Lenders Wanted

NSW, $675K, Owner occupied, Refinance, Full-doc, 76% LVR

Posted on 6/02/2014 9:21:47 AM

-Current loan of $555,000 with ANZ.
-Current property recently valued at $890,000 with ANZ valuer. Owner occupied house.
-Client seeking to build a detached granny flat increasing current loan by $120,000 to $675,000.
-LVR increases from 63% to 76%.
-Expected rent of $350+ per week for granny flat (will more than cover the loan increase).
-Servicing and credit history fine.
-ANZ is advising that credit policy states maximum LVR of 70% for 2 dwellings on on title.
Can anyone recommend a different lender?

Signed, new broker entering the profession.

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Add your reply
  • Vee2/04/2014 4:57:55 PM

    construction of the granny flat should increase the value of the property. so then if you take the construction cost of $120,000 and apply that as increase value then your overall LVR is 66.8% the lender will take the construction plans, costs and specs and value overall including the current value. you possibly will not have to take the client elsewhere and this should actually be your first option.

  • Anthony Wick - Liberty Financial23/02/2014 9:50:07 AM

    Hi, We do allow for 2 dwellings on the one title. I may be able to offer you a custom solution. Feel free to call me on 0434338532

  • Bill Jara (Loan Studio)12/02/2014 3:27:54 PM

    Just to name a few, CBA, ING and ChoiceLend (or FastLend, depending on Aggregator) would all accept 2 dwellings on one title.

  • Steve McClure12/02/2014 3:12:32 PM

    I'm aware of approx 10 lenders that will look at that, LVR up to 80% and some even higher. The range narrows in the case of construction, but only because some lenders don't do construction very well. I note you are a new broker, do you have a mentor? They would normally assist you in cases like this, or send you in the right direction. I'm an MFAA Certified mentor and you can check out my details at www.mycreditmentor.net

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