Joe BlogsParticipant@joeblogsJoin Date: 2018Post Count: 9
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 thoughtsTerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
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.Corey BattParticipant@cjaysaJoin Date: 2012Post 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.