Just got a very interesting flyer from ING. I'd heard that they were making some changes to their LMI policies, but I didn't see this coming:
Keep in mind that ING isn't exactly a preferred lender for investors, this is for owner occupied property only and the loans must be principal & interest. Their serviceability model (for investors) is terrible, their cash out policy is a nightmare, etc, etc, etc.
For the first home buyer or a refinancer who doesn't intend to leverage their home later, this looks pretty sweat though...
ING said:$1 LMI Promotion
Effective for loan applications received from Wednesday 26 November 2014 and until further notice, ING DIRECT will offer Lenders Mortgage Insurance (LMI) for $1 where certain criteria are met.
To be eligible for this promotion, loan applications must satisfy the following criteria:
New loan application with new to ING DIRECT security property
LVR (including the $1 LMI premium) must be greater than 80% and less than or equal to 90%
Loan application must include Orange Advantage
Loan purpose must be to purchase an Owner Occupied property
Repayment type must be Principal & Interest (for the total loan amount)
Meet LMI credit guidelines
Keep in mind that ING isn't exactly a preferred lender for investors, this is for owner occupied property only and the loans must be principal & interest. Their serviceability model (for investors) is terrible, their cash out policy is a nightmare, etc, etc, etc.
For the first home buyer or a refinancer who doesn't intend to leverage their home later, this looks pretty sweat though...