I'm hoping someone can assist me, I am looking for a bank that will lend to 90% and allow the 10% deposit to be borrowed from another source. Its for PPOR. Ideally it would be a loan product that capitalises LMI or comes with a credit card that allows further borrowing to cover LMI. Does anyone know of a lender that can accommodate this? …. It needs to also be suited to a construction (land and construction) in a main regional location.
You have several options here. Many banks will do non genuine savings to 90% plus LMI.
If you have been renting for 12 months – there are many banks that will consider this as genuine savings.
You have a few options so compare the products and see which ones works out best. There may be other factors you need to consider like servicing etc as generally those lenders that do 90% plus LMI non genuine savings have conservative servicing. There is only one lender that does this and has good servicing but you need to ensure that the application is strong as they have hard credit scoring.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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Off the top of the noggin.
Bankwest if you want LMI capped
NAB and Homeside – but don't go above 90% with either, credit scoring becomes harsh and rate with Homeside increases.
From memory, Suncorp as well.
STG, WBC and CBA if you've been renting previously.
There's probably others that I've missed.
Hope that helps.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Or alternatively take the stress and strain out of getting it wrong and contact Jamie and get a Professional on your side.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks for your assistance guys, BankWest looks like a goer.
No Steve! Do a proper analysis before choosing a lender. Bankwest has terrible servicing and quite frankly terrible policies.
Regards
Shahin
TheFinanceShop | Elite Property Finance
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It depends. I'd argue that terrible servicing is a good thing if Bankwest is the first lender Steve chooses. You might as well use up the poor servicing lenders first before moving onto the more generous. Best to leave them for when servicing is becoming tight.
Only time that it might come back to bite is if Steve accumulates a few properties and decides to tap into the equity in the Bankwest held property.
I personally don't like dealing with Bankwest because their processes are painful when assessing a deal – but I think they have their place. I'm just about to write a 95% + uncapped LMI deal for a FHB this morning. That's once area where Bankwest is good – especially since ING aren't doing them anymore.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Steve. Agree with Richard – talk to Jamie or Richard who have experience in loans and experience in securing loans from Banks, rather than trying to do it yourself. Banks love the inexperienced walking in alone.
Cheers
thecrest
thecrest | Tony Neale - Statewide Motel Brokers
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Must admit i would use Bank West as my lender of last resort.
Doing a top up with them at the moment for a forum member and i cannot believe how cumbersome the process is.
If it wasn't in the clients best interest to do so i would be refinancing he whole deal and starting again.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Same – I try not avoid them.
I just placed a deal with them on Friday – went over it 5 times before submitting to ensure that everything is 100% perfect. Let's see how long it takes to get approved- probably a couple of weeks
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I need to give Bankwest a wrap (there's a first time for everything). Placed a 95% + LMI deal (effectively making it 98.5%) with them on Friday afternoon and went formal this morning. It's not a groundbreaking effort when compared to some other lenders but it is for Bankwest – we were happy with the result.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Steve – Jamies only gave you a "general " list of lenders that might do the deal…- Do yourself a favour and contact Jamie so that he can carry out a proper analysis.
Regards
Michael
Mick C | Shape Home Loans
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Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
I agree. Give Jamie a buzz. Don't bother hunting around for finance yourself, all you will achieve is getting a few rejection stamps on your credit file making it harder and harder each time. The likes of Jamie and Richard put deals together like this all the time and know exactly which bank will say yes to your application, and with the most favourite circumstance.
Just in case you were unaware, you do not have to pay a broker a fee. The bank does. So really and truly nothing to be gained by attempting to play DIY mortgage broker on your part. Give Jamie a buzz.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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