Someone told me that Colonial are a lot more easy going in terms of lending in non-metro areas.
Are they? and if so, to what extent?
Hi Brizza
Regretfully this is not the case as CBA like everyone else have their Post Code restriction areas and are governed on the higher LVR’s to their MI’s.
If you wish to give us a Post Code of the area you are looking at i can check it out for you with the 2 MI that CBA use.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Thanks for your response.
I’m assuming that because most loans are mortgage insured, there’s no way to get around the postcode restrictions, are there any lenders who will lend favourably to non-metro areas, perhaps lenders that self-insure maybe?
Hi Brizza,
Under certain circumstances, Colonial is able to sign off on their mortgage insurance on behalf of GE and as a result they are a little more relaxed on postcodes than many other lenders (this may mean they will go to 95% in some areas where others will only go to 90%). There are a number of other lenders who don’t require mortgage insurance (they will instead charge a “risk fee”) and as a result are more able to service country areas than the majors. The main thing that you need to look for is that are a reasonable number of comparable sales in the area. I suggest you speak to a good broker about your options.
Kind Regards,
Cameron Perry
Finance Consultant
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000True No Doc 70% 6.99%
Non Recourse Commercial Loans 65% from 7.1%
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