How much LMI will I be paying?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: How much LMI will I be paying?

Post 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,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How much LMI will I be paying?

Post 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,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How much LMI will I be paying?

Post 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.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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