- $720k
Loan
- $0
LMI
- $7k
Card cleared
The Borrowers
Dale is a utilities manager on $110k. Bree is a part-time psychologist on $90.4k. They were selling a unit in Sherwood and buying a townhouse in Darra, Brisbane.
The Goal
Buy an $800k townhouse to live in with a 10% deposit, funded mostly by the sale of their unit.
The Problem
At 90% LVR a standard loan carries LMI, which on $720k is well into five figures, unless the borrower qualifies for an LMI waiver. On top of that, an open CBA credit card limit counted against their borrowing capacity. Closing it before settlement meant finding $7k in cash on top of the deposit and costs.
What We Did
Jayden, one of our mortgage brokers in Brisbane, compared the options side by side and took the route through Westpac's psychologist LMI waiver to 90% with no LMI.
He then had Westpac write a condition into the approval so $7k of surplus settlement funds paid out and closed the CBA card at settlement. Servicing was satisfied with no extra cash up front.
The Result
A $720k Westpac loan at 90% LVR with LMI $0, unconditionally approved and settled on 26 June 2026.
Loan Details
| Detail | Figures |
|---|---|
| Locations | Unit in Sherwood QLD 4075 (sold); purchase in Darra QLD 4076 |
| Property | Townhouse (strata), home to live in |
| Purchase | $800k |
| Loan | $720k at 90% LVR |
| Lender and rate | Westpac Premier Advantage Package variable, 6.05% at approval (May 2026), P&I, 30 years, about $4,340 a month |
| LMI | $0 under the profession waiver |
| Costs | About $28.1k including $21,850 stamp duty; the $108k balance came from the unit sale |
| Credit card | $7k cleared from settlement funds |
| Timing | Finance date 1 May 2026; settled 26 Jun 2026 |
Loan details
Locations
- Figures
- Unit in Sherwood QLD 4075 (sold); purchase in Darra QLD 4076
Property
- Figures
- Townhouse (strata), home to live in
Purchase
- Figures
- $800k
Loan
- Figures
- $720k at 90% LVR
Lender and rate
- Figures
- Westpac Premier Advantage Package variable, 6.05% at approval (May 2026), P&I, 30 years, about $4,340 a month
LMI
- Figures
- $0 under the profession waiver
Costs
- Figures
- About $28.1k including $21,850 stamp duty; the $108k balance came from the unit sale
Credit card
- Figures
- $7k cleared from settlement funds
Timing
- Figures
- Finance date 1 May 2026; settled 26 Jun 2026
Rates are the rate at approval on the date shown. They are not current offers.
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Hunter Galloway Finance Pty Ltd T/A Mortgage Broker Brisbane - Hunter Galloway ABN 20 605 252 926. Credit Representative 476903 is authorised under Australian Credit Licence 389328. Your full financial situation would need to be reviewed before any offer or product is accepted.
Client examples are based on real situations. Names and identifying details have been changed.