All Topics / Finance / What lenders use what mortgage insurers?

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  • Profile photo of BrizzaBrizza
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    Is there a list anywhere that shows what lenders use what mortgage insurers? Or does anyone know?

    Profile photo of crushercrusher
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    Hi Brizza
    Last year I was informed that there were only 2x lenders mortgage insurers in Australia. One is Genworth Financial and I think the other one starts with a ‘P’. I was told at the time that they have slightly different rules and one may provide LMI for a geographical area that the other does not. I have a 2005 postcode security location guide from Genworth if you would like me to send it to you.

    I hope this is of some help. I do not know if lenders have to choose an alliance with only one LMI provider but I too would be interested to find out more on this.[biggrin]

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    Brizza

    Crusher is almost there.
    There are 2 main 1 secondary and at least 3 lenders that self insure.

    Mainly Genworth whose Post code restrictions can be found on their website http://www.genworth.com.au and PMI -www.pmigroup.com.au.

    There is then Mobius who currently only operate through a limited panel and the self insurers.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
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    Richard Taylor | Australia's leading private lender

    Profile photo of asdfasdf
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    Originally posted by Qlds007:

    Brizza

    Crusher is almost there.
    There are 2 main 1 secondary and at least 3 lenders that self insure.

    Hey Richard,

    Does that mean when you get maxed out at $1M each on PMI and Gemworth, you can go to the other 3 lenders and get more LMI deals through? Do these lenders have a max lend? or is it based on DSR…etc.. ?

    Cheers mate.

    ASDF

    Profile photo of Richard TaylorRichard Taylor
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    HI ASDF

    Yes you can approach the self insured lenders if you have maxed out with PMI or GE.

    Each MI has slightly different terms.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
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    RAMS also have another mortgage insurer, in addition to PMI and Genworth, the 3rd one being Prime.

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of hellmanhellman
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    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    Hellman

    Good link however as Terry mentioned it is not upto date unfortunately.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

    Profile photo of Peter TPeter T
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    @peter-t
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    The two main mortgage insurers are GE & PMI, but there are plenty of others as already mentioned.

    Some lenders to not mortgage insure, but instead have a ‘loan equalisation fee’ which for all intensive purposes is a similar beast.

    I’m curious why you’re asking. A good broker should be able to navigate MI requirements are part of the process of vetting a suitable loan for you.

    PTB Financial Solutions Pty Ltd
    (03) 9874 8576
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