MyState loosens LMI requirement for Genworth Category 1 postcode buyers

MyState loosens LMI requirement for Genworth Category 1 postcode buyers
Jonathan ChancellorSeptember 1, 2014

The non-major lender MyState has announced it will offer loans up to 85% loan to value ratio (LVR) without lender's mortgage insurance (LMI).

MyState says it will be available to select borrowers, available only through brokers. It is also available through The Rock Building Society.

It will be offered to residential borrowers in Melbourne and Sydney and other mainland metropolitan districts with Genworth Category 1 postcodes.

The maximum loan amount will be $1 million.

The borrowers must have clear credit with no defaults along with stable employment of two years full-time or longer with the same employer.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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