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No LMI Loans.

Discussion in 'Real Estate' started by sharmagaurav2k, 6th May, 2010.

  1. sharmagaurav2k

    sharmagaurav2k New Member

    Joined:
    6th May, 2010
    Posts:
    1
    Location:
    melbourne, VIC
    Hi All,
    I am currently renting in Melbourne and would like to enter the property market (will be a first home owner). I currently have unsecured debts of approx 65k but have never ever on any loan missed a payment or reduced a payment. I have a good credit history but have a bit too many enquiries on it. Me and my partner, who has no loan or credit card in her name are looking to borrow 95% LVR and with the help of various online calculators have established that we can borrow approximately 320K. Due to the unsecured debts, we fear that the LMI would knock us back.
    Please advise if you can help us.

    Regards
     
  2. GregR

    GregR Reid Consultants

    Joined:
    13th Jul, 2009
    Posts:
    273
    Location:
    Berwick Vic
    You would need to provide more information than this to see whether it is possible. Information like salary, debt, credit card limits, employment and history, savings etc. There are still a couple of lenders offering 95% loans but the customers that they will to need to be squeaky clean and it has to be a very strong case. This is both lender driven and mortgage insurer so both have to approve.

    I can have a look for you if you want to contact me on private e-mail and provide that information.
    Greg
     
  3. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    From what you are saying you want to get a loan no matter what.
    My advice would be to pay down debt and to stay away from high LVR loans.
    Save like mad for a year or so while property prices stabilise.
    Don't go and get an unafordable loan at the peak of the market.
    You will regret it later when interest rates go higher.
    IMHO