All Topics / Finance / 90-95% Home loan – Non Genuine Savings
Anyone aware of a 90-95% + LMI Capitalisation – Non Genuine Savings Homeloan ?
Needs to be suitable for financing out of a Vendor Finance / Rental Purchase Plan
Hi TNA
I'm guessing you're trying to refinance out of a Lease with an Option? If the experts here in the Finance sub-forum can't help and your option term is running out, you may consider asking the Vendor to give you an Instalment Contract.
As a matter of interest, if it is a Lease/Option, could you give us more details?
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
To be honest, i think you will have trouble finding any lender to consider this deal/
With vendor finance your limited to really only 6 lenders- and all 6 lenders requires genuine savings….if this is not urgent, you can convert this NGS- to a genuine savings…and then you may have a chance- pending the rest of the deal’s detail.
Reagrds
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
There are a few lenders around now that will do 95% with no genuine savings. However not to finance out of a terms contract.
I deal with a number of lenders that will consider at 80% withough genuine savings.
I don' think financing out is an option available to you just yet
Hi guys,
I’ve been out of the game for 5 years or more. Back in the days before GFC, we didn’t ask for proof of savings if its 80% gearing. Has the rule book changed? Do banks require proof of savings now? That seems to be the drift I’m catching.
Thanks
Angel
Yes Angel Gen Savings required by many irrespective of the lvr.
95% lvr with NGS available but you are not getting this at 6.97%.
Neither of the main LMi companies accept refi out of a instalment contract.
I am aware of one lender who might but would depend on the rest of the deal.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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