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  • Profile photo of Joe BlogsJoe Blogs
    Participant
    @joeblogs
    Join Date: 2018
    Post Count: 8

    Has anyone had any experience in getting 90% or 85% interest only investment loans with no LMI? I don’t qualify based on my profession. If so, which lenders offer this? I also want the ability to draw out any equity that may occur over time. This may be a hard ask in this climate but I would appreciate your thoughts

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,110

    Yes I have done these for clients who qualify by being in a relevant profession such as lawyers or accountants or doctors. In the past I have increased someone’s existing loan to 90% LVR with no LMI. Most major banks offer these waivers.

    But the new ‘rules’ may make this more difficult as you have to overcome the cash out restrictions.

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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

    LMI exists for a reason – if there was a simple way of not having to pay it no one would!

    The only way you can is either via being in a relevent profession and meeting their criteria (doctors, lawyers, accountants and a few others), or the occassional 85% no LMI offer. The latter is generally at a higher interest rate and less desirable lender, and restricted to P&I owner occupied loans.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

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