LMI cost estimate - 94-95% LVR loan

[Gargamel]

Looking for an rough LMI cost estimate on a $190k loan at 95%.

Could push to 90% LVR depending on LMI estimate.

Cheers

 

[D.T.]

Probably 4k ish at 95

A lot less at 90... its a steep curve.

 

[Rolf Latham]

Looking for an rough LMI cost estimate on a $190k loan at 95%.

Could push to 90% LVR depending on LMI estimate.

Cheers

IP or PPOR ?

self employed ?

ta
rolf

 

[Aaron_C]

Is this for PPOR or IP? Capped above 95%?

 

[Gargamel]

IP purchase, not self employed, no serviceability issues

 

[Brady]

approx $5k

 

[Corey Batt]

Depending on the lender, floating between 4.5-5k. Best to speak to your broker/banker to get a more accurate figure for you to weigh up.

 

[Gargamel]

Thanks. If I go 90% LVR, what's the LMI look like then?

 

[Peter_Tersteeg]

LMI is definitely pricing and my calculators are suggesting between $4,500 to $6,600 (most are around $5k).

The real question however is finding the right lender who will give you the money under the circumstances you require at 95%. This is right at the pointy end and some lenders can have some very quirky policies in this domain.

If you can find another $10k to put into the deal, the LMI costs will halve. You'll also get better rates and more favorable lending criteria.

 

[Jamie M]

more favorable lending criteria.

That's the number one reason I'd be going for 90% if you can. Credit scoring for IP loans above 90% can be pretty harsh.

Not a lot of lenders capping above 95% for IP loans these days either.

Cheers

Jamie

 

[Aaron_C]

An IP 95% lend is essentially a 90% LVR loan plus capitalised LMI these days. As others have said you're better off going for 88%+LMI in most cases.

 

[S.T]

Gemworth online calculator here :

http://www.genworth.com.au/borrower-centre/homebuyer-tools/lmi-premium-estimator

 

[Gargamel]

Gemworth online calculator here :

http://www.genworth.com.au/borrower-centre/homebuyer-tools/lmi-premium-estimator

Brilliant, ta