All Topics / Finance / 95% LVR Refinance?

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  • Profile photo of CelcoCelco
    Participant
    @celco
    Join Date: 2004
    Post Count: 10

    Hi,

    I have a client who would like to refinance 95% on their o/occ property. The purpose is to mainly consolidate personal loans and c.cards. I’ve had a search and most major banks only allow up to 90% + LMI.
    can any brokers here recommend any semi-mainstream lender who will go up to 95%?

    Thanks!

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    It would be cheaper to stay with the current loans. The LMI premium alone would eat up most of the benefit if not all!

    The Mortgage Adviser


    http://www.themortgageadviser.com.au
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    Profile photo of pfsfinancepfsfinance
    Member
    @pfsfinance
    Join Date: 2004
    Post Count: 171

    You will find it is actually the Mortgage Insurers that won’t allow a 95% refinance. The most the Mortgage insurers allow is 90%

    State Manager
    0425 358 293

    Wholesale Mortgage Lender that deals only with brokers.

    20 years in Finance Industry

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    I believe that ANZ will do a 95% refinance.

    Cheers

    Stu

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
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    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485

    yep, anz will do 95% and cap MI to 97%.

    cheers

    brahms
    Purveyor of Fine Finances
    aka Mortgage Broker Brisbane

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I enquired with ANZ before about this and they stated could only do 95% to bring the loan upto the original level – can not borrow more. (I have had conflicting advice from them more than once however).

    I’ve also heard Royal Guardian can do refinance up to 95%, tho not used them. And also the new First Mac products may also allow this.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    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

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    It is becoming more common. I would prefer lending to someone with a history at such high LVRs than someone without any history such as a first time purchaser.

    TMA


    http://www.email4money.info
    Essential Links
    First Home Buyer Website


    Profile photo of agent smithagent smith
    Participant
    @agent-smith
    Join Date: 2003
    Post Count: 22

    I just completed a 95% refinance on an IP with ANZ. The property was purchased in November 04 (with 90% LVR). Revalued and refinanced in May 05 to 95% LVR (after renovations etc). LMI was about $1200ish (low because I already paid LMI at initial purchase).
    Seemed easy enough![biggrin]

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    My understanding of the ANZ product was the same as Terry’s.

    95% is no problem and you can capitalise LMI but they will only do if it is 1 loan and not a consolidation of many loans.

    First Mac will do 95% refinance too on multiple loans.

    Cheers Richard
    richard at castlewhite.com.au
    Email me for details of our Qld wrap CD which gives you a full Installment Contract.

    Richard Taylor | Australia's leading private lender

    Profile photo of CelcoCelco
    Participant
    @celco
    Join Date: 2004
    Post Count: 10

    thanks alot for the help guys :)

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