Hi,
Is there any refund of LMI from the Bank in any circumstances ?
a. if property raises in value after a year ?
Thanks,
Nick.Hi Nick,
A nice thought, but it doesn’t happen in my experience.
You have paid for the LMI upfront and there is no refund – even where you sell the property.
I would be interested to hear of anyone receiving a refund where either the property increases in value or is sold early.
Christopher Raynal
Master Accountants Group Limited
PO Box 46018 Herne Bay
Auckland New Zealand
Ph +64 9 360 3259
Fax +64 9 360 2180
http://www.masteraccountants.co.nzIt is quite possible to recieve a refund of a portion of the LMI where the loan is refinanced or paid out.
I have several clients who have done it.
Just apply directly to the lender.
cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes Simon is right but need to check with your bank some bank may not offer this.
Cheers
PropertyGuRu [sultan]
Mortgage Consultant
[email protected]
MSN ID: amitash, Yahoo Id: bornguruNZ loan pre approval from OZ in 48 hours,Low Doc from 6.85%,Investment loan 95%+
I have had conflicting reports. Most recently when talking to the ANZ was told that, if the loan is repaid within 12 month, then 40% of the LMI could be refunded.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
