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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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LEZLI

2 years ago

Hi Jess, I have lenders who will do 95% with LMI. Please feel free to contact me & I will definitely help you. Look forward to hearing from you. Thank you

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Matthew

2 years ago

Hi Jess, as others have mentioned, refinancing such a large amount would result in paying a large amount of Lender's Mortgage Insurance. We do have lenders available who would consider such a loan though. If part of the refinanced amount is for "cash out" it may be more beneficial to look at an personal loan instead. We have access to some low rate personal loans which may outweigh the cost of a large LMI premium. I'd love to discuss it with you further so please get in touch via my profile. Thanks, Matt.

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Sanjay

2 years ago

Hi Jess. Similar to what the others have mentioned, refinancing at close to 95% loan to value ratio (LVR) may likely see the costs far outweigh the benefits. Was the valuation done as a full valuation (a valuer came through your home)? It would be ideal to have a better understanding of your overall financial position so that I can give the best advice as to what may be suitable. Or alternatively for us to approach your lender to negotiate on your current rates. I am WA based so feel free to contact if you'd like to have a chat.

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Guido

2 years ago

Hi Jess, Some lender would do 95% including lender mortgage insurance. However, the question would also be would you and your husband service the loan? Your local broker should tell you the reason for his "not possible." Is it the property values and or your combined income after expenses. I'm in Fremantle you can find me over the broker finder, I would be happy to go with you trough serviceability calculation and some lender requirements

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Michael

2 years ago

Hello Jess, based on the amount you wish to borrow against the value of the property you're almost at 95% Loan to Value ratio. We can certainly do the refinance provided the amount you wish to borrow doesn't include any other debts eg consolidate credit cards etc. However you need the be aware that it's going to be extremely expensive with lenders mortgage insurance with premium range between $10-$16k which you would need to find yourself. Unless there is a substantial reason to refinance eg cost v benefit I would advise you against refinancing purely on the cost. The other thing to think about (where you may get a benefit) is to get in touch with me via my profile page and we can arrange upfront valuations at no charge to determine what other lenders value the property. I say this because only today one lender valued a property for a client at $560k whilst another valued the same property at $495k. My point is to do your due diligence in ascertaining valuations at no cost before we close th door on this scenario per say. Happy to discuss further. Regards Michael

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LEE

2 years ago

Hi Jess, the reason you're getting told it isn't possible is because lenders will only allow you to refinance 80% of the "value" of your property without triggering Lenders Mortgage Insurance again. So, "if" your place was worth $420k then you could refinance $336k without paying it. This is clearly not enough. Having said that, which bank are you with currently? There might be a way to help you without switching lenders :)

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Jess

2 years ago

We are bunbury, WA based :)

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