85% finance

Viewing 13 posts - 1 through 13 (of 13 total)

keiko
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@keiko
Join Date: 2008
Post Count: 513
June 7, 2012 - 12:38 am
Would there be any banks still doing 85% loans No LMI
Michael.Lee
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@michael.lee
Join Date: 2009
Post Count: 106
June 7, 2012 - 12:44 am
Gidday Keiko,
Yes, however it will come down to the strength of your application which includes both the unchangeable material facts, which lenders are approached for the deal, your buying power and how your story is pitched.
I just posted a moment ago about truly independent mortgage brokers. It's worth kicking some tyres there and asking them what they think your chances are.
Kindest regards,
Michael
keiko
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@keiko
Join Date: 2008
Post Count: 513
June 7, 2012 - 9:04 am
Thanks Michael. I wouldn't have a problem with getting 90% if I wanted. More interested to know which banks are still doing 85% No LMI,
I believe citibank is still doing it, but I have heared there service is crap.
Does anyone know if ING Direct are still doing 85% No LMI or is there any other banks?
Cheers
Michael.Lee
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@michael.lee
Join Date: 2009
Post Count: 106
June 7, 2012 - 10:17 am
Sorry Keiko. I was answering your question. 85% no LMI is possible still subject to my earlier comments.
Cheers,
Michael
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
June 7, 2012 - 10:30 am
Keiko
No hate to say neither Citibank or ING are offering it anymore.
ING operate a REF instead of LMI which can be slightly cheaper although comes with certain conditions depending on the property
location and stability of the clients residency / employment history.
Yes 90% is available with No LMI subject to the strength of the borrower.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 7, 2012 - 10:31 am
ING have a REF fee on some products instead of LMI. 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
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
June 7, 2012 - 11:06 am
Hey Terry keep up old mate.
I posted that 1 minute earlier lol.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 7, 2012 - 11:08 am
"Gidday" Richard!
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
keiko
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@keiko
Join Date: 2008
Post Count: 513
June 8, 2012 - 1:33 am
Thanks everyone.
Richard do you know what ING's REF rate would be – 85% loan, property val $400,000
Cheers
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
June 8, 2012 - 3:04 am
Hi Keiko
Sure it would be $2958.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
keiko
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@keiko
Join Date: 2008
Post Count: 513
June 8, 2012 - 3:44 am
Thanks
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
June 8, 2012 - 6:31 am
Hi Keiko
REF might be cheaper than standard LMI but are you ever planning on taking the loan up to 90% in the future for an equity release? If so, ING aren't a good option – they'll restrict the cashout to $5k if the LVR is above 85%
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
cubman09
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@cubman09
Join Date: 2009
Post Count: 37
June 8, 2012 - 10:07 am
Hi Keiko,
Also, with 85% you could have LMI as you also wont need to demonstrate 5% genuine savings and may be able to obtain the LMI from family etc.
AM