90% Without Lenders Mortgage Insurance
Mortgage manager, Collins Securities have announced a very attractive enhancement to its Professional Home Loan Package.
Apart from its guarantee of no ongoing fees for the life of the loan, Collins are now able to lend to a maximum loan to valuation ratio of 90% without the need for the borrower to pay Lenders Mortgage Insurance.
Anyone who has borrowed and has had to pay Lenders Mortgage Insurance (LMI) would be aware of the significant dollar savings this initiative will have. For example, on a $250,000 loan with a loan to valuation ratio of 90% this would represent an upfront saving to the borrower of between $2,400 and $3,700.
The Professional Loan Package is available to suitably qualified professionals who earn a gross annual income greater than $50,000. It is available for both owner occupied and residential investment purposes.