All Topics / Finance / LMI Refund

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  • Profile photo of ptkingptking
    Member
    @ptking
    Join Date: 2003
    Post Count: 7
    November 9, 2005 - 5:05 am

    Hi,

    Around 8 months ago I purchased an IP for $316,000 and borrowed 90% of the purchase price subsequently having to pay lenders mortgage insurance.Back then the valuation came in at contract price.
    I recently had the property revalued at $360,000 which means that I now would satisfy the 80%LVI requirement.
    Does any one know if I am entitled to a partial refund of the LMI that I paid?.
    Has anyone done this before?.

    Any feedback would be greatly appreciated.

    Cheers.

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    November 9, 2005 - 5:43 am

    This depends on your lenders policy regarding LMI, I would recommend that you call your bank/lender and check with them, in most cases the bank will require/instruct a valuer on there panel to carry out the valuation. 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.

    Profile photo of ptkingptking
    Member
    @ptking
    Join Date: 2003
    Post Count: 7
    November 9, 2005 - 6:41 am

    Thanks for the advice Steven.

    Regards

    ptking

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    November 9, 2005 - 10:02 am

    What bank is it?

    Most banks will actually want you to refinance to another lender before giving the refund. Stupid, I know but thats their policy.

    Cheers

    Stu

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