Is there a list anywhere that shows what lenders use what mortgage insurers? Or does anyone know?
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]
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%**
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richard@yourstatefinance.comRichard Taylor | Australia's leading private lender
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
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
richard@yourstatefinance.comRichard Taylor | Australia's leading private lender
RAMS also have another mortgage insurer, in addition to PMI and Genworth, the 3rd one being Prime.
Terryw
Discover Home Loans
Parramatta
Terry@discoverhomeloans.com.au
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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
richard@yourstatefinance.comRichard Taylor | Australia's leading private lender
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
petert@ptbfinance.com.au
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