hello,
my property partner and i are having troubles financing our 2nd property. the problem is that Lenders mortgage keep knocking us back. the banks are ok.
Can anyone recommend any non- conforming lenders that dont use LMI ?
please advise
thanks
sorry, i should be a bit clearer, we only have 5% deposit, we may be able to stretch a little more but thats it!
Is the issue with the mortgage insurer based on the location of the property?
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
St George might be a possibility, they self insure, but I don’t like your chances of getting 95%!
I haven’t really found anything reasonable above 80% in the lo doc market with no LMI.
Even at 80% a lot of them charge higher entry fees, some stiff “early repayment” fees and a higher interest rate.Keep smiling
Felicity
GE are a non conforming lender with a 90% loan, no LMI. The last time I looked, the interest rate was over 10% pa. You will have problems getting over 80% I think.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you would consider living at the property then Pepper home loans would offer you a 100% home loan at 8.45% (owner occupier only). They charge a 1% settlement fee instead of LMI.
So all you need to cover are the costs.
May be your only option.
Apologies,
Pepper does charge a 2.5% LMI fee…
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