Does anyone know a lender that will:
Lend 100% of a property's value without the need for LMI but instead using a guarantor for 20% of the equity in one of their properties to cover the hypothetical 20% deposit required to avoid LMI, without needing to take into consideration the income of the guarantor?
So I want to borrow $420 000 on a property worth $420 000, and use my parents as a guarantor to avoid LMI. But my parents income isn't enough to show that they can service the portion that they go guarantor on. Now they will never actually need to service that 20% portion, because I will keep up with my repayments. But I know ANZ have a policy that requires this ability to service using the income of the guarantor... for some reason. Westpac on the other hand straight up doesn't lend more than 80% on any properties bar your first buy even if you get another guarantor.
Any help is appreciated.
Thanks
Lend 100% of a property's value without the need for LMI but instead using a guarantor for 20% of the equity in one of their properties to cover the hypothetical 20% deposit required to avoid LMI, without needing to take into consideration the income of the guarantor?
So I want to borrow $420 000 on a property worth $420 000, and use my parents as a guarantor to avoid LMI. But my parents income isn't enough to show that they can service the portion that they go guarantor on. Now they will never actually need to service that 20% portion, because I will keep up with my repayments. But I know ANZ have a policy that requires this ability to service using the income of the guarantor... for some reason. Westpac on the other hand straight up doesn't lend more than 80% on any properties bar your first buy even if you get another guarantor.
Any help is appreciated.
Thanks