So I'm buying OTP at the moment in NSW for $500k and it'll be completed next year. hypothetically speaking, property price goes up and when I apply for loan, the bank valuation comes at $600k. My understanding is if my loan requires LMI, I need to have 5% genuine savings. Is that 5% of purchase price $500k OR bank valuation $600k? Does my 10% deposit on $500k count as genuine savings?
Most lenders will count the 10% as genuine savings once it's been held by the estate agent trust for more than 3 months.
Your deposit should suffice as gen savings. Just keep a statement that shows the money sitting in your account before you paid the deposit. Cheers Jamie
if its an IP ist possible there will be no lmi at that time for that purpose. Line the ducks up ta rolf
Maximum Deductions - Washington Brown Depreciation At Washington Brown, our average property depreciation report claims are over $9,500 in the first year. That’s $9,500 that you could be reducing your taxable income by. Our team can conduct a free assessment to find out how much you can save. » Get a Free Quote Now