Depending on your lender’s requirements, Lenders Mortgage Insurance (LMI) allows you to borrow up to 95% of the purchase price of your home, with a much lower deposit than normally required. Lenders Mortgage Insurance (LMI) can be one of the most popular ways to achieve the dream of home ownership sooner for borrowers who do not have a large deposit. Many lending institutions require borrowers to contribute a 20% deposit. However, by utilising lender mortgage insurance with the right lender, borrowers are finding home ownership is well within their reach.
Lenders Mortgage insurance should not be mistaken for Mortgage Protection Insurance, which covers your mortgage in the event of death, sickness, unemployment or disability. If you require Mortgage Protection Insurance please follow this link to talk with us.