From: Patrick Bruadair
I have a question on Lenders Mortgage Insurance. I have an outstanding loan balance of $235,000 on my home (value $490,000) and am planning on getting a loan of $315,000 for an IP+costs (IP valuation $300,000)i.e. total loan = $550,000, total valuation = $790,000, LVR is about 70%. Later I would like to refinance to an LVR of 90% (i.e. borrow $710,000)to make more equity available for other IPs. Is it true that Mortgage Insurers will only go up to a total loan value of $500,000?
regards
Pat
I have a question on Lenders Mortgage Insurance. I have an outstanding loan balance of $235,000 on my home (value $490,000) and am planning on getting a loan of $315,000 for an IP+costs (IP valuation $300,000)i.e. total loan = $550,000, total valuation = $790,000, LVR is about 70%. Later I would like to refinance to an LVR of 90% (i.e. borrow $710,000)to make more equity available for other IPs. Is it true that Mortgage Insurers will only go up to a total loan value of $500,000?
regards
Pat
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