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Lenders Mortgage Insurance (LMI)

1 Comment / Investment Property, Purchase

Lenders Mortgage Insurance commonly referred to as LMI is a cost incurred if you borrow more than 80% of the property price. Here are few important points to keep in mind.

  • LMI covers the banks in case the borrower defaults on their loan. It does not cover the borrower.
  • Every banks calculate LMI differently so there could be a variation in cost.
  • LMI are reasonable upto 90% but increases considerably if the borrowing crosses 90% of the property price.
  • Loan that require LMI are assessed more strictly than the loans with 80% lending.
  • There are certain professionals such as Doctors, Lawyers etc who are exempted from paying LMI

Is it worth paying LMI? This is a very common question. LMI has it’s advantage and makes home buying a possibility without the big deposit. Contact a Nine Ten Finance broker or leave a comment below if you have any questions in regards to LMI and see if and how LMI is beneficial.

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Vinod Kumar
Vinod Kumar
19/08/2023
Outstanding service. Denjola and Praval have been very helpful throughout the process. They streamlined the process and their communication was super efficient. I will certainly recommend them. He will find the best lender for you. Thank you
Nima Gyalje Sherpa
Nima Gyalje Sherpa
29/07/2023
Rochel Lal
Rochel Lal
27/07/2023
Exceptional. A friend recommended Denjola to us and we are so glad we decided to give it a go. From our initial video consult to purchase settlement he was always been there guiding. Being first home buyers we had so many doubts but Denjola and his team were always there whenever we needed. Thank you Denjola! We are would highly recommend!
Sushma Lama
Sushma Lama
21/07/2023
Thank you Denjola Dai and the team! Really grateful for your guidance and support throughout our beautiful journey. Using his knowledge about market values, he made sure his customer gets favourable interest rates. He always being there to help us whenever we were paused, making sure to keep us updated in every step are his plus points. Moreover, we felt like he not only helped us professionally but also was there for us like a guiding family member. We would and have already started highly recommending him to anyone looking to buy property. We will surely do business together again.
Arvin Niranjan
Arvin Niranjan
13/07/2023
Denjola is amazing! His services are exceptional. Very professional and easy to deal with and is rapid with his work. Help me very much through the purchase process and will definitely work along side him again in the near future.
sarujan paranthaman
sarujan paranthaman
13/07/2023
Great team, with awesome communication through the process. Highly recommend!!
Ritam Anand Gaur
Ritam Anand Gaur
15/06/2023
An awesome first property purchase/mortgage experience. We met Denjola a year back when he was helping another family member with their first property purchase. I must say I was really impressed with his knowledge of the area and even though we were not planning to buy at the time, Denjola kept providing us inputs and guidance through a few months which made us more aware and comfortable of the overall market situation and helped us in taking a decision to buy our own property. Denjola advised and guided us throughout the mortgage application process very diligently and patiently and we got all things done really fast without any hassles. So a big "Thank you" to Denjola for helping us with our first home. If someone is looking to buy a property - I would highly recommend Denjola!
vivek pradhan
vivek pradhan
13/06/2023
Absolute Best. Denjo has been an absolute gem for our first home buy experience. He always had time for us. He guided us step by step sharing his knowledge of the area and expertise about the market. He is an absolute professional with very prompt responses to our endless questions. He is very efficient with his work as has a great team for experts who can advice on government grants, market research, finance and accounting so every step were surpassed with ease. In fact he also helped me a great deal while negotiating the price with the seller. Reflection of years of experience. We really appreciate his help and guidance to finding this property which we now call our home sweet home. He made this whole experience so simple and smooth. Thank you Denjo once again for going above and beyond for us.
tribhuwan pradhan
tribhuwan pradhan
12/06/2023
Good home loan and SMSF loan service.
sushma bhitrakoti
sushma bhitrakoti
10/06/2023
Google rating score: 5 of 5, based on 160 reviews.