Hi guys Does Citibank deal with brokers? I have heard they may do 85 per cent no lmi or is there a catch? Any alternatives? Income not a problem. PAYG applicant. Stable employment. Thanks
Correct. Drawback it's not at their best variable discount. It's also only purchases of certain property types, no otp, construction etc. no refinance. The alternative is pepper who also have a similar policy. Worth chatting to a broker. Lmi at 85% isn't that expensive. Capitalised to a killer discounted rate makes it comparable to Citi or pepper usually.
I haven't got their policy in front of me, but from memory it's anything built in the last 24 months. Defiantly no off the plan. If it's otp your trying to get a loan for and the property is complete I'd get a broker to start ordering vals. The valuation result will determine the lender you use and the LVR. Best of luck.
Great point by @tobe depending on how long the construction/planning took you could get a fair variation in valuations, I have seen up to 20% before. I have tried to use the Citibank 85% no LMI before and for my client it didn't make sense because within ~12 months the extra repayment amounted to more than the LMI! There are a few lenders with discounts on LMI at the moment that could also make a difference.
