

Hi Subas, thank you for getting in touch. LMI is only payable if the refinance or purchase exceeds 80% of the property value. In saying that there is a couple of lenders which don't charge LMI even up to 85%. Furthermore, depending on your profession there are lenders who offer lending at 90% LVR without having to pay lenders mortgage insurance. Please navigate to my page and we can chat over the phone when it suits. Cheers Michael (FNQ Lending Solutions)


Hi Subas, There are many factors to consider when refinancing. Usually if borrowing over 80% of the house value you will incur loan mortgage insurance. If you are wanting to use the same lender and it is over 80% of the house value most lenders would normally have you pay LMI on the difference. Without specifics it is very hard to advise properly. Give us a call if you are wanting to know more. Have a great day. Kathy

Hi Subas... most lenders will charge LMI when the loan amount exceeds 80% of valuation (some have special offers from time to time where they waive it). Having said this some lenders will not need to complete a full internal inspection and they may rely on a desktop estimate valuation based on comparable sales, which can be favourable. I'd be happy to look at this for you.

Dim
It will depend on the LVR. If you can get a valuation to stack up enough where the LVR is sub 80%, then LMI won't apply. Let me know if you would like me to check it out for you.