For those interested;
I know of a person who borrowed 87% on a 930K 2 bed unit without Mortgage Insurance from NAB in inner city Sydney.
A large number of Meriton Apartments have been financed by NAB in Sydney without the borrower having to pay MI even though above 80%.
ANZ has lent 95% with MI in Sydney, but they have internal MI company. For a couple of years ANZ was the only bank that would lend 95% on investment property and capitalise the MI.
Who knows how long it will take for day of reckoning. If you read about Hong Kong even though negative equity exists over 10% (can't remember where I read this) of investment apartments, low rates have stopped many from defaulting thus far. This is why Standard Chartered & HSBC are still going ok, they have not had to face up to the problems....yet.
Regards,
noip
question for acouch, page-40
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