Quick Question…
I have a construction loan at 89% LVR with the NAB…. the house is to be completed by December this year. If i have the house valued at around $350k within the next 6-12 months can I apply for a refund on my LMI? I have read something similar to this previously on this forum. Any help would be appreciated. Cheers
tugger
Tug
In the good old days like 6 months ago I would have said Yes you would be entitled to a partial refund but only if you sold it or refinanced elsewhere. Unfortunately these days no chance.
Also if you are staying with the same lender then no refund would be available anyway.
Richard Taylor | Australia's leading private lender
Thanks Richard… you have been a big help for not only myself but a lot of another investors on this website. Thanks again and keep up the good work, it is much appreciated. Cheers
tuggerPleasure mate. Not going anywhere so hope to be here for many more years to come.
Richard Taylor | Australia's leading private lender
G'day Tugger.
You are correct. Richard is the man.
Richard is correct. My dealings with CBA indicated that the loan would have to be refinanced to receive a partial refund. They wouldn't recognise the money in a 100% offset account or a lump sum repayment on the loan. I didn't ask any questions about re evaluations but I think you may be out of luck.
Best of luck mate. Give em a go though, you've got to ask the question.
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