If our home was valued at $500,000 what can we borrow with no mortgage insurance? Thanks
Unless you are in a specific profession like medicine or law then the maximum you are generally able to borrow is 80% or $400,000. A couple of lenders will go to 85% or $425,000 with out having to pay lenders mortgage insurance.
Please let me know if you require any further information
Lenders Mortgage Insurance usually kicks in at 80% of the property value if you are demonstrating your income using tax returns, payslips or group certificates.
The missing components here that could affect the amount would be - where your property is located, though it appears to be in a metro area (Geelong) the style of property, (as in house, unit, serviced apartment etc)
Of course, lenders would need to see your income being able to meet the repayments on the loan + any other debts you may have.
IF you need to, check out your maximum borrowing calculator (using your incomes) i can quickly do this for you now.
Shoot me an email or call me and we can get you moving forward quickly.
As Nathan said, 80% for most lenders and 85% for a couple.
It is possible to gain an up-front valuation from many of our lender panel so that you don’t apply unless you know that the valuation is going to stock up.
If you would like any assistance with that, please feel free to give me a call at anytime on 0435.474.498