All Topics / Help Needed! / Does anyone know which lenders allow you to capatlise their LMI to the mortgage?

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  • Profile photo of stevo81stevo81
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    @stevo81
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    September 8, 2010 - 6:26 am

    ???

    Profile photo of BankerBanker
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    September 8, 2010 - 6:30 am

    Major 4 and most others- as far as I am aware…

    Profile photo of LHLH
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    @lh
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    September 8, 2010 - 8:40 am

    Hi Stevo,

    I've found Suncorp to be the least resistant. They will allow 95% plus full capitalisation of LMI (so effectively a 99% LVR).
    Of the 4 majors Homeside (NAB) don't cap LMI…
    The majors also have restrictions to the LVR they will allow you to go to (must be existing customer etc) whereas Suncorp don't.

    Profile photo of Richard TaylorRichard Taylor
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    September 8, 2010 - 9:29 am

    Neither NAB nor Anz will capitalise LMI over and above 95% on policy.

    Bank West are another lender who allows LMI and there are a couple more.

    Richard Taylor | Australia's leading private lender

    Profile photo of LHLH
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    September 8, 2010 - 9:32 am

    ANZ just changed policy and will allow a 2% cap LMI at 95% LVR (existing credit customers only for 95%), although you have to cap all of the LMI, so it's more like 93% + cap LMI.

    Profile photo of Richard TaylorRichard Taylor
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    September 8, 2010 - 11:46 am

    Yes Lincoln thats why i mentioned it was max 95%.

    There are other qualifying criteria also for the 90% + Anz existing customers.

    Richard Taylor | Australia's leading private lender

    Profile photo of LHLH
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    September 9, 2010 - 4:47 am

    Hopefully they keep this new LVR policy too!

    Profile photo of amazingjefferyamazingjeffery
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    September 9, 2010 - 6:42 am

    Just secured a loan with RAMS 95% + LMI capped.

    Anyone have any issues with RAMS in the passed.  I have read reviews they were bad a few years ago but are now alot better since westpac took there reigns?

    Profile photo of Richard TaylorRichard Taylor
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    September 9, 2010 - 12:38 pm

    Wow if the LMI is 4% on a 95% lvr i think i would certainly be going elsewhere.

    Also most Brokers charge no brokerage fee so using one does not cost you more.

    Richard Taylor | Australia's leading private lender

    Profile photo of Graeme FreerGraeme Freer
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    @freerenterprise
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    September 9, 2010 - 2:26 pm

    Richard –  I'm talking about 97% LVR + 2% LMI capitalised = 99%.
    Never heard of 4% LMI and you would know there are only two mortgage insurers left in Aust.

    Regards

    Graeme Freer | Freer Property and Finance
    http://www.freerpropertyandfinance.com
    Email Me | Phone Me

    Buyers Agent

    Profile photo of Richard TaylorRichard Taylor
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    September 9, 2010 - 9:44 pm

    Ok 97% plus + LMI is still available so is 90% with NO LMI.

    Actual more than 2 Mortgage insurers left but we wont argue over it.

    Richard Taylor | Australia's leading private lender

    Profile photo of stevo81stevo81
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    September 9, 2010 - 11:56 pm

    Who is offering 90% LVR with no LMI?

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    September 10, 2010 - 6:06 am

    Couple of mortgage managers.

    Richard Taylor | Australia's leading private lender

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