Suncorp 95er

james start

james start

Hi

How difficult is it obtaining a 95+ lmi w Suncorp
Obviously it depends on a lot of different things but my main concern is that I have 2 loans with them one 90% lvr and one 85% lvr,

the thing is is that with one loan I am 2 payments ahead with my repayments
and the other I was late twice by 4 days (no default or mark still grace period) was a problem with my wages being not being paid and other dramas


Obviously I spoke to Suncorp post this and they said that although I still made the payment it would be seen that I was late and any future applications they would see it ( although because it wasn't a default there is no mark made)
What do u guys think

I would also only like answers from experienced brokers if that's ok many thanks
 
I wouldn't do it buddy. At 95% all lenders look for reasons not to do the deal. Being late on your payments is a bad sign.
 
Thanks Aaron , but what about using a different lender

, when you make the application they only ask for 3 months of bank statements, so if there is no mark in your file then how can they see it?
 
That's what I thought thanks

So in regards to extracting some equity to use for a deposit I presume that I will need 2 loans?

1, for the equity that I will use for the deposit and
2 , one for the new ip I will purchase?

I was thinking I would get 2-3 vals done on the same property and then run with the highest one? Would this be how to do it? Would I include Suncorp in this pool?

And then 2, find a lender (not Suncorp ) to arrange a 95 er ??

Cheers
 
Hi james start,

Imo your better off going with another lender rather than have your eggs with 1 lender.

I'd see a broker and yes you will need 2 loans,1 for equity release and 1 for the new ip.

Cheers Spades.
 
Spades said:
Hi james start,

Imo your better off going with another lender rather than have your eggs with 1 lender.

I'd see a broker and yes you will need 2 loans,1 for equity release and 1 for the new ip.

Cheers Spades.
Click to expand...

Thanks

Have you had any experience with this?

I was thinking I would get 2-3 vals done on the same property and then run with the highest one? Would this be how to do it? Would I include Suncorp in this pool?
 
james start said:
Have you had any experience with this?

I was thinking I would get 2-3 vals done on the same property and then run with the highest one? Would this be how to do it? Would I include Suncorp in this pool?
Click to expand...

Not much but i normally go by my brokers suggestion and get the best valuation done

with a favorable lender.So 1 valuation.

Someone will be along to give you more input.

Cheers Spades.
 
Last edited:
james start said:
That's what I thought thanks

So in regards to extracting some equity to use for a deposit I presume that I will need 2 loans?

1, for the equity that I will use for the deposit and
2 , one for the new ip I will purchase?

I was thinking I would get 2-3 vals done on the same property and then run with the highest one? Would this be how to do it? Would I include Suncorp in this pool?

And then 2, find a lender (not Suncorp ) to arrange a 95 er ??

Cheers
Click to expand...

Sun and equity pull often don't go together

If they are telling you your internal score has been affected then it's very likely that they may. Not be able to do it under their dua. In addition, and 3rd loan may also result in the total going over suns dua limit

As for lender 2, that's likely only an option for the next purchase, since to move you will need to pay new lmi.

Depending on your other data there may be quite a few lenders that will do a 95 er

Ta
Rolf
 
We had a case last year where a client had some existing accounts including a credit card with the NAB. We determined that the NAB would be a good and convenient match for a 90% lend.

The NAB declined the applicant because 6 months prior the client had been late with several payments on his credit card. He never went into longer term arrears so there was no default registered, but the NAB knew about it.

We took the application to a different lender. They knew nothing about his credit card payment history and approved the loan.



For a 95% loan with a known history of late payments on other facilities, you're going to get into trouble.

Take this deal to a broker. If you shop 2-3 lenders directly to get valuations done, you'll damage your credit report and this will have an impact on a 95% application.
 
PT_Bear said:
Take this deal to a broker. If you shop 2-3 lenders directly to get valuations done, you'll damage your credit report and this will have an impact on a 95% application.
Click to expand...


Thanks, nice example , but can you tell Me, surely you can get a lender to do a upfront val before you launch application for credit,? So at least you know if you have enough funds available before you proceed? Even if you have to pay a fee for the val
 
james start said:
Thanks, nice example , but can you tell Me, surely you can get a lender to do a upfront val before you launch application for credit,? So at least you know if you have enough funds available before you proceed? Even if you have to pay a fee for the val
Click to expand...

Yes of course you can. However, since you already have 2 LMI loans with Suncorp - an upfront valuation will have to be with a different lender which means you have to pay LMI all over again. For the new purchase a valuation upfront is not really required as 99% the valuation will be what you paid for it.
 
Aaron_C said:
Yes of course you can. However, since you already have 2 LMI loans with Suncorp - an upfront valuation will have to be with a different lender which means you have to pay LMI all over again. For the new purchase a valuation upfront is not really required as 99% the valuation will be what you paid for it.
Click to expand...

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?
 
james start said:
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?
Click to expand...

I think you don't understand what I'm talking about. You have 2 loans with Suncorp. You probably paid LMI of say $10k in total. If you go to a different lender, you will have to pay LMI all over again on that new loan. The LMI paid to Suncorp's insurer is essentially disregarded.
 
Aaron_C said:
I think you don't understand what I'm talking about. You have 2 loans with Suncorp. You probably paid LMI of say $10k in total. If you go to a different lender, you will have to pay LMI all over again on that new loan. The LMI paid to Suncorp's insurer is essentially disregarded.
Click to expand...

Yes I'm sorry it's all Greek to me

If my loan with Suncorp is 400k and the value is 500 then there is 50 k in it

So I can't go to anz and ask them to run a val and give me a loan for just the 50k?
 
To expan

Suncorp has the first mortgage

Any other lender will also want the first mortgage so will need to pay out the existing Suncorp loan

Paying out that loan kills the mortgage insurance policy on the loan which is why new lmi will be required.

Depending on ur props u may be able to get a suff high val to have an 85 % lend and that would keep the new lmi down.

Else wait 6 to 12 mths where the repayment history is perfect again.

That obviously has it's own risks

Ta

Rolf
 
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