Browse Forums Home Finance Re: Can you get LMI back? 2Jan 16, 2021 7:21 am Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Can you get LMI back? 3Jan 16, 2021 7:30 am Thank you for the reply! Yes - I gave them the comparable sale as it literally sold two weeks before at Auction across the road for over 120k more than our build! I also told them about curtains and landscaping but they wouldn't accept those (or just ignored me). I also offered to show the appliance discounts our builder gets - for example - the RRP on the appliances was $35k - but he got them for $18k and passed those savings to us. They already charged us the 17k and added it to the loan - and we felt we had to sign as the builder was being pushy and we are only in a short term rental (as we sold our house) Not sure if there is any way to challenge it now - was hoping to challenge once the house was up and get a new valuation in... Re: Can you get LMI back? 4Jan 16, 2021 7:39 am $17k!!! This must be a very high value loan? Have you settled the loan yet? If not - get a broker to look elsewhere quickly. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Can you get LMI back? 5Jan 16, 2021 7:48 am Yes its quite a high amount! Unfortunately its already settled - so that's why I am wondering if there is any recourse once we finalise the build and can show that the initial valuation might not have been a true reflection of the total value. Seems a bit unfair to have to pay that much money for 6 months of a 30 year term when we immediately fall under the 80%. Re: Can you get LMI back? 7Apr 06, 2021 5:04 pm ![]() Yes its quite a high amount! Unfortunately its already settled - so that's why I am wondering if there is any recourse once we finalise the build and can show that the initial valuation might not have been a true reflection of the total value. Seems a bit unfair to have to pay that much money for 6 months of a 30 year term when we immediately fall under the 80%. who is the LMI through? Genworth do a refund as below, If you can get a refund then you should do a refinance if you know 100% your LVR will be below 80%, and you could even source a cashback of up to $8k from some of the majors so could be in your interest to look into it more. https://www.genworth.com.au/lenders/pol ... d-refunds/ Re: Can you get LMI back? 8Apr 07, 2021 8:42 am ![]() ![]() Yes its quite a high amount! Unfortunately its already settled - so that's why I am wondering if there is any recourse once we finalise the build and can show that the initial valuation might not have been a true reflection of the total value. Seems a bit unfair to have to pay that much money for 6 months of a 30 year term when we immediately fall under the 80%. who is the LMI through? Genworth do a refund as below, If you can get a refund then you should do a refinance if you know 100% your LVR will be below 80%, and you could even source a cashback of up to $8k from some of the majors so could be in your interest to look into it more. https://www.genworth.com.au/lenders/pol ... d-refunds/ I cannot find who the bank use as their LMI company however it does have a part in the contract that says they may provide a partial refund of the loan is finalised within two years ... The 'may' is bolded and underlined. We have already been told by the builder that the value of our place will have sky Rocketted since we started building due to the current market. We are only 2 months from completion so we will be getting a valuation as soon as it's finished and see where we are at. That 16k ... Even if we only get 8-10k back is a huge amount of money for us. That pays for the blinds or the solar so we will definitely be chasing this up. 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 31359 ![]() If you want to extend the life of your Colorbond roof, painting it with a quality metal roof paint or applying a rust… 5 41992 ![]() Plasterboard Gyprock is very popular as a reveal liner these days. You need to provide a way of supporting it, we use a modified timber reveal or bracket. You will be… 1 23320 ![]() |