95% LVR AMP

Hello I am just wanting to get some opinions. We are about apply for a 95% lvr +lmi owner occupied home loan with AMP and I am concerned about it passing Genworth. Details are as follows: purchase price $252000. 5% genuine savings. joint application with one person same employer over 3 year and other over 7 years. Address over 2 1/2 years. Current loans 80% lvr with amp owing $55000, car loan secured $6500, boat secured $3500. 2 x cc total $5900. Cc's are in one persons name with late payments over 2 1/2 years ago but nothing since. Combined gross income $100000 approx. Amp loan has excellent repayment history did have two direct debit bounce but more money transferred same day and not late payments. Also 1 enquiry with AMP on credit file only one persons file in last 3 years for an approved equity release. Property metro and meets criteria. What are the chances of it being approved? if not approved what could be done to change outcome.

 

It's hard to say - you're at the mercy of genworth.

You would have a better chance placing the deal with a lender who has delegation to approve mortgage insurance in-house rather than passing it over to genworth.

Cheers

Jamie

 

Thanks Jamie. Being at the mercy of genworth is exactly what I am afraid of. I may look at other options.

 

Best not to apply for anything else now though - just have a plan ready and wait to hear back from amp

 

We haven't actually applied yet. I was just getting a nagging feeling if we do go ahead with our plan it may not end well. I know if it was just up to AMP they would probably approve it when they gave the go ahead for an equity release they took all the details of the next purchase into account and pretty much gave us a green light to proceed with next loan but as I say genworth I think maybe the deal killer. So just wanted to get advice before there is a hit to my credit file and decline to deal with. Thanks for you help

 

Sorry just another ? Do you think worse case scenario we could get a home loan from say liberty? I believe they underwrite there own LMI. Or maybe could I send you some details and you could have a look and see what would be possible. Thanks

 

I don't know what your servicing looks like - and the exact lvr required when you include lmi but for a high lvr deal I'd be looking at the likes of Cba personally.