Browse Forums Home Finance 1 Jun 08, 2011 11:44 am Sarah, Andy & Parker - Building Our First Home - Burbank Lamont 2600 Our Thread: viewtopic.php?f=31&t=51696 Re: Declined by LMI - what to do next? 5Jul 05, 2011 3:05 pm Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Declined by LMI - what to do next? 6Jul 10, 2011 11:05 am Building with Fairmont Homes NSW at Glenmore Ridge Lot 1007 Our Builder http://www.fairmonthomesnsw.com.au Our Blog http://drewandrenee.blogspot.com/ Re: Declined by LMI - what to do next? 9Jan 22, 2019 6:47 pm Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Declined by LMI - what to do next? 10Jan 22, 2019 6:49 pm Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Declined by LMI - what to do next? 11Jan 22, 2019 6:57 pm becjarrettdalton Hi Dozza, there are two mortgage insurers - and then some lenders self insure. You May be able to qualify with the other mortgage insurer or with a lender who self insures. It’s certainly not an ideal situation and I guess you can understand if the mortgage insurer lost money last time they would be reluctant to take the risk again. Another option - but with caution - can you get a guarantor to cover the deposit? In this instance you need to satisfy that you won’t get in trouble again. Best of luck, your broker is the best to advise on who they’ll look at for you. Thank you I understand that the LMI doesnt want to lose money again. But surley this does not mean i could never get LMI. Which would mean i cant buy. Im pretty sure that the LMI i defaulted with was genworth. Like i said my broker has never seen it and does not know what to do. Re: Declined by LMI - what to do next? 12Jan 22, 2019 7:23 pm What i meant was " who was Default with" - ie was it a default on paying a bill with Telstra, A credit card company, Private company etc... Genworth is the one that rejected the deal, but most likely not the company that listed your default 10 years ago. If Genworth is causing an issue then consider.... * QBE * ANZ LMI * Arch Capital LMI * Auswide LMI ( Need to request for it) * REF LMI ( Need to request for it) etc... ^ Each LMI has their own policy regarding Default limits, time and who the default was with ( Telco under $500- $1,000 is generally ok..the rest is case by case depending on the Limit etc..) Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Declined by LMI - what to do next? 13Jan 22, 2019 7:25 pm shape - he’s saying the loss was to the mortgage insurer itself. @Dozza try QBE or perhaps ANZ or Westpac - check with your broker. Unfortunately they have the right to refuse to risk their money again. But the other company may not have the same issue. otherwise you’re going to need a guarantor or more savings....tough spot.... Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Declined by LMI - what to do next? 14Jan 22, 2019 7:26 pm shape What i meant was " who was Default with" - ie was it a default on paying a bill with Telstra, A credit card company, Private company etc... Genworth is the one that rejected the deal, but most likely not the company that listed your default 10 years ago. If Genworth is causing an issue then consider.... * QBE * ANZ LMI * Arch Capital LMI * Auswide LMI ( Need to request for it) * REF LMI ( Need to request for it) etc... ^ Each LMI has their own policy regarding Default limits, time and who the default was with ( Telco under $500- $1,000 is generally ok..the rest is case by case depending on the Limit etc..) Hi sorry i wasn't clear i defaulted on a home loan due to a break up and genworth was lmi on the loan Re: Declined by LMI - what to do next? 15Jan 22, 2019 7:30 pm Ohh got it. Avoid QBE then...they dont like Loan and LMI defaults. Same goes for Auswide LMI. You will need to try ANZ LMI ( under 90% LVR if new customer or 95% if existing) OR Arch Capital which is Westpac but has to be under 90%....overall ANZ is easier generally for these Loan/LMI default. Else you can choose too pay a risk fee, but that's more expensive compared too a LMI deal. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Declined by LMI - what to do next? 16Jan 22, 2019 7:39 pm shape Ohh got it. Avoid QBE then...they dont like Loan and LMI defaults. Same goes for Auswide LMI. You will need to try ANZ LMI ( under 90% LVR if new customer or 95% if existing) OR Arch Capital which is Westpac but has to be under 90%....overall ANZ is easier generally for these Loan/LMI default. Else you can choose too pay a risk fee, but that's more expensive compared too a LMI deal. So there is stil a chance that it could work out? Im just so angry at the younger me! The default is not on my credit check its just that the lender my broker went through uses the same LMI that i had last time. Re: Declined by LMI - what to do next? 17Jan 22, 2019 7:47 pm Then your fine, especially given the time-frame. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au brokers will also be in a position to get you a better rate than the advertised rate most times. 6 7617 i imagine you also have another contract with an architect? and yeah, whatever other's said about special conditions and appendices 16 16081 Hi all I am looking to run a water line under my concrete footpath which is directly next to my home, was seeing if this is possible without cutting the entire section… 0 20236 |