Loan Help: Lenders’ Mortgage Insurance
If you wish to borrow more than 80% of the value of your home then you will need to pay Lenders Mortgage Insurance.
Although Lenders Mortgage Insurance is paid by the borrower it protects the lender. The lender is insured in the event the borrower is unable to repay the loan and the sale of the property does not cover the outstanding loan balance and costs.Book a FREE appointment with a professional mortgage broker now!
Protected by Lenders Mortgage Insurance, lenders are willing to consider low deposit applications and will lend up to 95% of the value of the purchase. Lenders Mortgage Insurance is paid at the settlement of the loan and can be expensive, some lenders will allow this to be added to the loan on top of the 95% lend.
You could borrow up to 97% of the purchase value of your Home. If you are First Home Buyer or Moving Home you may be able to borrow 95% of the value of your home, plus you could borrow up to 2% more to cover the cost of Lenders Mortgage Insurance premium.
You may also be eligible to apply for up to $20,000 Credit Card at Home Loan Rates to pay for the Government Fees. Give us a call on 1300 555 888 to discuss this option with one of our brokers.