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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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Demal

2 years ago

Hi Am.. the consideration of purchase price ie contract or valuated price depends on the lender. Most lenders consider on the lower of two price whilst there are very few lenders who can consider the valuated price, if it is higher. Thanks.

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LEZLI

2 years ago

Hi Am Banks lend on their own valuation. So you won't be paying LMI if you want $1m & val is $1.2m. I've got great deals from over 40 lenders with 6000+ products. Look forward to hearing from you Thank you

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David

2 years ago

There are circumstances where the lender will use the higher value so that you do actually create 200k worth of equity and they will use the valuation. Most lenders policy is to use the lower of the purchase price or the valuation.

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Morris

2 years ago

Hi Amir, LMI is only applicable if you borrow more than 80% of the value of the property acceptable by the lender. anything above 80% is calculated on a risk factor basis, meaning, the higher the LVR the higher the LMI premiums. most lenders will cap the insurance premium to 95% LVR. for more information and other available options for you, please contact me so we can have a chat.

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Michael

2 years ago

Good Morning Amir, Lenders Mortgage Insurance is calculated on the bank value or purchase price which ever is lower. Interesting to note depending on your profession we are able to lend up to 90% of the value Without needing to find LMI. Happy to chat further regarding this, please visit my profile and get in touch. Regards Michael

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Daxa

2 years ago

Hello The bank will calculate the LMI on the lower of the lower amount. Hope this answers your question.

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Ken

2 years ago

Hi, Amir, LMI is calculated on the lower, of either the purchase price or valuation, and is paid where a loan to value ratio exceeds 80%. Regards, Ken

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Xavier

2 years ago

Hi Am, Both the LVR (loan to Value Ratio) & the LMI are calculated on the lower of either the contract price or the Bank Valuation. The valuation will RARELY come above contract price as valuers don't feel the need expose themselves and their PI unnecessarily Unfortunately no 'inbuilt' deposit unless the contract price has been signed more than 18-24 months ago Hope this helps

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Denis

2 years ago

Amir, It is worked on 80% of the purchase price so if you pay $1.2m you need to borrow less than 80% not to pay LMI . Denis

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