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LMI – Lenders Mortgage Insurance
Is a type of insurance that protects the lender in case of a shortfall in the value of a property in a forced sale situation. It’s usually a one-off payment at settlement and applies for most loans with an LVR over 80%.
Generally a lender will require you to pay for LMI if your home loan deposit is less than 20% of the total value of your property. Banks and lenders usually waive LMI for borrowers in certain professions.
For instance, medical professionals, including doctors, optometrists, veterinarians, and dentists, can borrow up to 100% of their property's value without paying LMI.
Learn MoreThe purpose of LMI is to protect the lender, not the borrower. It allows the lender to insure itself against the risk of not recovering the full loan balance if a residential borrower defaults on their home loan payments.
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