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85% No LMI?

Discussion in 'Property Finance' started by Speede, 11th Dec, 2015.

  1. Speede

    Speede Well-Known Member

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    Any bank do this?
     
  2. Hodor

    Hodor Well-Known Member

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    Last I heard yes.
     
  3. albanga

    albanga Well-Known Member

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    Pretty sure Westpac, HomeLoans and maybe a couple more are. Or if your a sports star or movie star you can get 90% No LMI from a number of lenders.
     
  4. blackenator

    blackenator Well-Known Member

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    Liberty loans to 95% lends with no LMI I think this is for investments as well
     
  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Citibank do it standard, but with all the lenders that don't insure (liberty, pepper, keystart etc) you pay via risk fees and rates.

    A good desktop val can give you a similar outcome but without the extra costs - chat to your broker about this.
     
  6. Redom

    Redom Mortgage Broker Business Member

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    Homeloans Accelerate do it (no risk fee) - although it needs to be P/I and the rate is a little off market (doesn't really work for prices below <750k).
     
  7. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Westpac promo has ended.

    Homeloans will do it as per Redom's post above - the rate can be quite high though (just under 5%)

    Cheers

    Jamie
     
  8. Redom

    Redom Mortgage Broker Business Member

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    If your a FHOB, i think westpac has a $3.5k rebate on offer for you - depending on the purchase price at that LVR, it may fully cover LMI anyway.
     
  9. Jason Tyrrell

    Jason Tyrrell Well-Known Member

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    Citibank has done it for quite a while. Other lenders mentioned have become involved too.
    When all the numbers are crunched, it is not often that one of these lenders/products is the best anyway (for loans in the 80-85% LVR range that is).
     
  10. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    What's your profession?
     
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    No LMI yes

    but there is a similarly valued risk fee

    ta
    rolf