Curious about pro-rata refund on LMI. If for example, my portfolio has several properties at 92% LVR and I received a gifted property that brings the portfolio to about 47% LVR, am I eligible for a (part) refund on LMI or does one of the loans have to be paid out in order to receive this refund?
Many thanks.
(P.S. I believe I submitted this question a little later than 1970!)
You generally only get a pro-rata refund of LMI if you are paying out a loan ( or refinancing) within the first 2 years. upto 50% within 1 year or 20% within 2 years, and the time starts from the date the loan was approved, not from the day that the loan was funded.
If the gifted property is not security over the loan then no.Question, Is there such a thing as rent to buy? and if, does anyone out there know the in's and out's of it all?
Thank you Shwing.
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