All Topics / Finance / 85% finance

Viewing 13 posts - 1 through 13 (of 13 total)
  • Profile photo of keikokeiko
    Participant
    @keiko
    Join Date: 2008
    Post Count: 513

    Would there be any banks still doing 85% loans No LMI

    Profile photo of Michael.LeeMichael.Lee
    Participant
    @michael.lee
    Join Date: 2009
    Post Count: 106

    Gidday Keiko,

    Yes, however it will come down to the strength of your application which includes both the unchangeable material facts, which lenders are approached for the deal, your buying power and how your story is pitched.

    I just posted a moment ago about truly independent mortgage brokers. It's worth kicking some tyres there and asking them what they think your chances are.

    Kindest regards,

    Michael

    Profile photo of keikokeiko
    Participant
    @keiko
    Join Date: 2008
    Post Count: 513

    Thanks Michael. I wouldn't have a problem with getting 90% if I wanted. More interested to know which banks are still doing 85% No LMI,
    I believe citibank is still doing it, but I have heared there service is crap.

    Does anyone know if ING Direct are still doing 85% No LMI or is there any other banks?

    Cheers

    Profile photo of Michael.LeeMichael.Lee
    Participant
    @michael.lee
    Join Date: 2009
    Post Count: 106

    Sorry Keiko. I was answering your question. 85% no LMI is possible still subject to my earlier comments.

    Cheers,

    Michael

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Keiko

    No hate to say neither Citibank or ING are offering it anymore.

    ING operate a REF instead of LMI which can be slightly cheaper although comes with certain conditions depending on the property
    location and stability of the clients residency / employment history.

    Yes 90% is available with No LMI subject to the strength of the borrower.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    ING have a REF fee on some products instead of LMI. cheaper.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hey Terry keep up old mate.

    I posted that 1 minute earlier lol.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    "Gidday" Richard!

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of keikokeiko
    Participant
    @keiko
    Join Date: 2008
    Post Count: 513

    Thanks everyone.

    Richard do you know what ING's REF rate would be – 85% loan, property val $400,000

    Cheers 

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Keiko

    Sure it would be $2958.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of keikokeiko
    Participant
    @keiko
    Join Date: 2008
    Post Count: 513
    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Keiko

    REF might be cheaper than standard LMI but are you ever planning on taking the loan up to 90% in the future for an equity release? If so, ING aren't a good option – they'll restrict the cashout to $5k if the LVR is above 85%

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of cubman09cubman09
    Participant
    @cubman09
    Join Date: 2009
    Post Count: 37

    Hi Keiko,

    Also, with 85% you could have LMI as you also wont need to demonstrate 5% genuine savings and may be able to obtain the LMI from family etc.

    AM

Viewing 13 posts - 1 through 13 (of 13 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.