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,
How much LMI will I be paying?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
- 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?
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,
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 Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: How much LMI will I be paying?
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:
Give us a call on 1300 889 743 or fill in our free assessment form.
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:
- Doctors and select medical professionals.
- Other white-collar professionals including accountants,lawyers, geologists and other mining specialists, professional athletes, and entertainers. Minimum income benchmarks and other requirements still apply.
Give us a call on 1300 889 743 or fill in our free assessment form.