I am a newbie, having just finished reading 0-130 properties last week. I found no mention of mortgage insurance (only paid if deposit is less than 20%) in the book. This is a significant amount of money if you do not intend to use a 20% deposit. I would like to invest in properties with a 10% deposit in order to purchase more properties, however, from memory mortgage insurance is around $3,000 on a $100,000 mortgage. Has anyone had this issue?
Teresa
Hi Teresa,
If you want to find out approximately how much mortgage insurance go and have a look at http://www.yourmortgage.com.au/calculators. It will give you a pretty good indication of how much it will cost you.Thanks,
LuckyoneI think you will find your figures are a bit out.
I would suggest LMI on a $100K loan with a 90% LVR would be closer to $1200.
This should make the picture a little rosier for you.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks guys.
Teresa
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