All Topics / Finance / Know a finance provider ? i want to borrow 90% value but not pay LMI

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  • Profile photo of Jake TJake T
    Participant
    @jake-t
    Join Date: 2007
    Post Count: 4

    Hi,

    This is for a residential property investment.

    Can anyone help put me in contact with such a provider? I assmue their will be a provider out there willing to engage?

    Thanks
    Jake

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

    If you’re in a certain profession or an employee of a lender perhaps.

    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 Jake TJake T
    Participant
    @jake-t
    Join Date: 2007
    Post Count: 4

    Jamie – thanks,
    Do you have a contact?
    Regards
    Jake

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

    Hi Jake

    I’m a mortgage broker – I have lots of contacts in the finance world :-)

    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 Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    Do you think anyone likes to pay LMI? ;)

    Certain professionals and lender employees can get 90% no LMI on their loans as the lender must view them as low risk/valuable customers.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
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    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of tommytuckertommytucker
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    @tommytucker
    Join Date: 2010
    Post Count: 82

    LMI isn’t that big a deal is it? A couple of thousand generally…just pay it and say thanks for the hundreds of thousands you’ve bequeathed to me.

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

    You will have to pay LMI if you borrow oer 80%, however there are some lender which waive LMI for certain professions at loans up to 90%, including refinancing.

    These professions include:
    Medical doctors
    Pharmacists
    Dentists
    Vets
    Accountants -CA or CPA qualified
    Lawyers
    Engineers
    Quantity surveyors

    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
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    There are also a few other requirements other than just your Professional requirements.

    Minimum income etc.

    LMI is a Tax deductible expense however I agree if you can avoid paying it all well and good.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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

    Also think it was a few years since Tommy last purchased as LMI premiums have gone up rapidly and for a loan over 300K it is certainly more than a couple of thousand.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    If you pay 10k in LMI and break it down as follows it seems less nasty;

    $10,000 x 5% = $500/52 = $9.61/week in interest payments which is tax deductible.

    So about $6/week out of pocket for the average wage earner.

    • This reply was modified 9 years, 7 months ago by Profile photo of Colin Rice Colin Rice.

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
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    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

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

    That coupled with the fact that the premium itself is deductible over 5 years or the term of the loan whichever is lesser.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Also add to that list professional athletes and people from the entertainment industry. They too are eligible for 90% no LMI.

    Alternatively you can try Citibank at no LMI for 85% LVR.

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

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

    Also add to that list professional athletes and people from the entertainment industry. They too are eligible for 90% no LMI.

    That’s pretty cool – I didn’t know about the entertainment industry – then again, there aren’t too many celebs in Canberra :-)

    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

    No and politicians definitely aren’t exempt.

    In fact they get charged double lol.

    Cheers

    Yours in Funance

    Richard Taylor | Australia's leading private lender

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    You are actually lucky to be located in Canberra Jaime because Politicians can get the 90% LMI waiver too.

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
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    Residential and Commercial Brokerage

    Profile photo of KevKev
    Participant
    @kvnsngh
    Join Date: 2014
    Post Count: 3

    Is there any Financial Institution that can lend against Investment Properties in USA?

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

    Hi Kev

    None in Aus that I know of – but must admit, US investing isn’t my forte.

    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 TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    No Australian institution would lend secured by overseas property because of the different jurisdictions – enforcement and taking possession of the property etc would all be under American law and therefore complex and costly.

    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 RedwoodRedwood
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    @redwood
    Join Date: 2013
    Post Count: 340

    Is there any Financial Institution that can lend against Investment Properties in USA?

    As Tezza said – no Australian institution will that I am aware of however there are US lenders that will lend to Aussies. We do the SMSF side which is quite complex, however you can buy in your personal name and get a loan from a US lender too….

    Cheers, Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
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    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

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

    You are actually lucky to be located in Canberra Jaime

    Haha – first time I’ve heard those words….and from a Sydney sider!

    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]

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