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Hi from the forgotten part of the Gold Coast

Discussion in 'Introductions' started by AntH, 12th Jun, 2007.

  1. AntH

    AntH New Member

    Joined:
    7th May, 2007
    Posts:
    3
    Location:
    Brisbane
    Hi everybody and thanks for such a informative forum, already taken lots of information whilst lurking in the shadows!

    I have investment properties and PPOR, I use lo doc loans with the Adelaide bank and there LMI starts from 76% when only lending up to 80%...my question is are there any banks with no LMI up to 80% of lend?

    Once again thanks to everybody who regulary contribute!!

    Ant
     
  2. willy1111

    willy1111 Well-Known Member

    Joined:
    5th Jul, 2006
    Posts:
    54
    Location:
    Melbourne
    Hi there,

    try RAMS
     
  3. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,623
    Location:
    Sydney, Australia
    There are plenty of banks who will lend to 80% without you paying LMI ... I suggest you get a good mortgage broker ... they can help you find the right lender and make the whole process a lot easier.
     
  4. AntH

    AntH New Member

    Joined:
    7th May, 2007
    Posts:
    3
    Location:
    Brisbane
    Hi Sim,

    Thanks for your reply,

    But are there any lenders who do 80% lend, who are not dictaded by LMI?

    Thanks
     
  5. rambada

    rambada Well-Known Member

    Joined:
    5th Sep, 2005
    Posts:
    58
    I'm from the Gold Coast. If you want good finance advice can I suggest Rolf Latham of ASAP Financial Services. A well respected finance broker nationally & is prominent on Somersoft forum. PM me if you need his details.

    My poor understanding of MI & LO Doc is that at 80% LVR it is required. Have only done 2 lo docs and that was the case both times. There are other options as well ie MI tacked onto the loan. Have a chat with someone who knows the industry.
     
  6. AntH

    AntH New Member

    Joined:
    7th May, 2007
    Posts:
    3
    Location:
    Brisbane
    Thanks rambada, got his details.