LMI is Lenders Mortgage Insurance. In a lot of instances where people purchase apartments off the plan the value is not close to the purchase price when the purchaser settles. Therefore the Loan to Value Ratio is greater than the banks will accept so insurance is often required or a higher...
I agree - cut your losses and sell it before you settle. Even if you are taking a loss on the sale (hopefully not more than the deposit you have already put in) it will be better to get out now.
That is of course assuming that the contract allows you to on-sell prior to settlement.
The...
