Browse Forums Building A New House 1 Nov 02, 2018 2:03 pm Hi all 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. Thanks. Current State: Slab/Frame/Bricklayer/Lockup/Lining/Stairs/Kitchen/Wet flooring/Painted/PCI/Got the Keys My Thread: Building Windsor 40 with Eden Brae (Caddens) Re: Question on LMI calculation 4Nov 02, 2018 4:24 pm IamSAM 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? Current State: Slab/Frame/Bricklayer/Lockup/Lining/Stairs/Kitchen/Wet flooring/Painted/PCI/Got the Keys My Thread: Building Windsor 40 with Eden Brae (Caddens) Re: Question on LMI calculation 5Nov 02, 2018 4:25 pm Littlegem So do you have one loan or now two? Have one for land. Trying to get another for construction. Current State: Slab/Frame/Bricklayer/Lockup/Lining/Stairs/Kitchen/Wet flooring/Painted/PCI/Got the Keys My Thread: Building Windsor 40 with Eden Brae (Caddens) Re: Question on LMI calculation 6Nov 02, 2018 5:46 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 brokers will also be in a position to get you a better rate than the advertised rate most times. 6 7566 Hi, My home construction is complete, and the handover is scheduled next week. However the construction has been delayed and I have raised this to the builder. The… 0 5323 Yes you are correct, unless there are outside works which form part of the contract such as landscaping or driveways, and importantly, the work delayed is on the critical… 1 3521 |