Transfer of LMI for new purchase

[tgg]

Hi

My brother purchased a ppor for 630k (93 LVR) 4 years ago. Had to pay LMI approx. 10k. He has sold the property for 767k and settlement is in three weeks. The lender was ING. Last week he purchased a new property that will be his ppor for 598k (86 LVR), with settlement date on purchased property being the same as the sold property. For the new property the LMI will be approx. 5k. If he stays with ING as the lender will he be able to transfer the LMI from the sold property to the new purchase and save the 5k he is expecting to pay?

 

[Rolf Latham]

if the lender will grant portability and the LMI provider agrees its certainly possible

ta
rolf

 

[Terry_w]

I've never seen it done and would think the lender and insurer would refuse because they are insuring a new property under new circumstances. But well worth asking for.