LMI Refund possible after 1 week?

[pianoman]

Hi all,

I recently took out an equity loan with ANZ One Direct. It was drawn down last Friday including an LMI component.

As part of searching for an IP loan we got our PPOR valued by the CBA. The valuation came in this week and is considerably more than what ANZ One Direct were basing their figures off when calculating the LMI (about 5 months old).

I believe if we had waited another two weeks and got ANZ One Direct to revalue then draw the loan down we wouldn't have needed LMI.

The question is can I get a refund on the LMI staying with One Direct, or do I need to refinance away to another lender to get the refund?

Thanks,

Pianoman

 

[BoatBoy]

Went through a similar thing a while back and for a pissy $10k over.

After 3 weeks the new val was waaaay up on original.

Would have had to refinance the deal, which would have cost more than the LMI insurance refund.

Dave

 

[pianoman]

ANZ One Direct tell me that I'll only get up to 40% of the LMI back.

But I'd have to refinance to another bank and then I'd have to pay the break costs.

It's certainly not looking like an option!

Might have to put this one down to experience.