PPOR 85% purchase -- no LMI, possible?

Looking to purchase PPOR, have spent a little more than anticipated at auction however keen to eliminate LMI. Open to paying slightly higher rates while accelerating below <80%.

$1.82M purchase, $1,540M lend @ 85% (+ all costs covered). No special occupational waivers available, not first home buyer, no intention to invest ~5-7 years, sole focus is to not pay $30K LMI.

Are UBank/86400 the only option here for PPOR 85% and if so, does anyone have experience with property purchase processing/settlement timeframes -- ideally I'd like to be in before Christmas.

Open to no frills alternatives; offsets, credit cards and other gimmicks not necessary.

 

If you already won an auction and exchanged contracts, why is there still a choice of settlement date?

 

There are other lender options
Settlement timeframe/date should be on the purchase contract?

 

90 day terms agreed upon however both parties have agreed where mutually acceptable, an earlier settlement may be possible.

fantastic, are they coba/mutuals/big 4/online -- where might one find these exceptional options please?

 

You can find them AND compare them all AND find out which one's you qualify for by using a decent mortgage broker
Most Brokers operate at no cost to the borrower, it's a no brainer

 

Just make sure there is no clawback fee option in the agreement incase you need to refinance in next couple of years

 

Banks should be taking the hit really not the broker. Once the broker signs up the client its the banks job to meet their needs. Anyway thats my view as an end client. Raw deal for brokers here.

 

Nothing wrong with 86400, good product and rates, however they do drill down on your statements alot more then other lenders.

 

I did 85% no LMI with Citi. Rates were 0.25% higher than normal rates for <80%.

After a year I did a re-valuation of the house and they removed the 0.25% additional I was paying.

 

brilliant feedback, thanks folks