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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

1 year ago

Hi Dennis - some lenders do NO LMI upto 85%. Depends on Lender & Product. Please contact me via my Profile Page & I will help you. Thanks. Lezli

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Girish

1 year ago

hi Dennis , general rule of thumb for most lenders is 80% LVR no LMI. there maybe some exceptions but may attract a slightly higher interest rate. I have a wide panel of lenders offering interest rates as low as 3.59%pa . please do go through my profile and contact me for a quick chat , regards Girish

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Don

1 year ago

Hello Dennis, thank you for your enquiry, In general the maximum LVR is 80% after which Lenders Mortgage Insurance (LMI) is usually required by the banks. Depending on your profession, some banks will do a maximum of 90% LVR without requiring LMI. Not all banks offer this and it is limited to which professions it is offered for. In regards to the interest rate and comparison rate, that will depend on what bank/s you prefer. I make a recommendation based on an analysis of your needs, as everyone is different, we all have our own needs. This recommendation will include the advertised rate and comparison rate. If you would like more details or information, please do not hesitate to contact me. Regards Don

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Scott

1 year ago

Hi Denis, Thank you for your enquiry. MG Insurance isn't terminology we use in Australia but i take it from the commentary about LVR's that you're referring to what we call Lender's Mortgage Insurance (LMI). LMI is the insurance generally required by most lenders if your loan to valuation ratio exceeds 80%. This insurance protects the lender but offers you no protection, in some (limited) cases the LVR can exceed 80% before LMI is applicable, but before i can comment further it would be important to assess your individual circumstances prior to being decisive on this. Therefore in the interim use 80% as a robust guide. Similarly when quoting interest rates we need to consider many factors, not just the interest (or comparison) rate; your affordability of a loan and also what I call the do-ability of a given loan option are what ultimately leads to meaningful comparison of lenders, their products and finally their rates. Whilst a particular loan option may seem on the surface attractive, if we don't meet that lenders policy/underwriting standards then this loan option, is simply not an option! I have a full credit licence so I can choose from many different loans and have approx 1100 different combinations of loans available for comparison directly on my desktop so in terms of available interest rates we'll certainly be able to access some great potential solutions. Once we overlay the do-ability factor for you we'll then be able to choose meaningfully from those that are also in sync with your personal position and consider your objectives appropriately. I trust this helps. Scott

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Tracy

1 year ago

Hi Dennis thank you for your inquiry. Depending on the security LMI may be applicable at 80%. Loan term can be up to 30 years, however this will depend on your overall position. Rates can vary depending on fixed or variable, 3.79 % variable is an approximate rate. However it is difficult to quote an exact rate at this stage as we would need to do a assessment on your requirements. Thank you Tracy

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