Page 1 of 1

LMI discount

Posted: Tue Apr 06, 2010 10:06 am
by gleeson
my bank said i need to get LMI for my home loan, and it is going to cost me a few thousand dollars.. it wasn't part of my budget.. are there any lenders who would not need LMI, or offer LMI discount?


Re: LMI discount

Posted: Tue Apr 06, 2010 10:27 am
by Otto Dargan
Yes every lender has their own LMI premium rates which vary depending on the loan amount, LVR (percentage of the property value you are borrowing) & type of loan you are getting (normal, low doc, no genuine savings etc). In addition to this some lenders will offer a special LMI discount for the lowest risk customers that they have. Generally this is only for people of particular professions (e.g. doctors) or people who have been in their job for more than 2 years and are borrowing up to 85% of the property value.