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
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
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
