All Topics / Finance / Income Protection – Borrowing Above 80% LVR

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of propertygirl1988propertygirl1988
    Participant
    @propertygirl1988
    Join Date: 2013
    Post Count: 31
    June 3, 2014 - 4:23 pm

    Hi,

    Unfortunately my health is quite poor with little hope of being able to return to work as a financial planner. I have consulted with numerous specialists who confirm the above.

    My MLC policy lasts until age 65 – I’m currently 33. $48,250 indexed to inflation.

    When I have applied for finance with the Bendigo Bank they said Genworth wont accept Income Protection as an acceptable form of income.

    Does anyone know a way I can borrow above 80% on income protection payments?

    Thanks

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 3, 2014 - 9:24 pm

    Hi Property

    Sorry to hear about the state of your health that is never good.

    To be honest I think you will struggle to find any conventional lender go above 80% lvr with only income protection as evidence of income.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    June 3, 2014 - 9:28 pm

    Hi propertygirl

    Sorry to hear of your situation.

    I’m with Richard.

    I’ve been thinking about this since you posted it – and I’ve gone over a few lender policies but just can’t find a fit for it above 80%

    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 Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 4, 2014 - 12:21 am

    There are a couple of co-op’s who might look at it or someone like Breeze finance but in the main I think it is going to be too tricky,

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of propertygirl1988propertygirl1988
    Participant
    @propertygirl1988
    Join Date: 2013
    Post Count: 31
    June 8, 2014 - 2:32 am

    Hi Jamie,

    That’s ok, I appreciate you looking into this for me.

    Thanks
    Saraya

    Profile photo of propertygirl1988propertygirl1988
    Participant
    @propertygirl1988
    Join Date: 2013
    Post Count: 31
    June 8, 2014 - 2:35 am

    Hi Richard,

    Thanks for your suggestions. Health is quite poor at the moment but when the time comes to purchase a property above or below 80% LVR lll be in touch.

    Take care
    Saraya

Viewing 6 posts - 1 through 6 (of 6 total)

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