I thought I would let people know about some recent news in the lending arena.
The mortgage insurer, Genworth (formerly GE) has released a brand new postcode list. There are a few new locations which have been added, allowing full docs, low docs and no docs in more areas.
There are rumours of a third mortgage insurance company coming back into the market. At present there are only two, and both have maximum exposure limts which greatly restricts borrowings.
There is also a possiblity of a 95% LVR Low Doc loan coming onto the market in the very near future. Details are sketchy, but I expect a high interest rate for this one.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Originally posted by terryw:There is also a possiblity of a 95% LVR Low Doc loan coming onto the market in the very near future. Details are sketchy, but I expect a high interest rate for this one.
That is an interesting piece of information and especially considering the RBA was, not long ago, encouraging lenders to be diligent with the application of lending policy and assessments.
Derek
[email protected]Property investment advice and researched property in quality locations available.
the new mortgage insurer is TMIC owned by none other than GE , not to mention our other insurer PMI 50% owned by GE , the ACCC are doing a wonderful job[angry2] but they will be releasing this 95% lo doc product shortly via its originator funds AFIG, my broker has already given the heads up on the products they look far more flexible for the self employeed
I have heard that a low doc product offering up to 95% LVR will be released next Monday. No details on the interest rates as yet.
Mortgageman
I went to a meeting yesterday regarding the new products. Rates haven’t been sorted out yet, but they were expecting a rate of around 8.50% for a 90% LVR as a low doc. This is high, but much less than the rates on existing 90% low docs.
The mortgage insurer is different to the one mentioned by Tony above. I have forgotten the name of the company now.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
I thought the TMIC was owned by Allco/Mobius.
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