How To Reduce Lenders Mortgage Insurance (LMI)
Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights
Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights
Lenders Mortgage Insurance can be a great tool to help homebuyers get into a property that they otherwise might not be able to afford.
However, it comes with a cost.
LMI is a one-off insurance premium that is put in place to protect the lender in the event the borrower is unable to manage their
repayments. For many loans, LMI can add a significant upfront cost. LMI is normally applicable when a borrower is seeking to get a loan with
an LVR of more than 80 per cent.
Using LMI can be a very valuable tool for many homebuyers, as it might allow you to purchase a property years ahead of when you might have otherwise. You’ll be buying a property in today’s dollars and can benefit from any capital growth, instead of being required to pay a higher price at a later point. If you are required to pay LMI, there are some ways you can potentially reduce the cost.
Our in-house Mortgage Broker can help you work out the best loan to finance your investment property. Get in touch to start a conversation.
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