Hi, does anyone know the formula on which LMI is based? Thanx!
Cheers [
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WeiWei
The following was supplied to me by our banker and is for higher security (ie borrowing in your own name) loans. The rates are a little higher for investment properties
% of finance____Insurance rate
0%__________0.00%
80%_________0.43% ignore this one as usually free at 80%
82%_________0.65%
84%_________0.81%
86%_________0.97%
88%_________1.13%
90%_________1.30%
92%_________1.46%
94%_________1.62%then multiply by stamp duty (8%)
For example:
$100,000 property @ 90% LVR = 1.30% x (90% x 100,000) x (1 + 8%)Hope this helps.
Did you enjoy the Seminar ??? We thought that it was stupendous !
cheers
the Bruce
ps: Steve McK, it is way way hard to do text in columns due to the spaces being ignored. Can Eugene fix this, or is there some funky way of doing it that I need to learn ??
Edited by – [email protected] on 29/08/2002 12:19:25 AM
If a wrapper is paying LMI to the bank because s/he is borrowing 90%, would it make sense to charge the wrap buyer similar fees if they are borrowing 95% from the wrapper. Do you guys waive this fee as if it’s part of the 10-20% mark up on the price already?
Thanx Bruce! Yeah the seminar was great; so was your audio interview with Steve!
Cheers [
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WeiThanks Wei
glad that you enjoyed it, it was fun doing the taping !Monto
we usually wrap it all up (if you’ll pardon the pun) into the markup that we hand on to wrappee. i.e. it is just another part of our costs.cheerio
Bruce
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