What is 'LMI? And should I pay it?
Lenders Mortgage Insurance (LMI) protects the lender in the event that you default on your home loan.
It is an insurance product that is often added as an additional expense on top of the mortgage when you have a lower 'LVR' (Loan to Value Ratio) and protects the lender, not the borrower.
The most common scenario is that if your 'LVR' is above 80% then 'LMI' will be applied.
In certain situations 'LMI' can be avoided.
Skyward Financial can help clients with a lower 'LVR' or from a Medical, Legal or Self-Employed background avoid LMI.
To learn more about 'LVR' and 'LMI' and save time and money contact Skyward Financial today.