Cheers Jamie and Richard.

You can achieve the same result with variable, however as mentioned better ways to skin that cat.

If you pay 10k in LMI and break it down as follows it seems less nasty;

$10,000 x 5% = $500/52 = $9.61/week in interest payments which is tax deductible.

So about $6/week out of pocket for the average wage earner.

Will be accepted by some lenders accompanied with a letter from the employer stating the amount and purpose of allowance.

Got one through at 80% with NAB today with maternity leave and letter from employer stating job available at duration of leave. Other applicant was in a long term PAYG employment.

Would be necessary for husband to be in PAYG contract employment to have a chance IMO.

Would be interested to hear the outcome (and lender) if you get it through at…[Read more]

1. Reasonable and quality does vary so go with a recommendation from someone who is “in the know”.

2. Broker that understands IP loan structures. Most on here will be able to assist.

3. Go with Richards recommendation.

I find many accountants are clueless in loan structures and often give the opposite advice required.
You will find some…[Read more]

http://www.brokernews.com.au/news/breaking-news/lmi-portability-already-a-reality-genworth-82912.aspx

The article seems vague and appears to be a bit of a filler with no substance. Good luck trying to get a refund.

Most banks will not do another valuation for 3+ months from purchase. Some 6 months and some will use the same val for up to 12 months from my experience.

You could purchase via one bank and get a val from another but sounds like you will be in LMI territory so the costs of moving would not be worth the excersize.

Yep, the banks that allow that apply the same policy.

Actual of other banks debt but debt with AMP is sensitised at 7.5% currently.

Yep that’s correct.

AMP assessment rate is 7.5% where as the same loans will be calculated at actual rate via NAB calculator at actual repayments. For example 5% interest only payments which can and does make all the difference in many instances.

To clarify I’m not recommending NAB as other banks have the same policy it is just an example…[Read more]

Hi jcso99,

Serviceability will comprise of rental income plus any other income usually from salary or business income.

Rental income plus salary/business income minus living expenses, tax, credit cards (2.5 -3% of limit), car repayments, personal loans, child maintenance etc will leave you with a net surplus.

If the net surplus is less than…[Read more]

Credit file available form http://www.mycreditfile.com.au

Free version is available with a 5-10 day turnaround time or a paid version is available within 24 hours.

1. He probably didn’t realise CNY and RMB are the sane as most banks refer to it as CNY? Yes there are other options available but further research would be required to determine who else will go to 90% LVR beside St George.

2. Max exposure is the limit of $ they will lend to you. The trust is a vehicle and you are the driver. Banks look who the…[Read more]

May I ask who the lender is you approached?

Also the value of the unpaid default?

Is the 25k being used to pay costs such as stamp duty and settlement costs as well as the deposit?

Thanks.

They look fine to me.

With the email tag it may not work in other formats other than outlook as it didn’t work in mine?

My host is google mail as in gmail BTW and may not work in other popular free emails such as hotmail etc.

Also noticed the email hyperlink does not work, or is it because I’m using Google Apps for Business ;)