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Re: How much LMI will I be paying?

Posted: Wed Feb 06, 2019 5:46 pm
by Otto Dargan
Hello Eli. Welcome to the forums.

Lenders Mortgage Insurance (LMI) is usually charged when borrowing over 80% of the property value, but select borrowers are eligible for a 90% home loan with no LMI.

For a $700,000 property with a 10% deposit, you’re looking at an LMI premium anywhere between $14,000 - 15,600.

Please use our LMI calculator to compare LMI premiums between different lenders.

Our mortgage brokers have in-depth knowledge of LMI. We can help you find the cheapest LMI available from a panel of almost 40 lenders.
Give us a call on 1300 889 743 or fill in our free assessment form.

Cheers,

Re: How much LMI will I be paying?

Posted: Wed Feb 06, 2019 7:01 pm
by Otto Dargan
Hi Eli,

Yes, If your parents agree to be a guarantor for your home loan, then not only will the LMI be waived you’ll also be able to borrow 100% of the property value plus the cost of completing the purchase.

Cheers,

Re: How much LMI will I be paying?

Posted: Thu Feb 07, 2019 1:17 am
by Otto Dargan
Hi Booth, welcome to the forum.

To qualify for a no LMI home loan without a guarantor, the best way is to save up a 20% deposit. If it’s not a viable option for you then check to see if your profession is eligible for a waived LMI home loan.

They include: Our mortgage brokers have in-depth knowledge on LMI. We can help you find the cheapest LMI available from a panel of almost 40 lenders.
Give us a call on 1300 889 743 or fill in our free assessment form.