All Topics / Finance / Loan mortgage insurance

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  • Profile photo of RodoRodo
    Participant
    @rodo
    Join Date: 2009
    Post Count: 2
    June 11, 2009 - 9:47 am

    Hi

    Just a quick question. Hope you can help.

    Assuming one borrows more than 80% LVR, will any lenders add the Loan Mortgage Insurance premium to the overall borrowing figure? Am looking to purchase PPOR (not eligible for any first home owner assistance) and would like to reduce the savings component wherever possible.

    Thanks
    Rodo

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    June 11, 2009 - 9:56 am

    It varies with lenders you will have to ask the lender if they capitalise the mortgage insurance costs and stamp duty. And ask what max LVR they lend to.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 11, 2009 - 10:54 am

    Hi

    Many lenders have  a max LVR they will go to. eg. ANZ is now 90% in total, including LMI. So if you were to borrow less, you could add the LMI to the top as long as the total LVR is less than 90%.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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