Re: Got knocked back by the mortgage insurer - 95 per cent home loan
Posted: Mon Jul 15, 2019 7:33 pm
Hello Nigel. Welcome to the forums.
Anytime, you’re borrowing more than 80% of the property value, you’ll paying Lenders Mortgage Insurance (LMI). So, when you apply for a 95% home loan, most lenders don’t allow you to capitalise the LMI on top of your home loan. That means you’ll have to come up with the LMI as well on top of your deposit which can be tens of thousands of dollars. You can use our LMI calculatorto work out your LMI fee.
To be clear, some of our lenders will allow you to capitalise the LMI on top of the 95% home loan. So you can still qualify with only a 5% deposit, however, stricter lending criteria applies.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a 95 per cent home loan.
Cheers,
Anytime, you’re borrowing more than 80% of the property value, you’ll paying Lenders Mortgage Insurance (LMI). So, when you apply for a 95% home loan, most lenders don’t allow you to capitalise the LMI on top of your home loan. That means you’ll have to come up with the LMI as well on top of your deposit which can be tens of thousands of dollars. You can use our LMI calculatorto work out your LMI fee.
To be clear, some of our lenders will allow you to capitalise the LMI on top of the 95% home loan. So you can still qualify with only a 5% deposit, however, stricter lending criteria applies.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a 95 per cent home loan.
Cheers,