We have just refinanced our property and we did it in less than 12 months As we had the mortgage insurance before I would suspect we should be able to get a rebate on the old mortgage insurance as we obviously did not have it for the term of the loan. Is this correct?
Yes you can get a refund of LMI when you refinance.
I did this earlier this year and got 30% back. I
probably should have received more but I was happy
to get anything.You do have to ask for it though, and you may have
to mention the BIO in order to get what you want.andy
Interesting, never occured to me!
What is BIO?thank ajwans for the info can you tell What is BIO?
Guys
LMI is refundable depending on the Company for upto 4 years. The lender get the refund on a sliding scale basis 60% back in Yr 1 45% Yr 2 etc down to 15% in Yr 4 and its upto you to request your refund. If you don’t it just goes in their coffers.
Cheers Richard
[email protected]
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
You can get it back but it isn’t a simple application.
BIO is the Banking Ombudsman and I agree that a mention of him usually helps get things moving.
Good luck,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Everyone
What’s the go here? My wife and I brought our unit 3 years ago and just refinanced the loan and moved banks. Does that mean we can claim a refund?[
]Cheers
Dannads
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