95% LVR Refinance?

Viewing 11 posts - 1 through 11 (of 11 total)

Celco
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@celco
Join Date: 2004
Post Count: 10
June 17, 2005 - 11:50 am
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!
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
June 17, 2005 - 12:17 pm
It would be cheaper to stay with the current loans. The LMI premium alone would eat up most of the benefit if not all!
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pfsfinance
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@pfsfinance
Join Date: 2004
Post Count: 171
June 17, 2005 - 12:55 pm
You will find it is actually the Mortgage Insurers that won’t allow a 95% refinance. The most the Mortgage insurers allow is 90%
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Stuart Wemyss
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@stuart-wemyss
Join Date: 2003
Post Count: 598
June 17, 2005 - 12:59 pm
I believe that ANZ will do a 95% refinance.
Cheers
Stu
Robbie B
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@robbie-b
Join Date: 2004
Post Count: 2,493
June 17, 2005 - 1:21 pm
Sorry Kez, you can get 95%.
TMA
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brahms
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@brahms
Join Date: 2004
Post Count: 485
June 18, 2005 - 1:35 am
yep, anz will do 95% and cap MI to 97%.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbane
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 18, 2005 - 11:24 am
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
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Robbie B
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@robbie-b
Join Date: 2004
Post Count: 2,493
June 18, 2005 - 12:11 pm
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.
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agent smith
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@agent-smith
Join Date: 2003
Post Count: 22
June 18, 2005 - 12:21 pm
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]
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
June 19, 2005 - 7:40 am
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
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Celco
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@celco
Join Date: 2004
Post Count: 10
June 19, 2005 - 9:29 am
thanks alot for the help guys