Mortgage Insurance Rebate

Viewing 6 posts - 1 through 6 (of 6 total)

HAV11C
Member
@hav11c
Join Date: 2005
Post Count: 12
August 3, 2005 - 9:41 am
On Today Tonight just now was a story about the forgotten rebate the banks are keeping.
I’ve attached a link….
http://www.seven.com.au/todaytonight/story/?id=22215
If you refinance with 12 months and have paid mortgage insurance you are due back 40%
If you refinance within 24 months you are due back 30%
You can claim up to 7 years after refinancing
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
August 21, 2005 - 4:08 am
Hav11C
From Gemworths website
1 Year or Less – 40% refund
Over 1 year to 2 years – 20% refund
No refund is payable where:
1) The amount payable i sless than $150
2) A loss has eventuated.
3) The loan was reported to be in a arrears.
4) The lender does not notify GE within 3 months of the loan being fully repaid
With PMI
1 Year or less 40% refund.
1 Year or more – Nil
Minimum refund os $200 rather than $150
Certain other criteria also apply.
Think TT might be slightly offline with their comments.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.com
IP funding and US property finance
our speciality
Richard Taylor | Australia's leading private lender
Lightning
Member
@lightning
Join Date: 2005
Post Count: 6
August 21, 2005 - 10:20 pm
Can anyone explain to me exactly what mortgage insurance is and how it works ?
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
August 22, 2005 - 3:30 am
Hi Lightning,
Here is a link to a media release from the MIAA titled â€œdemystifying mortgage insuranceâ€; I hope this helps, cheers.
http://www.miaa.com.au/pdf/050804_lmi.pdf
Regards
Steven
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Lightning
Member
@lightning
Join Date: 2005
Post Count: 6
August 22, 2005 - 3:37 am
In the case of refinancing can LMI already paid be transferred from lender to lender ?
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
August 22, 2005 - 3:48 am
In short the answer is no, but depending on the lender and the mortgage insurer you may be entitled to a part refund. Cheers
Regards
Steven
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.