I've had a browse around and seen:
95% LVR 5% non-genuine savings loans out there!I've seen Widebay, Collins, Paramount, Opportune do this!..are there any others??….do they all source from Widebay?? It seems they all ask for 6 mthly bank statements and PAYG!! Are there any out there that don't?
Is there anything hidden about these loans? I'm guessing LMI be high!
No if you are referring about Widebay Building Society they are not the funding source.
Yes LMI is higher than normal, application fee is higher than normal, interest rate is higher and there are a few credit requirements when it comes to minimum employment period etc.
All in all if you fits and it gets you on board i guess it is worth considering.
Personally i would go 90% and save 0.8% on the interest rate for the term of the loan as well as lower LMI, applic fee etc.
Richard Taylor | Australia's leading private lender
Hi Richard,
Do you broker these sort of loans?? If so, with who??oh…….who ultimately funds those type of loans?……..do they fund it themselves?
We use Collins Securities through Perpetual.
Richard Taylor | Australia's leading private lender
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