A couple of months ago, a thread was created concerning the refund of Lenders Mortgage Insurance.
I've tried in vain to find the thread...with no luck...so....
I have managed to reduce the Loan to value ratio to under 80% for a property purchased a couple of months ago (by renovating). Originally, I took out LMI with the ANZ Bank (borrowing 95%). After some renovations, the bank revalued the Investment Property to under the 80% threshold and hence I sought a refund. However, the Mortgage Insurer will not refund the Mortgage Insurance (they normally refund 40% if under 13 months of first taking out the loan). The reason is that they will only refund if the loan has been fully re-paid. Has any body else out there managed to get a refund via the ANZ Mortgage Insureres wihtout having to resort to selling or re-financing the property?
GlennM.
I've tried in vain to find the thread...with no luck...so....
I have managed to reduce the Loan to value ratio to under 80% for a property purchased a couple of months ago (by renovating). Originally, I took out LMI with the ANZ Bank (borrowing 95%). After some renovations, the bank revalued the Investment Property to under the 80% threshold and hence I sought a refund. However, the Mortgage Insurer will not refund the Mortgage Insurance (they normally refund 40% if under 13 months of first taking out the loan). The reason is that they will only refund if the loan has been fully re-paid. Has any body else out there managed to get a refund via the ANZ Mortgage Insureres wihtout having to resort to selling or re-financing the property?
GlennM.