Lender offers high-LVR loans with no LMI

by Adam Smith01 Sep 2014
A non-major lender is now offering loans up to 85% LVR without LMI.

MyState has announced it will offer the high LVR loans without the need to pay LMI to selected borrowers. The new terms, available only to brokers, will be offered to residential borrowers in Melbourne and Sydney and in other mainland metropolitan districts with Genworth Category 1 postcodes. The maximum loan amount will be $1m, and borrowers must have clear credit with no defaults and stable employment with at least two years full-time with the same employer.

MyState’s newly-hired general manager of sales and distribution Huw Bough said the lender has already caught the attention of brokers.

“We’ve already had significant levels of enquiries and brokers are very enthusiastic. We expect these terms, along with our very attractive commission structures, not only demonstrate our continued commitment to our broker partners but will also continue recent portfolio growth momentum for our banking brands MyState and The Rock,” Bough said.