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Lender
is a financial institution or bank that offers and funds home loans. They set the terms, interest rate, repayment plan and other key characteristics of a mortgage. They each have specific borrowing guidelines to prove your creditworthiness and capacity to repay a loan.
Lenders Mortgage Insurance (LMI) is a type of insurance that you may be required to pay at the beginning of a home loan. Its goal is to prevent the bank or lender that is sponsoring the loan from losing money, which reduces the risk of lending to you.
Learn MoreLMI is a one-off insurance premium which is payable by the borrower and protects the lender against the loss it may incur if the borrower is unable to repay their home loan.
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