90% LVR, >2M loan PPOR

Discussion in 'Loans & Mortgage Brokers' started by Swampy, 26th Feb, 2020.

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  1. Swampy

    Swampy New Member

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    Looking to borrow ~2.2M at ~90% LVR to purchase PPOR in inner Melbourne.

    My wife and I are PAYG employees with strong incomes but not in qualifying professions for LMI waiver. Spoke to bank (HSBC), no problem with serviceability of loan but they're saying it is hard for them to get LMI approved from their insurer above 1.5M loan amount.

    Any suggestions on lenders with good offers for 90% LVR at this loan amount? We could wait another 12 months to build savings and get to 80% LVR, but would prefer to get in earlier if we can find the right lender.
     
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Definately a issue for a mortgage broker. Thats a big loan for LMI.
     
  3. Morgs

    Morgs Well-Known Member Business Member

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    I've got a similar scenario at the moment. At this level QBE is out and it is also above what Westpac group (private may be another matter) and ANZ will consider. CBA may be an option but just keep in mind that Genworth will be brutal so you'd need to make sure everything is tight with both their policy and CBA's.

    Also, LMI is going to be astronomical ($60K+)!
     
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member

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    NAB

    ta
    rolf
     
  5. Morgs

    Morgs Well-Known Member Business Member

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    Could also work... one will just need to make sure they're prepared for NABs system based credit scoring at 90%+ LVR
     
  6. Swampy

    Swampy New Member

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    Thanks all for the responses and tips. On NAB, any guidance on what’s different about their system based credit scoring?
     
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member

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    Agreed

    Thats why we will always ask for a credit report and score before even talking to clients in that space

    While NAB have DUA to 2.5, as u allude, anything post 90 can be VERY hit and miss. 90 inc lmi is reliable.

    We will only ever use NAB as a lender of last resort.....................for other reasons, which I wont touch in public.

    Other lenders with more limited DUAs may still be worth a look as are those that "self insure" , but low volume lenders that use QBE are limited to 1200k unless they have an agreement, and woth Genworth typically a little higher at 1500 k.

    ta

    rolf
     
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  8. Peter Pakarinen

    Peter Pakarinen Member

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    Could try AMP they don't mind this stuff.