New investor – loan structure | Page 2

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PFrankyX
Member
@pfrankyx
Join Date: 2012
Post Count: 33
May 11, 2012 - 3:10 am
Interesting fact, i never considered that actual value of the LMI, only the LVR and just assumed the higher the LVR% the higher the cost.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 11, 2012 - 4:42 am
Not at all.
A 90% lvr on a $300K purchase could be significantly less than a 82% lvr on a $650K property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
RF Cowman
Member
@rf-cowman
Join Date: 2012
Post Count: 6
May 11, 2012 - 4:43 am
PFrankyX wrote:
Interesting fact, i never considered that actual value of the LMI, only the LVR and just assumed the higher the LVR% the higher the cost.
Ahh yes…….The Devil is in the detail!
Sometimes Bankers & Brokers can just be lazy…..and hence them not wanting to/not recommending spliting the loans for you (as it will mean more paper work, which means more of their time). Other times they don't know any better. But as you've found out it's pretty easy to get a second opinion (or opinions in this case) so hopefully you can ensure the jobs done right!
gibbo1
Participant
@gibbo1
Join Date: 2008
Post Count: 152
May 11, 2012 - 11:09 am
I think Jamie's first comment in this thread sums up a few people's views on the current broker…run from him
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 11, 2012 - 11:48 am
gibbo1 wrote:
I think Jamie's first comment in this thread sums up a few people's views on the current broker…run from him
Yep – it's clear they don't quite understand simple investment structures.
The good thing is that Franky seems to be a quick learner so I'm sure he/she would have worked this out by now.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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