LMI - What the Finance does LMI mean?

LMI is Lenders Mortgage Insurance. It’s a fee you, the borrower, pay to the lender if you have less than 20% as a deposit. It protects the lender in the event you default on your home loan. It does not protect you.

Paying LMI is not the end of the world. Depending on your circumstances, getting into the property market sooner rather than later can sometimes be more beneficial than waiting until you have a 20% deposit. Chat with one of our brokers today to discuss your options.

Did you know that you can also assist a direct family member avoid the costs of LMI? Please call if we can help you understand.