LMI limits

[cool bananas]

Several replies to various posts have mentioned that mortgage insurers will be reluctant to deal once a loan is above 500K. Does this limit apply to each loan, or total borrowings? (and what is the workaround, apart from 20% deposit?).

 

[Rolf Latham]

Hiya

Much is case by case. Good strong service position and stability of income may mean 90 % lends to as much a 750 k for a one off.

Generally, the limits are cumulative per insurer.

80 % lends, or 85s to 90s with LMI waivers are possible for strong applicants.

ta

rolf