LMI Question
- Thread starter molly1a
- Start date
for full doc loans pretty much at 80 % lvr, unless you belong the crowd that gets LMI waivers to 90 %
some xceptions with some lenders wanting LMI for inner cityand bush locations above 70%
A "few" lenders will still do 85 % no lmi, but as always,comes with strings
ta
rolf
some xceptions with some lenders wanting LMI for inner cityand bush locations above 70%
A "few" lenders will still do 85 % no lmi, but as always,comes with strings
ta
rolf
Generally >80% LMI will kick in.
Also note LMI cost does diff bank to bank. For a $500,0000 property at 90% LVR in NSW the LMI cost will range from $5,880 - $14,696.
VIC - $5,880 - $11,008
QLD - $5,880- $12,625 etc...
And of course you have your NO LMI lenders at 85% and 90%.
Best for what?
Personally LMI is the best thing ever - I wouldnt be able to invest without it.
^ Yep i hear ya!
Settled on my 6th IP last year in sept because of LMI
I pay car insurance and house insurance as it protects my asset...Lenders mortgage insurance ( LMI) makes me money lol
in general I find most peops treat LMI as a cost rather than an investment............
many times not using LMI is akin to saving 3 c a litre on fuel but driving 5 ks to get it.......
ta
rolf
I pay car insurance and house insurance as it protects my asset...Lenders mortgage insurance ( LMI) makes me money lol
LMI is just a risk transfer really
ta
rolf
I second this!
And it can be capitalised so you don't have to pay for it with cash - but can still claim it.
Wow...it just keeps getting better.
Lets see what we got 'ere.
LMI can lower your deposit and help you get rich. You don't have to pay for it, and you can claim it as a tax deduction.
All you do is sign on the dotted line. Isn't it funny how you can just make money by signing on a dotted line.
It is more expensive and harder to get though.
Actually thinking of doing this for a property that is on contract at the moment. Go 80% and then a few months later refinance to another lender and go 90% + LMI. Don't want to go 90% now because the credit doesn't transfer when I refinance so it's not worth it. Will refinance and extract equity up to 90% when I want to use the money to subdivide the block.
How much more would it cost if I get LMI when I refinance?
Cheers
Approx 10 % more with many providers
Ta
Rolf
Ta
Rolf
LMI is good
So it seems LMI is a good insurance as it keeps you moving forward and purchasing by the sounds of it . Is it used when you go over the 80% lvr
We have 5 investments all bought with equity from our house we have not had to use our cash as yet
Suggestion from bank is we purchase at 250 k they will lend 240k and we put the rest in approx 23 - 25 k cash plus do a Reno and use our cash
All loans are Xcoll at the moment and we would like to buy this investment as a stand alone eg if we purchased for 260k and we had 20k equity could we use this and borrow the rest plus LMI
Also is the LMI paid only on the new investment or is it paid over all our portfolio
Thanks
So it seems LMI is a good insurance as it keeps you moving forward and purchasing by the sounds of it . Is it used when you go over the 80% lvr
We have 5 investments all bought with equity from our house we have not had to use our cash as yet
Suggestion from bank is we purchase at 250 k they will lend 240k and we put the rest in approx 23 - 25 k cash plus do a Reno and use our cash
All loans are Xcoll at the moment and we would like to buy this investment as a stand alone eg if we purchased for 260k and we had 20k equity could we use this and borrow the rest plus LMI
Also is the LMI paid only on the new investment or is it paid over all our portfolio
Thanks
