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Mortgage Insurance

Feb 25 2009 5:09pm#1 (permalink)

AgentOne

Anonymous Visitor
Avatar for AgentOne		Many clients ask whether they will have to pay mortgage insurance. Lenders mortgage insurance (LMI) is there to protect the lender, not the borrower, and applies to a range of 100% home loans. If you take out a no deposit home loan, the lender will need you to pay LMI to protect them against the amount you have borrowed. Any less than a 20% deposit and you will pay LMI to the lender. The less deposit you have, the higher the premium.
Feb 26 2009 1:42pm#2 (permalink)

Maybe Buyer

Anonymous Visitor
Avatar for Maybe Buyer		I have about a 10% deposit and each lender I spoke to said I would have to pay LMI.. it can be quite expensve, so I may save a bit longer and use my First Homebyer grant to put down the full 20%

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