90% LVR Investment property Loan

Discussion in 'Loans & Mortgage Brokers' started by seadogg14, 6th Jan, 2020.

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  1. seadogg14

    seadogg14 Well-Known Member

    Joined:
    10th Apr, 2019
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    Location:
    gladstone
    Looking at vendors who are doing 90% LVR IP loans and got a reply from one who said that they can do 90% LVR inclusive of LMI.
    Say for a IP worth $450000 ,and an approximate LMI of $8000 what will my minimum deposit amount work out to.
     
    seadogg14, 6th Jan, 2020
    #1
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
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    Location:
    03 9877 3000
    Simple estimate is as follows:
    10% deposit
    2% LMI
    5% stamp duty & costs - this varys from state to state.

    So you need about 17% of the purchase price in total.

    More specifically for a purchase of $450k in QLD, you'd need about $71k in total. I'd budget $75k to be certain.
     
    Peter_Tersteeg, 6th Jan, 2020
    #2
  3. Marty McDonald

    Marty McDonald Mortgage broker Business Member

    Joined:
    22nd Jun, 2015
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    880
    Location:
    Sydney North Shore and Norther beaches
    Or 90% + LMI
    ... then $8K or whatever less but interest rate may be higher.
     
    Marty McDonald, 7th Jan, 2020
    #3