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Alison M.
Alison M.
Lilyfield, NSW
20 Likes
5 Followers

How can I find out what mortgage insurance will cost for different lending ratios above 80%?

6 years ago

Responses

Hi Alison

The main mortgage insurance provides are QBE and Genworth. I know that Genworth provides a online calculator which can provide you an estimate - the link here: http://www.genworth.com.au/online-tools-forms-and-reports/lmi-tools/lmi-premium-estimator

However it should be used with caution as each lending institution may have a different arrangement for how they calculate their premiums.

Happy to help if you'd like to contact me directly and I can always run thru a few scenarios for you :)

Thanks,

Kathleen McCormick

Comments

Thanks Kathleen for the link and the feedback

Ta

No dramas at all - hope it helps with your general enquiries!!

Hi Alison, for mortgage insurance quotes best to speak directly to a Broker so that they can take into consideration the other aspects of the lend as well. I can send you a basic chart which outlines costs just for baseline figures...thanks Craig

Download the Qbe mrotgage insurance app from the App Store - but for a tailored quote, speak to a broker. Cheers

The thing to note is there are different insurers for LMI and they cater for different lenders. The apps or calculators will give you a good guide but it would be best to deal with a debt specialist that can run through all lenders to determine which would best suit your situation.

My question to you is, 'Are you sure you cannot avoid paying LMI?'

If there is no way around have 20% + costs then yes in most instances you would need to incur LMI but there are some options where LMI can be avoided.

Happy to grab a coffee to discuss further. We are not far from each other.

Hi Alison. It is literally quoted per percentage with considerations around the lending/property figures and changes per lender. There is no way as consumer you can work it out.

Feel free to give me a call, happy to run the numbers for you. Regards Ariel from mortgage advice

Hi Alison,
Your finance broker should be able to give you accurate estimates. As the risk increases (eg the LVR is higher) the insurance premium also increases.

Hi Alison,

The mortgage insurance premium rates vary from lender to lender and depending on the percentage. I do have a couple lenders who will go up to 85% with no insurance.

Happy to assist with any questions. Please contact me if you'd like more informations.

Cheers,

Umit

Talk to a quality qualified broker
Some banks will go to 85 % without LMI
Sime kenders will cover certain professionals up to 90 % without LMI
However to answer your question a BROKER can provide the various quotes you desire
Good Luck

LMI costs vary from lender to lender, but for a rough cost you can go to genworth or qbe website and use their calculator. Also note some lenders won't charge LMI to 90%, conditions apply.

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