All Topics / Finance / LVR for minng towns

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of BennyteeBennytee
    Participant
    @ten_burner
    Join Date: 2006
    Post Count: 243
    May 1, 2011 - 11:28 am

    Hi guys

    I was wondering what the likely LVR I can expect the bank to offer on a House or unit in (mining town) Port Hedland and for mining towns in general

    thanks in advance

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 1, 2011 - 11:40 pm

    There are mining towns and mining towns.

    90% is doable even 95% if you were living in the property whilst you worked in the mines but like anything depends on the rest of the deal.

    Cheers

    Yours in Finanec

    Richard Taylor | Australia's leading private lender

    Profile photo of BennyteeBennytee
    Participant
    @ten_burner
    Join Date: 2006
    Post Count: 243
    May 2, 2011 - 7:45 am

    Thank Richard

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    May 3, 2011 - 3:09 pm

    It depends on the area. some Mining towns has max 70% …some at 95%-

    Give us the postcode and i can give you the list of max LVR with some of the top lenders.

    Note: mining towns where banks will lend openly at 95% = normally means a safe town :)

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 3, 2011 - 10:19 pm

    Hi ten burner

    If you google LMI and the post code you’ll find the post code categories used by Genworth and QBE

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Greg ReidGreg Reid
    Member
    @greg-reid
    Join Date: 2008
    Post Count: 91
    May 3, 2011 - 11:20 pm

    One of the issues with mining or remote towns if it is an investment property and you are into revalue and refinance strategies is obtaining a decent valuation. Comparable sales are often difficult to obtain and values can drop significantly in a short space of time.
    Good luck in investing.
    Greg

    Profile photo of BennyteeBennytee
    Participant
    @ten_burner
    Join Date: 2006
    Post Count: 243
    May 7, 2011 - 9:10 am

    Thanks guys you have been most helpful

    Hey Shape I sent you a PM

Viewing 7 posts - 1 through 7 (of 7 total)

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