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Lenders that will lend up to 95%?

Discussion in 'Property Finance' started by BenWa, 16th Oct, 2016.

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  1. BenWa

    BenWa Member

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    Hi all,

    Does anyone know which lenders will lend up to 95%?

    Cheers,

    Ben
     
  2. House

    House Well-Known Member Premium Member

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    Unless things have changed much lately, CBA, Bankwest, ME and RAMS probably still do.


    What's the cost and rate difference between 88% and 95% for the LMI?
     
  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Is it for investment or owner occupier purposes?
     
  4. BenWa

    BenWa Member

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    Thanks for that - it's for investment purposes
     
  5. tobe

    tobe Well-Known Member

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    Cba up to 95%, liberty to 99% (cap lmi). Most lenders only do 90% for investment. The lmi over 88/90% makes it a very expensive excercise. You're basically paying a dollar in lmi for each extra 10 dollars borrowed.
     
  6. TaylorChang

    TaylorChang Well-Known Member

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    You can technically borrow up to 100% if you have other property as collateral or parent's guarantee.

    It's all depending on what other resources around you available.
     
  7. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    If the LMI premium at 88% is 10k then at 95% it will be circa 20k.

    Investment lending is generally limited to 90% with a few exceptions at 95%.
     
  8. Yson

    Yson Well-Known Member

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    So Rams is a broker or credit provider?
     
  9. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Both. They are a lender (funded by WBC) and broker.. they are far more interested in former than latter
     
  10. tobe

    tobe Well-Known Member

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    Rams are a franchise credit provider. They are owned by Westpac. Some franchisee's and their staff are also accredited under Choice (Nab/Advantedge) as mortgage brokers. In reality its pretty rare for Rams people to write much business with other lenders, and usually only if the deal doesn't fit Rams policy (major credit impairements etc)
     
    Corey Batt likes this.