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Just a question for anyone that works in the finance industry (bank, lender, solicitor etc)
I've been looking to buy my own place for a while now and almost have a big enough deposit saved.
I've been doing some research and also went to the bank and they confirmed that I need a minimum 20% deposit to avoid the lenders mortgage insurance (LMI)..Thank you GFC.
I currently only have 15% of the total amount that I want to borrow.
One of the blokes I work with said that there is a possible way around paying the LMI.
He said just get a personal loan of the amount you need, that money will just show up in your savings, then you will have the required 20%. After that go to a bank/lender that will amalgamate/absorb the peronal loan into the home loan. As long as you are able to furnish the loan amount(s) you should be fine.
Has any one done this before? or have any opinions on this?
I'm seriously considering doing it cause the longer I wait the harder it going to become. Market seems to be going skyward atm.
I've been looking to buy my own place for a while now and almost have a big enough deposit saved.
I've been doing some research and also went to the bank and they confirmed that I need a minimum 20% deposit to avoid the lenders mortgage insurance (LMI)..Thank you GFC.
I currently only have 15% of the total amount that I want to borrow.
One of the blokes I work with said that there is a possible way around paying the LMI.
He said just get a personal loan of the amount you need, that money will just show up in your savings, then you will have the required 20%. After that go to a bank/lender that will amalgamate/absorb the peronal loan into the home loan. As long as you are able to furnish the loan amount(s) you should be fine.
Has any one done this before? or have any opinions on this?
I'm seriously considering doing it cause the longer I wait the harder it going to become. Market seems to be going skyward atm.