Hello we have a property on the market at the moment and if it sells we will have $110000 to invest in a couple of smaller properties rather than having all our eggs in one very questionable basket.
Is it still possible to get 95% finance with mortgage insurance??
We are also looking at buying a block of land to build on for ourselves is it possible to get 90% finance on vacant land.
Thanks
NatHi Nat
Yes 95% is still available (just) although lending conditions are fairly stringent.
You would want to have good credit history, employment & residency longevity.
Richard Taylor | Australia's leading private lender
Hi Macnatt
You would also need to show you are able to reduce debt on your credit cd if you have one; meaning it is not maxed out and you are conscious of being able to comfortably reduce it.
Numerous enquiries on your CRA wouldn't help. If your after 95% LVR you would need to have far less activity than someone after a lower LVR. EXCELLENT JOB, very stable employment, If you have shown a capacity for savings as Richard suggests even better.
All up at 95% LVR if you can convince the LMI your " GOD " your'e in with a chance!!!Hydra
Thanks guys bt what about the vacant land canyou get 90% LVR on this??
Hi Nat,
You can – but if you have personal debt, numerous CRA enquireis, and a minimal savings & assets for get about it.
Banks you are looking at the NAB and its subsiduries, or else some credit unions (although not a popular option for many still it seems) to get 95% on res property.
Some may feel you can get 95% anywhere, but quite simply it is not so. ….remembering virtually every mortgage in Australia at the moment is done wiht one of the 'big 4' banks or St.George.
I would think if you showed the 5% deposit and (tangible) assets of $100-150k or so as it appears you will have you will acquire thr LVR you mention.
All the best with the sale and your investing journey!
CheersYes Vacant Land is acceptable but again not enough data to provide a recommendation.
Richard Taylor | Australia's leading private lender
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