Owning a dream home is one of the reasons why you work hard. Living a comfortable life with loved ones motivates you to go further. To make this dream happen, you check your budget and financial health. The next step is you will apply for a loan. Then LMI pops up in the picture and you started to wonder what’s the purpose of such and what’s in it for you?

Lenders Mortgage Insurance (LMI) is insurance that a lender purchases to protect themselves against the risk of not being able to recover the outstanding loan balance if you, the borrower, default on your payments and the property is sold for less than the outstanding loan amount. If your home loan deposit is less than 20% of the property’s “lender-assessed value”, LMI may be required. This is an amount determined by your lender’s assessment of the property you intend to buy. To put it another way, it’s based on the lender’s appraisal of the property’s market value.

If you are looking for a no LMI product, look no further. We can provide what you are looking for. Currently, we have a lender who offers:

  • 85% Loan – No LMI for Owner Occupied and Investment (Max Loan $1.5m)

  • 90% Loan – No LMI for Owner Occupied and Investment (Max Loan $1.25m)

If you want to know more, please schedule a Free Consultation with our Professional Mortgage Broker today. Let’s make your dream home happen!