Does anyone have a list of banks/lenders using which LMI company directly or indirectly (self insure)?
Specifically looking for banks and lenders using QBE.
Thanks!
Hi SLamdunk.
They do change – but a couple that may help are:-
ANZ use their own (ANZ mortgage Insurance)
NAB use QBE ( their sister lender Homeside, 100% owned by NAB uses Genworth however – which NAB also did up until mid-late 2006)
LMI policies, proceedures, and verifciation of the info you provide in your loan app have all become more stringent, but for now, the NAB's LMI still is 'open policy' – meaning if the bank approves your loan, then LMI is automaticall approved without needing any seperate approval. (Dont tell anyone you read that here
) Sorry, but I'm not sure who else is doing that at present – or how much longer they will be either. That is for loans up to 95%, although juast under 94% LVR will see more chance of approval, and if you do not bank with NAB and have personal debt and not much in the way of assets, you would be more liekly looking at an 85%, lend amount, or just under 90% max for the chance of loan approval.
If you could be more specific in your requirments, (or why) it may allow for less generalised comments. All the best.Recently QBE declined the valuation (90% LVR) with bankwest. Just trying to avoid banks insuring with QBE to save time.
St George have their own LMI
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
As i put on Sommersoft in answer to the same question Bank West, Suncorp, Adelaide Bank to name a couple.
In saying Gemworth are harder to deal with at the moment.
You would be better of with a lender that self insures.
Dependant on where the property is i can think of one or two.
Richard Taylor | Australia's leading private lender
I cant see an issue with Frankston and wonder why QBE said NO.
Richard Taylor | Australia's leading private lender
I believe NAB uses PMI now.
Not sure if they are related to QBE in any way, but still.
PMI changed into QBE somehow.
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
One in the same YI now.
Richard Taylor | Australia's leading private lender
Best thing is to consult a mortgage broker. The interest rates change so often, and there is no list readily available directly to a prospective borrower. You can go bank to bank though, but that will take time.
The average Bank branch johnny wouldnt have a clue as to who their mortgage insurer was so probably not going to help you there.
Richard Taylor | Australia's leading private lender
YoungInvestor wrote:I believe NAB uses PMI now.Not sure if they are related to QBE in any way, but still.
FYI Nab changed to PMI around two years ago, and QBE, who own PMI changed the name form PMI LMI to QBE LMI around 8mths ago. Not that I work at the NAB, but I can guarantee that all the banks application forms and privacy consent paperwork for LMI have referred to QBE instead of PMI for several months now. As already pointed out, unless you point blank ask your lender, and they tell you (boy you'd hope they would know, if you arent dealing with a kid or a crotchety old woman – no offene intended) it would not normally come up in your 'discussion'.
CheersDoes any one know what is acceptable LVR with QBE LMI, for a house valued at $1.2 million and located in Glenelg suburb of South Australia? Reply will be greatly appreciated as I am struggling to find.
g fin
Depending on 101 things you might get 90%.
Richard Taylor | Australia's leading private lender
) Sorry, but I'm not sure who else is doing that at present – or how much longer they will be either. That is for loans up to 95%, although juast under 94% LVR will see more chance of approval, and if you do not bank with NAB and have personal debt and not much in the way of assets, you would be more liekly looking at an 85%, lend amount, or just under 90% max for the chance of loan approval. 
You must be logged in to reply to this topic. If you don't have an account, you can register here.
