Recently got told one of the LMI insurers had done $50 mill on the gold and sunny coast in QLD last year because of falling property prices and repossessions. thus their lack of appetite up here.
Never managed to get a refund but Wetpac LMI policy insurers the borrower not the property so have managed to do a simultaneous settlement and port the loan and LMI to the new property. They would not hold a term deposit for one day so had to be the same day but saved the client thousands by doing this (loan amount and term did not increase). Not sure if Genworth or QBE do this but their are some strange things available if you ask the right questions
Never managed to get a refund but Wetpac LMI policy insurers the borrower not the property so have managed to do a simultaneous settlement and port the loan and LMI to the new property. They would not hold a term deposit for one day so had to be the same day but saved the client thousands by doing this (loan amount and term did not increase). Not sure if Genworth or QBE do this but their are some strange things available if you ask the right questions