Re: How can I avoid LMI on my home loan altogether?
Posted: Thu Jun 14, 2018 2:58 pm
Hi Braithwater. Welcome to the forums.
The cost of Lenders Mortgage Insurance (LMI) varies between different lenders. This LMI calculator is used to compare http://www.homeloanexperts.com.au/mortg ... alculator/ LMI of various lenders and it uses only some of our lenders.
Some lenders provide no LMI home loans and interest rate discounts to entertainment professionals. You can borrow up to 90% of the property value without paying any lenders mortgage insurance.
Please keep in mind that you need to be a high net worth individual and typically earning at least $150,000 per annum to get your LMI waived.
If you can’t be eligible for waived LMI loan, you may qualify for a mortgage insurance discount depending on your loan amount, Loan to Value Ratio and your level of income:
Please call us on 1300 889 743 or fill in our enquire online to discover which strategy is right for you to avoid mortgage insurance.
Cheers,
The cost of Lenders Mortgage Insurance (LMI) varies between different lenders. This LMI calculator is used to compare http://www.homeloanexperts.com.au/mortg ... alculator/ LMI of various lenders and it uses only some of our lenders.
Some lenders provide no LMI home loans and interest rate discounts to entertainment professionals. You can borrow up to 90% of the property value without paying any lenders mortgage insurance.
Please keep in mind that you need to be a high net worth individual and typically earning at least $150,000 per annum to get your LMI waived.
If you can’t be eligible for waived LMI loan, you may qualify for a mortgage insurance discount depending on your loan amount, Loan to Value Ratio and your level of income:
- Loan amount: Since higher loan amounts tend to attract more LMI, save more and borrow less.
- Lower down your LVR: Keep your loan amount to 80% of the property value or the Loan to value Ratio.
- Use a guarantor: LMI is payable when you borrow more than 80% LVR, however, if you have a guarantor, then the premium is waived.
- Genuine savings discounts: More genuine savings allows you to get standard LMI rates which are cheaper than a no genuine savings LMI premium.
Please call us on 1300 889 743 or fill in our enquire online to discover which strategy is right for you to avoid mortgage insurance.
Cheers,