From: Tony Dixon
Howdy,
I have some questions regarding LMI.
We have just moved into our newly built PPOR and we paid LMI due to a small deposit.
We've built in an area that has experienced strong capital growth over the past 15 months and is about 5km from the Perth CBD.
Some months ago I spotted a comment on the forum about being the possibility of being reimbursed LMI after a revaluation of the property, but I can't recall the details, and it's possible that I misinterpreted the comments.
So my questions are:
Is it true? Can we get all or a fraction of the LMI premium back within a small time frame?
Or is only just in the case of selling the property, where the risk no longer exists.
If reimbursement is possible, is it just a case of getting a favourable valuation such that (mortgage/value) < 80%?
The bank is Westpac.
cheers, Tony
Howdy,
I have some questions regarding LMI.
We have just moved into our newly built PPOR and we paid LMI due to a small deposit.
We've built in an area that has experienced strong capital growth over the past 15 months and is about 5km from the Perth CBD.
Some months ago I spotted a comment on the forum about being the possibility of being reimbursed LMI after a revaluation of the property, but I can't recall the details, and it's possible that I misinterpreted the comments.
So my questions are:
Is it true? Can we get all or a fraction of the LMI premium back within a small time frame?
Or is only just in the case of selling the property, where the risk no longer exists.
If reimbursement is possible, is it just a case of getting a favourable valuation such that (mortgage/value) < 80%?
The bank is Westpac.
cheers, Tony
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