Nov 02, 2018 3:03 pm
Can you someone explain how bank calculate LMI when you bought an off-plan land and construction done 6 months later?
I got loan (90%) for my land like 6 months ago, and trying to get the loan for the construction. The loan amount for construction is 20K more than the land loan amount, but we are going with 90% loan like before. The bank is now calculate as below
LMI = LMI of (Land Loan + Contruction Loan) - Land LMI amount
Is this how bank calculate LMI if its with the same bank. I am trying with ANZ Bank.
Re: Question on LMI calculation4
Nov 02, 2018 5:24 pm
That looks alright to me. Do you have a different opinion?
Not to me. My land loan is different than construction loan. Why bank summing them together to calculate the LMI?
Re: Question on LMI calculation5
Nov 02, 2018 5:25 pm
So do you have one loan or now two?
Have one for land. Trying to get another for construction.
Re: Question on LMI calculation6
Nov 02, 2018 6:46 pm
This is the formula you could be playing with right now at a time of rapidly shifting home values, rather than worrying about mortgage insurance issues:
Equity = property value - outstanding loan amount
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