All Topics / Finance / Refinancing at 95% LVR

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  • Profile photo of LukeWLukeW
    Member
    @lukew
    Join Date: 2010
    Post Count: 1
    October 3, 2010 - 6:30 am

    G'day

    I'm getting married in a month and as a result I now owe $20,000 on a credit card to pay for the bloody thing.

    Anyway, This means that I spend just as much on my credit card repayments each month as I do on my home loan. What I want is to consolidate it all into one (home) loan and continue paying the same amount, hopefully saving me a bunch in CC interest.

    The problem I have is that my current lender (CBA) will only do 90% of a loan and I doubt my house has increased in value enough in the last year for me to qualify for the $20,000 refinancing.

    If I could find a lender that did 95% refinancing loans then everything would be fine. Unfortunately the lenders that I've been researching will do new homes at 95% LVR but they won't refinance loans at that rate.

    I'm wondering if there are any lenders in Australia (preferably a well known one) that do?

    Thanks

    Luke

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 4, 2010 - 5:21 am

    The trouble is the LMI would kill you (assuming you could find such a bank). About 3% of the loan amount.

    Have you thought about using a balance transfer on a another credit card. eg. suncorp was offering 2.99% on balances transferred for the life of the balance. This would work out much cheaper.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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