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Andrew

1 year ago

Hi There,,. look at your situation - if you refinance and consolidate some debts - with the figures provided there is a couple of things that I would do first - but what you might need to realise is that when you borrow above 80% the banks will class this as slightly higher risk and you will have to pay a fee call Lenders Mortgage Insurance or LMI for short. this is a once of fee that is added to the loan amount. With this in mind - your best options would be 1. with your current lender, "if" you have already paid LMI then you might be eligible for a credit from the pervious fees to go towards the new loan and you might not have to pay as much LMI. This is only if your current bank will lend you the money at a good rate as well (note I can negotiate with the current lender to get you a cheaper rate). 2. Refinance to another lender that is going to give you what you want - and how do we find how this is? what you need to realise is that the banks will determine risk of your loan based on the valuation amount - and valuations are a personal opinion of the valuer on the day. And ever bank will need to do their own seperate valuation. because of this sometimes you might get a higher valuation or a lower one. What the best options would be to do is order about 3 valuations with different banks and see if you can get a higher one - as the higher it is the cheaper the LMI fee will be. Note: these valuations are what we call upfront valuations and this is done first before any loan submission is completed - there is no hits on your credit rating or any cost to you.... this is completely free... this is most likely the best starting point for you.

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Tracy

1 year ago

Hi Ntando, we do have options available to you depending on your income and the equity in your property. I have various lenders available depending on your needs and requirements. Thank you for the opportunity to assist you with your refinance requirements. Kind regards Tracy

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James

1 year ago

Hi, Looking your figures property value $470,000 and loan required $425,000. The LVR (loan to value Ratio) would be 90%. If you were to change lenders you would required to pay LMI (Lenders Mortgage Insurance) again. You need to consider this cost not just the interest rate when reviewing refinancing to a new lender. Happy to discuss further. Cheers James

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Ivano

1 year ago

G'morn Ntando. Definitely can improve on the interest rate and review your current lending structure. Click on my profile and contact me to begin the process, thanks.

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Christopher

1 year ago

I am happy to assist with this I have over 26 years experience in the broking industry. based in Brisbane

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Vince

1 year ago

Hi Ntando If all things are equal this should be fairly straightforward I think we should be able to do a bit better than your current rate too Fell free to get in touch through my profile if you would like to have s chat about what is available Vince

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Ntando

1 year ago

Looking for P/I loan

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