Is it true that if you have 20% equity within 12 months of paying LMI you get a refund of 50% of the LMI amount you originally paid…..or was this just a dream I had!!!!
ned kelly
If the bank valuation supports the new value or you have paid enough off then yes it can be done.
You will need to push it with most lenders though and maybe even need to invoke the name of the ombudsman!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
ned, if you just amortise/reduce the loan to within 20% within 12 months, you quite possibly wont get it. You’d need to close down / terminate that loan contract to stand a chance.
If you setup a new loan with your bank to payout the old loan, you wont pay stamping again, standard fees/charges, however may be elegible for rebate. Again, check with your lender.
Regards,
RobRob Whyte
Certified Mortgage Consultant MIAAPrincipal & Licensee
The Mortgage Gallery
e [email protected]Winner 2004 National Office of the Year!
Accredited with over 27 lenders nationally. 15 years experience in commercial and residential lending, ask me anything, if I dont know, I’ll find out!
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