Suncorp 95er

james start said:

Sorry I'm talking about the equity draw on existing property

Can I approach 3 different lenders and ask them all to do a val on my one property and then with run with the highest one - how is there lmi associated with this? If I only take out under 90% of equity?

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If you approach 3 lenders directly you'll likely get 3 credit hits.

Moving your existing Suncorp loan to another lender will incur full LMI if you borrow more than 80%. I also suspect you'll have a lot of trouble accessing equity up to 95%, even 90% refinances and equity accesses can be tricky. Lenders are reluctant to give cash out at high LVRs.

PT_Bear said:

If you approach 3 lenders directly you'll likely get 3 credit hits.

I also suspect you'll have a lot of trouble accessing equity up to 95%, even 90% refinances and equity accesses can be tricky. Lenders are reluctant to give cash out at high LVRs.

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Ok thanks again

I only want to access equity up to 90% cause I have some cash, but is this going to be too tricky w Suncorp because of my repayment behaviour on ONE of my properties? How can I confirm this is a no go, just try anyway?

Everything else is squeaky clean

How else can I access money from my equity, what about a cc or a personal loan, I'm young and well paid but I'm tired of saving 100% deposits is it takes too long and I need the cash for renovating !

Gee whizz, it's pretty difficult when you start out and you want to get another one and you haven't had enough growth,

The issue is your choice of lender rather than the missed payment. Going for a loan top up without a val is really shooting in the dark.

Our Suncorp BDM told us don't bother with anything over 90% with them right now. They're trying to improve the health of their loan book and get the LVR down after a few years of pretty generous lending policy.

I'd say they'll look for any reason not to lend at that LVR right now.

Talk to a broker, if possible he can order upfront vals from different lenders and see what position your in after that. My last one was. nab 290k mac 290k sun 256k
Pretty big difference there, if you've gained equity possibly move to another lender at a better lvr. You will lose your lmi though.

James

Aaron_C said:

To get any equity from the property without Suncorp you have to refinance the whole loan. You can't do 50k here 50k there.

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james start,

As per Aaron's reply is applicable,see a broker,it doesn't cost you and they'll advise the best way forward.

Do you really wanna deal with a numpty from the bank that touts there own products?

Seriously see a good broker,plenty on here.

Cheers Spades.