Hi There,I have become very frustrated with not being able to find something on the internet that can tell me what costs for mortage insurance I would incurr if borrowing more than 80% on a loan. I have notice that in the States it’s quiet easy to go on line & use a calulator to determin this figure.There doe’snt seem to be any set formula for this.Can anyone enlighten me to this process or can the lenders charge whatever they like.It seems like it is some big secret that only the banks can determin.
Regards GailGail,
I can calculate it for you but I don’t have a formula I can give you.
Any other broker should be able to do the same.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Gail
The problem with calculating the premium online is:
1) There are 2 major mortgage insurers both with slightly different premium calculations.
2) The Premiums will again vary dependant on the lender concerned as some insitutions get favourable rates.
3) Interest only and P & I loans attract different premium rates.
3) They stamp duties vary from State to State.As Simon mentioned it it probably easier to sort out what type of loan you are requiring, then get your broker to make some recommendations on a lender and then at the same time calculate the premium for you.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
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