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Lenders offer no-LMI loans up to 85pc LVR

by Staff Reporter9 minute read
The Adviser

MyState and The Rock will no longer require mortgage insurance for loans up to 85 per cent LVR.

The sister brands are offering the new terms to residential borrowers in Sydney and Melbourne and in other mainland metropolitan districts with Genworth category one postcodes.

The maximum loan, together with aggregate relationship exposure, will be $1 million.

Borrowers must also have a clear credit report with no defaults and a stable employment record, with at least two years full-time with the same employer.


MyState and The Rock, which are part of the MyState banking and wealth group, are only offering these terms via brokers.

Huw Bough, group general manager of sales & distribution, said MyState is committed to improving its products and services to the broker channel.

“Brokers with clients that meet the lending criteria will be able to offer a superior deal,” he said.

“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.”

[Related: MyState profits fall, margin pressure forecast]

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