Best Deal on 85% Home Loan?

Chuckles79 on 10/04/2021 - 14:20

I spent the morning trawling through so many website trying to find the best current deal on a 85% lend. I want to spend a little more on the next family home and only have 15% deposit after you take the ridiculously high stamp duty cost into account. Over the next year or so I should have more cash available as investment mature so keen for variable, offset.

Really hoping someone has a lead based on these circumstances that might offer the best possible deal.

I really wanted to avoid lenders mortgage insurance (LMI), but I don't think it is avoidable based on the current market value of a legitimately sized home in a decent area (South Australia).

Anyone have info on a lender doing any deals, maybe lending on 85% no LMI?

Financial Home Loan Loan

Comments

  • [Deactivated] on 10/04/2021 - 15:31
    +1

    Try P&N Bank
    https://www.pnbank.com.au/personal-banking/home-loans/

  • MadgeH on 10/04/2021 - 16:31
    +1

    Are you a first home buyer?

    • Chuckles79 on 10/04/2021 - 16:34

      No, unfortunately not. But I do have a great credit and loan history.

  • Drakesy on 10/04/2021 - 16:50

    How much are you looking at spending OP

    • Chuckles79 on 10/04/2021 - 16:54

      Pp about 1m, at least that is the max.

      • Drakesy on 10/04/2021 - 16:55
        -3

        oof $850,000. You must be on some big bikkies.

        • Chuckles79 on 10/04/2021 - 16:58
          +1

          Serviceability won't be an issue dual income, stable employment.

          • Drakesy on 10/04/2021 - 17:05
            -1

            @Chuckles79: i'm just thinking when it hits 5% interest in 4 years time would be $47k a year.

  • El-Rhi on 10/04/2021 - 17:04

    What industry do you and your partner work in? Some lenders waive LMI up to 90% if you’re in an essential service industry or are a medical professional or accountant.

    • serpserpserp on 10/04/2021 - 17:23

      essential service industry or are a medical professional or accountant.

      Wow accountants moving up in this world….

      • Chuckles79 on 10/04/2021 - 17:46

        Does that include fire, police or ambulance workers? I think not

        • El-Rhi on 10/04/2021 - 17:51
          +1

          Yes, I know one lender that will lend up to 90% without LMI for fire, police and paramedics

          • Chuckles79 on 10/04/2021 - 18:10

            @El-Rhi: Any clues?

            • El-Rhi on 10/04/2021 - 18:23
              +1

              @Chuckles79: People’s Choice. They have a good presence in SA so that may benefit you too.

              • Chuckles79 on 10/04/2021 - 18:43

                @El-Rhi: Thanks, sounds like something worth checking out, appreciated

    • Chuckles79 on 10/04/2021 - 17:44

      I tried that, they wont recognise my occupation even though i could logically argue it is more stable than any private industry occupation! With guaranteed super income on retirement, I think you are getting the jist.

  • mortgagebroker on 10/04/2021 - 18:02
    +1

    Hey mate, Bluestone has a product with no LMI up to 85%. Interest rate is a bit higher at 2.99 but no LMI is worth the savings. Refinance after you're under 80%.
    No offset account.

    Hope that helps.

    • Chuckles79 on 10/04/2021 - 18:42

      Cheers will check it out

  • SF3 on 10/04/2021 - 22:14

    I should have more cash available as investment mature

    You are assuming the must be a positive return on investment?

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