All Topics / Help Needed! / Refinance without LMI???

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  • Profile photo of chetnik73chetnik73
    Participant
    @chetnik73
    Join Date: 2007
    Post Count: 47
    June 29, 2010 - 11:42 am

    Hi All

    Is it possible to refinance with a different bank or finance company and not incur Lenders Mortgage Insurance (LMI) ?

    My current loan is approx 380 and I think the value would come in at 450k (the bank would prob be conservative and come in at 420)

    My current rate is 6.7 but I am seeing some as low as 6.3ish and would love to make the saving. LMI makes it prohibitive though

    Any tips or tricks?

    Profile photo of god_of_moneygod_of_money
    Participant
    @god_of_money
    Join Date: 2008
    Post Count: 970
    June 29, 2010 - 12:03 pm

    Chetnik73, Which lender you are with currently?
    Low interest does NOT guarantee a cheaper product

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 29, 2010 - 1:00 pm

    Yes it is possible merely keep the lvr to 80% or less.

    Otherwise it is not. Not every lender charges LMI however they charge something similar.

    Richard Taylor | Australia's leading private lender

    Profile photo of BankerBanker
    Participant
    @banker
    Join Date: 2010
    Post Count: 371
    June 29, 2010 - 1:16 pm

    If you have a loan of 380k you need a Val of 475k to avoid LMI.

    6.3% is a bit far fetched. There will be other fees and charges.

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