All Topics / Finance / Low deposit / Low LMI in mining towns?

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  • mattnz
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    @mattnz
    Join Date: 2007
    Post Count: 574
    November 9, 2009 - 10:11 am

    Hi all,

    I am interested to hear from our resident experts, which banks are you able to get a loan with 5-10% deposit and minimal LMI in a mining town like Moranbah, Dysart or Gladstone?

    Also are they available at standard interest rates?

    Thanks,
    Matt

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    November 9, 2009 - 8:23 pm

    Hi Matt

    Certainly standard rates would be available but without checking the LMI post code list I couldnt tell you the maximum LVR.

    Currently on holiday in the UK so a bit difficult to access everything i need.

    Richard Taylor | Australia's leading private lender

    mattnz
    Participant
    @mattnz
    Join Date: 2007
    Post Count: 574
    November 9, 2009 - 9:23 pm

    Thanks Richard, appreciate your input as always.

    I have just looked up a table from Genworth here http://www.genworth.com.au/cms/groups/webcontent/documents/document/p_000543.pdf

    Gladstone 4680 Category 2
    Moranbah 4744 Doesn’t appear under category 1, 2 or 3
    Dysart 4745 Doesn’t appear under category 1, 2 or 3

    I am hearing that banks are requiring 30% deposits in towns like Moranbah and Dysart, which is likely to significantly limit potential growth.

    As a general rule, which banks are best to go to?

    Thanks,
    Matt

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    November 9, 2009 - 10:08 pm

    Hi Matt

    As i say being in the UK and not in my office in Brisbane it is difficult to comment with accuracy.

    I havent financed a deal in Dysart for about 6 months but the last deal we did was around 90% LVR.

    Richard Taylor | Australia's leading private lender

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