out of this deal.
o etc, etc, etc!Anyhow the loans officer reassured LMI that I had chosen the property for all the reasons they were querying it and that I really did want the loan that way, and I didn’t want to *have* to work if I didn’t want to.
The fact that the loans would be self paying from rent etc, LMI obviously didn’t think it was in the “bank’s best interest”! Although I suppose they tried to put it under the “client’s best interest” without ever having met me or discussed with me my long term financial plans.
I know it’s in most banks best interest to have all their clients mortgaged to the hilt and everyone negatively geard and long term committed to working and paying off the bank …. but I really didn’t think they’d be as rediculous to come out and say it.
They were probably worried about the quality of the property or the location, or maybe even asking about this for their own personal interests.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.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 really follow this one – if the refi was to 95%why did the LMI’er get to even look at the 80% deal? – u didn’t do it thru the same lender did u?
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbane
You must be logged in to reply to this topic. If you don't have an account, you can register here.
