LMI (Lenders Mortgage Insurance)

WHEN borrowing more than the 80% of the value of the property most banks and financial institutions require LMI.

This is added to the cost of the loan.

Essentially this gives buyers the opportunity to purchase a property with a smaller deposit.

As the name suggests mortgage insurance protects the lender if the borrower was to default and the property sells for less than the outstanding balance on the loan.

The borrower remains liable for any balance owing under the contract even if the insurer has paid that amount to the lender.

A repayment of the loan within a 2 year period may be eligible for a partial refund of the LMI charge.



Big is beautiful for the Clarks

Big is beautiful for the Clarks

The Clark family from Coffs Harbour are on a mission

Local Mac users scammed out of thousands

Local Mac users scammed out of thousands

Local company warns customers have been scammed in past fortnight.

Labour candidate welcomes $4b commitment for jobs in regions

Labour candidate welcomes $4b commitment for jobs in regions

Foley commits proceeds from Snowy Hydro sale to regions.

Local Partners