Lenders Mortgage Insurance
Can I Pay LMI Monthly Without Adding To My Loan?
Ever found yourself unable to save enough deposit to avoid paying lenders mortgage insurance on a home loan? Lenders mortgage insurance (LMI) protects lenders in the event that a borrower defaults on a loan. In most cases, you are required to pay LMI if you borrow more than...
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4 Things You Should Know About Lenders Mortgage Insurance
You may have heard of Lenders Mortgage Insurance (LMI) before but what does it mean when it comes to getting a home loan? Well, not only can it cost you thousands of dollars upfront but it can actually stop you from borrowing altogether! First introduced in Australia in...
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3 Ways To Reduce LMI On A Home Loan
Unless you’re a specific type of doctor, accountant, lawyer, engineer or other professional, you’ll have to pay Lenders Mortgage Insurance (LMI) when borrowing more the 80% of the property value. Having a Loan to Value Ratio (LVR) of more than 80% is a huge risk for the...
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Do You Need A Deposit For A Home Loan?
Most people think that you need a huge deposit in order to get approved for a home loan but the truth is that you can still borrow up to 95% of the purchase price! In fact, in some cases, borrowers may even be able to borrow up to 105%, allowing them to own their dream home...
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APRA Tells The Banks What To Do
Did you know that the Australian government monitors and reviews the lending criteria of the banks? The Australian Prudential Regulation Authority (APRA) released for consultation ‘APG 223 – Residential Mortgage Lending’, a draft prudential practice guide intended...
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How Much Does It Cost To Buy A Home?
Awareness is key! If you’re planning to buy your first home, it’s important to be aware of the fees that you’ll be expected to pay in order to reach settlement. Find out more by using our calculators: LMI calculator: Find out how to save thousands...
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Mortgage Insurance In Different Nations
Mortgage insurance (MI), known as Lenders Mortgage Insurance (LMI) in Australia, protects banks and lenders in the event of a borrower defaulting on their loan. It exists in most mortgage industries around the world, often under different names. Regulations and lending policies...
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Mortgages Over $1,000,000
Many lenders have changed to stricter policies on loans over 80% of the property value for mortgages over $1 million. This is due to changes made by the lenders mortgage insurers. The insurers have their own restrictions and will not insure the banks and lenders if you are...
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