All Topics / Finance / What does LEF stand for?

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  • Profile photo of bigfisheatslittlefishbigfisheatslittlefish
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    @bigfisheatslittlefish
    Join Date: 2006
    Post Count: 8
    August 31, 2006 - 2:22 am

    I am crunching numbers on my first mortgage and have come across LMI & LEF… i know what LMI means but what is LEF?

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 31, 2006 - 3:00 am

    If we knew who the lender was it would be a lot easier but it is probably Loan Equalisation Fee.

    Cheers

    Richard Taylor
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    Profile photo of bigfisheatslittlefishbigfisheatslittlefish
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    @bigfisheatslittlefish
    Join Date: 2006
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    August 31, 2006 - 3:17 am

    Thanks for that.
    The Lender is St. George

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
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    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62
    August 31, 2006 - 3:57 am

    must be talking about there No Deposit Home Loans. instead of charging LMI they charge a LEF which can be greater then LMI. Thats how it was explained to me.

    Joshua McEwen
    Finance Broker – WA

    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
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    August 31, 2006 - 5:05 am

    If St G, then it is called the Loan Extension Fee. St G have 2 options on their 100% loans, one option is the standard LMI and the other option is their own self insured one which they call the LEF.

    LEF for a 100% Lend is 2.60% of loan amount
    LMI for a 100% lend is 2.10505 for loans under $300,000.

    LMI is a bit cheaper,

    Terryw
    Discover Home Loans
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