1. What the minimum deposit % to avoid LMI?
2. How much does LMI cost?
Thanks
Jesse
2. How much does LMI cost?
Thanks
Jesse
What the minimum deposit % to avoid LMI?
- Thread starter Gatoblanco
- Start date
Minimum % deposit to avoid LMI is 20%.
LMI cost. Depends on what your deposit % is. Google is a useful tool.
http://www.homeloanexperts.com.au/lenders-mortgage-insurance/lmi-calculator/
LMI cost. Depends on what your deposit % is. Google is a useful tool.
http://www.homeloanexperts.com.au/lenders-mortgage-insurance/lmi-calculator/
Well then go to the banks own website and get an estimate. If they overquote, take it to the bank and say "look, your own website gave me this figure".
CBA on $300K purchase - 90% $2900, 95% - $6030
http://www.commbank.com.au/personal...-loan-calculators/additional-buying-cost.aspx
Hi Jesse
Why the question ?
ta rolf
Why the question ?
ta rolf
Hi Jesse,
I might add that once you hit that 90% mark the premium can jump considerably depending on your borrowing amount. Every step there on needs a good mortgage manager ie broker.
Apparently - 85% no LMI is possible. I've not put one through yet and am sceptical.
If you want figures - ring your bank or broker. That's not to say they won't change by the time your loan gets to LMI.
Regards JO
I might add that once you hit that 90% mark the premium can jump considerably depending on your borrowing amount. Every step there on needs a good mortgage manager ie broker.
Apparently - 85% no LMI is possible. I've not put one through yet and am sceptical.
If you want figures - ring your bank or broker. That's not to say they won't change by the time your loan gets to LMI.
Regards JO
Because I wont have 80% of my next IP's purchase price as a deposit.
Got about $10k at the moment.
Yeah. I am going to have to take out LMI. Was just factoring in cost. Also I had heard that some go beyond 80% with no LMI (perhaps with higher interest rate). Cant remember which bank?
