LMI Costs above 1M lending.

Discussion in 'Loans & Mortgage Brokers' started by Speede, 21st May, 2016.

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  1. Speede

    Speede Well-Known Member

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    Lending above 1M....@ 85%-88%.... Is it possible...without paying a liver for it? ( Refi + Cash pull out )
     
    Speede, 21st May, 2016
    #1
  2. Jess Peletier

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

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    Depends how much a liver is worth to you? :)

    Making some assumptions, you'd be looking at over $20k in LMI at that level.
     
    Jess Peletier, 21st May, 2016
    #2
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  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Alot less after a few bottles of Grange ;)
     
    Scott No Mates, 21st May, 2016
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  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Stratospheric

    Only nab would be able to sign that off in house

    Al the others would need to go cap in hand to lmi providers

    Tread with care

    Ta

    Rolf
     
    Rolf Latham, 21st May, 2016
    #4
  5. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    It would have to be an incredibly strong application to do a refi above $1mil when you are in LMI territory and the lender would most likely want to control the funds. What is the purpose of the cashout?
     
    Shahin_Afarin, 21st May, 2016
    #5
  6. imbi3

    imbi3 Well-Known Member

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    ANZ is also inhouse I believe?
     
    imbi3, 22nd May, 2016
    #6
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    true

    but good luck at that $ level

    ta

    rolf
     
    Rolf Latham, 23rd May, 2016
    #7