Browse Forums Home Finance Re: Pay LMI or save up some more? 8Jun 20, 2016 10:33 am budoy So if I pay 20% of land cost, I wouldn't pay LMI, right? When I do decide to build, do I add 20% of the build cost? Yes there would be no LMI on the land loan. Then some or none on your construction loan depending on if you save 20% of the build cost by the time you want to build. Of course if you buy land that isn't titled yet you won't pay anymore than 10% now and won't need the loan until your land is ready. Best to talk to a broker or bank brokers will also be in a position to get you a better rate than the advertised rate most times. 6 7815 I've just had a look at the website. The company are just building broker's. There are plenty of similar companies that basically draw your plans (they own them so you… 8 11692 Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 21058 |