Another LMI question - short term access to funds
Hi All,
I helped a mate buy a house on the weekend in Noble Park at auction. He has got preapproval, but is looking at $8000 mortgage insurance because he only has 8% deposit on a loan of about $330k.
Here is the question: He has access to $50k from a family member for a short period of time. Can he use this to somehow avoid mortgage insurance, then repay the money after the loan has been finalised?
He could also get an extra 50k equity in the house in the next few months by spending around 5k on renovations - I don't know if that helps?
Does anyone know of a bank that has modest LMI fees?
Any advice would be appreciated.
John
Hi All,
I helped a mate buy a house on the weekend in Noble Park at auction. He has got preapproval, but is looking at $8000 mortgage insurance because he only has 8% deposit on a loan of about $330k.
Here is the question: He has access to $50k from a family member for a short period of time. Can he use this to somehow avoid mortgage insurance, then repay the money after the loan has been finalised?
He could also get an extra 50k equity in the house in the next few months by spending around 5k on renovations - I don't know if that helps?
Does anyone know of a bank that has modest LMI fees?
Any advice would be appreciated.
John
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