I have a substantial loan at 90% LVR and consequently a hefty LMI premium to boot! (Properties purchased in August 2004, another in June 2005, and one this month – June 2006) PMI is the LMI provider.
Due to dissatisfaction, I am moving to a different financial institution with better service, facilities, rates, flexibility and quicker response times.
The new lender is willing to take over the original loan, with LMI payable due to the 90% leverage.
Paying the LMI to the second lender does not concern me, but I am curious to know if I am entitled to receive a refund of the large LMI premium that I have already paid on the original loan with the first lender??
Any advice would be most helpful !!
Thanking you,
James & Anna
“The answer is already “No”……Unless you ask!!
Depending on which bank, you could probably get a portion of the June settlement back, but not the others as they are too old.
Terryw
Discover Home Loans
Parramatta
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You can usually get back 50% if repaid or refinanced within 1 year and 20% within 2 years. The date used to determine a refund is based on the date they approved finance to you, not the settlement or funding date.
You also need to ask, they will not offer it.
Mal
Getting out of your comfort zone, can help you become comfortable
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