All Topics / Legal & Accounting / Claiming Lender Insurance

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  • Profile photo of andymitchellandymitchell
    Participant
    @andymitchell
    Join Date: 2005
    Post Count: 67
    July 20, 2006 - 1:40 am

    Hi – going to see the acct tonight, but am impatient. Does anyone know if you can claim LMI for an IP?

    What if you initially bought the unit as a PPOR, paid LMI when bought, now turned into an IP (after e.g. 7 months)..can this LMI still be claimed over a number of years?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    July 20, 2006 - 1:51 pm

    Yes, LMI is a borrowing expense and can be claimed over 5 years or the term of the loan if you refinance earlier.

    Even if you initially lived in the property, you should be able to claim the LMI, possibly 100% of it.

    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

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