LMI

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From: Ayesha Todd


A while back there was some discussion on whether you could claim back a portion of LMI if you only held the loan for a short period of time, I lost track of the outcome of that discussion and now pose the question again. My situation is that we are selling our PPOR after 13 months of buying it, we had LMI and I am wondering IF we can apply for a refund on some of the LMI and if so HOW?. Any advice would be appreciated.
Thanks in advance
Ayesha
 
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Reply: 1
From: Dale Gatherum-Goss


Hi

We did about 12 years ago . . . all we did was ask the bank and it happened easily enough.

Sorry, that is all I can recall.

Dale
 
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Reply: 2
From: Glenn Mott


Upon buying my first property, I used 5% deposit and was obliged to pay LMI. At the time of setting up the loan, the lending officer for the bank advised that if I was able to get the loan down so that my LVR was less than 80% they would refund the rest of the LMI premium from the day that I reached this level to the end of the insured period.

We set my repayments at a level that would reach this goal within 12 months, and after this was achieved, I wrote a letter to the insurer advising them of the situation with a copy of my loan statement and my lender's telephone number.

A couple of weeks later, they sent me a cheque for about $700...you little ripper!!

Looking back now, it seems that when everything is going well and you are working hard/smart, money is always flowing in and life is grand!!

Glenn
 
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Reply: 2.1
From: John P


"Looking back now, it seems that when everything is going well and you are working hard/smart, money is always flowing in and life is grand!!"

I could'nt agree more on that last sentence!!!


Nice one Glenn


John_P
 
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Reply: 3
From: Paula Dee


Just rang my lender and they gave me the details of the insurance company to write to. (They were not exactly bending over backwards in encouragement though) Drafting up my letter now! I would never had known! Thanks everyone on this wonderful site. Knowledge is power!

Paula Dee
 
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Reply: 3.1
From: Tibor Bode


Thanks for the idea. I just realised that I've paid LMI and then 6 months later moved the mortgage from the institution to another (due to their "superior" support with my next application) and I have not heard a single word about refunding the money, I've paid! This is almost criminal. I am working in the insurance industry (IT part)and know some of the tricks used, but still learned something new. Thanks again.

Tibor Bode
 
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