95% LVR

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elliotjl
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@elliotjl
Join Date: 2010
Post Count: 12
March 18, 2010 - 2:19 am
If anyone's interested I just noticed mortgage choice have a lender willing to offer %95 LVR
http://www.mortgagechoice.com.au/campaign/Special-offer-Borrow-95-LVR.aspx?a=REAgroup&c=borrow-95-percent&utm_source=REAgroup&utm_medium=cpc&utm_campaign=special-borrow-95
Banker
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@banker
Join Date: 2010
Post Count: 371
March 18, 2010 - 5:13 am
Cba do 95% plus LMI if you have a credit card, car loan or personal loan with them – must have had it fir at least 6 months. You need 5% genuine savings though.
elliotjl
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@elliotjl
Join Date: 2010
Post Count: 12
March 18, 2010 - 5:20 am
This is true, we just got a 2nd loan with them for a property, using Security in our first property. We got the price brought down on the property via the building inspection and ended up only handing over about $2500 in cash Happy Hunting!!
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
March 18, 2010 - 6:39 am
There are 6 or 7 lenders still doing 95% lvr and 5 of them dont require you to have any relationship with them.
Richard Taylor | Australia's leading private lender
Banker
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@banker
Join Date: 2010
Post Count: 371
March 18, 2010 - 7:20 am
Your right Richard however a few of them have higher rates.
If you meet the existing client critera you can get wealth or mav package from 6.16% or the 3 rate saver / economiser.
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
March 18, 2010 - 11:22 am
Agreed a couple of them do have slightly higher rates.
Richard Taylor | Australia's leading private lender
v8ghia
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@v8ghia
Join Date: 2005
Post Count: 871
March 19, 2010 - 9:58 am
6.63% is like paying 'retail' though (or a westpac discounted rate – snicker) Essentially, most deals around this LVR will require genuine savings, and a reasonable asset position for your age. ie IF you have no savings, your assets consist of a 1983 Holden Commodore, and you have a $15k personal loan forget about it. and as far as the 'major's' go without having exisitng lending/relationship with them you could count up the likley hood of getting a 95% loan on one finger!
Cheers
FinSpec
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@finspec
Join Date: 2009
Post Count: 137
March 22, 2010 - 4:44 am
Just had an update from one of our lenders:
"It's back – 95% LVR's with NO genuine savings!"
It was only a matter of time.
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
March 22, 2010 - 5:13 am
Yes been quiet a few around doing 95% NGS for a while.
Richard Taylor | Australia's leading private lender
FinSpec
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@finspec
Join Date: 2009
Post Count: 137
March 22, 2010 - 6:47 am
They seemed to go quiet for a while – I don't come across too many borrowers that fit that category.
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
March 22, 2010 - 7:39 am
No same here but 1 lender never actually went away lol
Richard Taylor | Australia's leading private lender
bernstar
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@bernstar
Join Date: 2005
Post Count: 16
April 6, 2010 - 10:09 am
So is the 95% loan available for investment purposes or would it only be for your own property to live in?
Cheers
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
April 6, 2010 - 10:30 am
95% lvr is available for both.
In saying this you would probably need to have other assets or a PPOR with some equity in it to get a 95% LVR on an IP.
Richard Taylor | Australia's leading private lender
Sash
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@sash
Join Date: 2010
Post Count: 91
April 6, 2010 - 11:33 am
What about a 95% lvr with the CBA to construct a townhouse in the backyard of an existing IP @ 90% lvr?
Dan42
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@dan42
Join Date: 2008
Post Count: 619
April 6, 2010 - 11:10 pm
Banker wrote:
Your right Richard however a few of them have higher rates. If you meet the existing client critera you can get wealth or mav package from 6.16% or the 3 rate saver / economiser.
We were told this was only for a PPOR. Investment loans are limited to 90% with CBA.