Total Members: 158,199

BBPerth

  • BBPerth replied to the topic Mortgage Insurance Query in the forum Finance 11 years, 1 month ago

    Hi,

    Although I understand what Cross Collaterisation is, I am unable to tell if this is what the bank has done based on what I am reading in my loan documents (I am in the process of checking with my broker though…)

    Investment loan 1 was taken out about 5 years ago…interest only
    When investment loan 2 was taken out 6 months ago…I was sent…[Read more]

  • BBPerth replied to the topic Mortgage Insurance Query in the forum Finance 11 years, 2 months ago

    Yes, I have always gone through a broker.

  • BBPerth replied to the topic Mortgage Insurance Query in the forum Finance 11 years, 2 months ago

    Thanks very much for the info Shahin.

    Next time, so next time I need to ensure I pay LMI on each loan individually.

  • BBPerth replied to the topic Mortgage Insurance Query in the forum Finance 11 years, 2 months ago

    Property 1 – Loan limit $353,000. Valuation 6 months ago $450,000
    Property 2 – Loan limit $440,000. Valuation 6 months ago $430,000

  • BBPerth replied to the topic Mortgage Insurance Query in the forum Finance 11 years, 2 months ago

    Hi Shahin,

    Yes it is 2 separate properties, each with different loans setup.
    According to the last valuation, the first property is valued at approx $450,000 and the second (newly purchased) is still valued at pretty much the same as the loan amount.

    Thanks for your response, I know this is a very general topic, however I want to ensure I…[Read more]

BBPerth

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