Can it be done?

Discussion in 'Loans & Mortgage Brokers' started by John Fish, 26th Jul, 2016.

Join Australia's most dynamic and respected property investment community
  1. John Fish

    John Fish Active Member

    Joined:
    8th Apr, 2016
    Posts:
    34
    Location:
    Paradise QLD
    Hi Ladies and Gents,

    I was hoping some of you might be kind enough to take a look at the below scenario and provide some input?

    Currently own I/P $270K Val by suncorp panel val 2 months ago
    Currently owe $226K
    Currently renting and would like to purchase a ppor $250K max spend.

    Refinance current loan back up to 90% Split $226K + $17K minus $4K for LMI (unless I can cap LMI?)

    $13K deposit to purchase PPOR from refi.
    $12.5K 5% deposit
    $ 7K LMI (Can this be cap?)
    $3K Stamp duty

    If I can't cap LMI I'll need to tip in $9.5K cash
    If I can cap LMI I'll be sweet?

    Thank you in advance.

    Cheers
    John Fish
     
    John Fish, 26th Jul, 2016
    #1
  2. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,685
    Location:
    Perth WA + Buderim Qld
    Some lenders will cap up to 99% for a PPOR - Bankwest, Liberty - BoQ used to but not 100% if they still do.

    With these lenders you'll be fine, assuming your credit file is perfect and servicing is there.
     
    Jess Peletier, 26th Jul, 2016
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,649
    Location:
    Gold Coast (Australia Wide)
    On the assumption that your serviceability and score fits, the LVR side is achievable, but not all lenders that cap above 95 have their own LMI approval and need to pass it to the LMI provider.

    What that means is that while the Lender is ok with the deal, sometimes the LMI provider is not

    ta
    rolf
     
    Rolf Latham, 26th Jul, 2016
    #3
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,980
    Location:
    Canberra, Brisbane and Sunshine Coast
    Hi John

    Your best chance of getting this done is to hit up one of the guys above - you'll be in good hands.

    Cheers

    Jamie
     
    Jamie Moore, 26th Jul, 2016
    #4
  5. tobe

    tobe Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,814
    Location:
    Melbourne
    plus Auswide, Rams, Mystate.
     
    tobe, 26th Jul, 2016
    #5
    Jess Peletier likes this.
  6. Colin Rice

    Colin Rice Mortgage Broker Business Member

    Joined:
    9th Jul, 2015
    Posts:
    3,184
    Location:
    Perth
    and Bank Australia :)

    Bankwest are now 95% + cap to 98% max LVR. Used to be to 99.99% inc. of LMI.
     
    Last edited: 26th Jul, 2016
    Colin Rice, 26th Jul, 2016
    #6
  7. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,858
    Location:
    My World
    Welcome back:), where have you been???LOL
     
    MTR, 26th Jul, 2016
    #7
    Colin Rice likes this.
  8. Colin Rice

    Colin Rice Mortgage Broker Business Member

    Joined:
    9th Jul, 2015
    Posts:
    3,184
    Location:
    Perth
    Been a busy beaver. Got things under control now so a bit of time on my hands for once.
     
    Colin Rice, 26th Jul, 2016
    #8
    Perthguy, Fiona and MTR like this.
Property Tax Specialists - Beat the Oct deadline

Price Accounting are a leading tax service for your property + tax issues. Contact Paul@PFI for property focussed tax services using our client portal access, digital signing and checklist based approach for best pricing. Free client pack included.