Redraw - Pay LMI Again??

[sydprop]

Hi all,

I took a loan out with ANZ at 86% LVR - Paid LMI 3 years ago. We want to withdraw the equity to raise the LVR back up to 85% (about 130k). Mortgage broker is hesitant that we can obtain any credit for previously LMI premium and would have to pay the whole lot again.

My previous experience has been that only a small additional premium was due. This kinda annoys me as I could just go and refinance to WBC if I have to.

Any views?

 

[Spectre]

If its available in the redraw and you already paid it so I'd imagine you're already covered.

NB - If the broker doesnt know 100% then I'd ring the Bank as they would.

 

[sydprop]

It is a revaluation based on appreciation, so I probably should not have said redraw. so it is a delta in LMI from the original principle to the new principle.

 

[Rolf Latham]

new lmi premium payableon the new money only, just match the old loans loan repayment period................so doing a top up rather than a new refinance


ta
rolf