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Mortgage Insurance

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Feb 25 2009 4:09pm#1 (permalink)

AgentOne

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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.

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