All Topics / Finance / Is morgage insurance claimable?

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  • Profile photo of lopethalopetha
    Participant
    @lopetha
    Join Date: 2007
    Post Count: 82
    June 26, 2007 - 6:57 am

    Hi guys,

    I just had a quick question regarding morgage insurance charged by the bank. Because I dont have the 20% deposit for my IP, I have to pay morgage insurance to the bank which is added to the balance of the loan. I was just wondering if this fee is actually claimable come tax time? Could it be classified as a bank fee to take out the loan?

    Thanks in advance.

    Regards,
    Zayne.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 26, 2007 - 7:22 am

    Hi Zayne

    Mortgage Insurance is claimable as it is a loan cost over 5 years or the term of the loan whichever is the shorter.

    Shop around as many lenders offer an alternative to LMI which can often work out cheaper.

    Richard Taylor | Australia's leading private lender

    Profile photo of lopethalopetha
    Participant
    @lopetha
    Join Date: 2007
    Post Count: 82
    June 26, 2007 - 10:40 pm

    Thanks Richard.

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