You will pay LMIU when the total amount of your debt exceeds 80 or 80% of the total value of your property. 80%or 85% depending on the lender.
You should avoid to pay LMI by keeping your LVR below the bank's redline because if you pay LMI, your fund cost will be very high.
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 Thank you for your question LMI lender mortgage insurance is only payable if you borrow more than 80% of your properties value. Saying, so some lender going up to 85% before LMI is payable I hope this answer helps All the best
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.
Hello. Depending on your situation, you may not require LMI up to 85% LVR. Please contact me if you would like a free assessment.
Hello subash, I have lenders where you don't need to pay LMI upto 85% LVR. please let me if you need any help thanks
You don't have to pay LMI if your LVR is under 80%. Give me a call and I can have it check for you. Very quick process.
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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.