Ok so I borrowed 90% to do a battleaxe subdivision, with a LOC to use for the refurb and sub division, I paid (borrowed) around 15k in LMI.
I sold the rear block and brought the mortgage down on the front house using all of the proceeds from the sale.
Now I have applied for a new LOC 90% but ANZ are saying its a new loan / money and want to charge me 2k on top for LMI again.
I think its a bit harsh as the original loan only lasted 10 months before I brought it right down, is there such a thing as refund for the original LMI I paid ?
Chomp
I sold the rear block and brought the mortgage down on the front house using all of the proceeds from the sale.
Now I have applied for a new LOC 90% but ANZ are saying its a new loan / money and want to charge me 2k on top for LMI again.
I think its a bit harsh as the original loan only lasted 10 months before I brought it right down, is there such a thing as refund for the original LMI I paid ?
Chomp