Brotherly advice saves $2000 on LMI

Hi to all,

Is it coincidence or collective thought? Or both? Billfromoz is my brother. We live in separate towns.

We coincided upon this site a few weeks back. I asked “Billfromoz” to make contact with me, after I read one of his posts. He responded, yet we were both still unaware of exactly who one another was.

A monthly phone call later, we both were laughing about the coincidence.

I have to share this with everyone. I asked Bill about restructuring my finances. After visiting my friendly financial institution, I was told that I would have to pay $2200 LMI in addition to my $10K debt consolidation topped up on my PPOR mortgage. Bill diplomatically suggested that the bank was having a lend of more than just finance. He gave me detailed instructions of what to do.

I confronted the Branch Manager with my instructions. The end result today is that it will cost me $256 instead of the $2200.

Kind regards, Phil