Apologies if anyone thinks this is a duplicate thread - I'm aware that there is a similar one in Property Finance but my situation is slightly different.
We have quite accumulated some savings and we will be buying IP #1 soon!
We have enough deposit to buy IP #1 on a 80% LVR loan. In fact, we have enough savings to buy 3 such properties, all on 80% LVR loan. (Yes we've been busy saving and have had too much time deciding what to buy!)
However I'm aware that if we buy all the IPs on 90% LVR loan, after accounting for the cost of LMI, we'll be able to buy 5 properties.
So given that paying the LMI allows you to buy more properties....... would you pay or would you not pay LMI?
Or have I answered my own question?
We have quite accumulated some savings and we will be buying IP #1 soon!
We have enough deposit to buy IP #1 on a 80% LVR loan. In fact, we have enough savings to buy 3 such properties, all on 80% LVR loan. (Yes we've been busy saving and have had too much time deciding what to buy!)
However I'm aware that if we buy all the IPs on 90% LVR loan, after accounting for the cost of LMI, we'll be able to buy 5 properties.
So given that paying the LMI allows you to buy more properties....... would you pay or would you not pay LMI?
Or have I answered my own question?