Hello,
I am buying a property the contract has been signed.
I went to a mortgage broker to organise finance. I was planning to borrow 95% and pay LMI. This would reduce upfront costs obviously.
However my broker says that no LMI company will insure against a company / trust. So it appears I can’t borrow more than 80% per property.
Does anyone know any LMI insurers that will work with a trust / corporate trustee?
Thanks
What a load of rubbish.
If you want my honest opinion i would be switching MB now.
We process many applications each month with a Pty Ltd Company as the Trustee of a Trust (whether it be Hybrid / Disc) and I assure you that many lenders will accept this borrowing entity to 95% LVR.
Admitedly your MB may not have the experience in this area of the market and be unsure how to present the deal but don’t reduce your borrowing because your broker is unable to assist you.
I am working this weekend, Xmas day and Boxing day although on holiday so would be happy to assist if needs be.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Get a new broker. Richard should be able to assist. He knows his stuff.
You can get up to 100% lends with Trusts. Doesn’t make much difference.
Terryw
Discover Home Loans
[email protected]
Send an email to get my newsletter.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
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