Browse Forums Home Finance Re: Mortgage insurance under 25s 6Feb 24, 2011 10:09 pm Never heard of it, I'm 22 and my fiance is 26. We have LMI but that's because we were at 90%, however when our banker was doing the numbers for 80%/no LMI (as a comparison) there was no mention of me being under 25. viewtopic.php?f=31&t=37229 - our Iris 4! Re: Mortgage insurance under 25s 7Feb 24, 2011 10:11 pm I was 19 and fiance was 20 when we got our mortgage, we had to have LMI, but only because we had to borrow 90-95% of the loan...I suggest give a financial adviser a call, or visit someone like mortgage gallery etc, they will be able to give you all the answers. The road to success is always under construction House completed April 2011 - slowly making it a home... Re: Mortgage insurance under 25s 8Feb 24, 2011 10:17 pm My son bought an established unit, he was 22 at the time, no LMI - he is with ANZ. Unless it is different if you are building? Quote: Although I'm being told that many lenders enforce mortgage insurance if one of the borrowers is under 25? Just checking - Do you mean LMI which insures the lender and they often want this if deposit is small percentage of total - or do you mean mortgage insurance which covers you if you lose your job or something and cant pay the mortgage - 2 different things. Re: Mortgage insurance under 25s 10Feb 25, 2011 7:12 am I think this is a resounding no. I signed mortgage papers last year with ANZ and due to our land valuation being better than what I bought it I didn't have to pay LMI .. I am under 25 but my partner isn't Re: Mortgage insurance under 25s 12Feb 25, 2011 9:11 am mike22 Hi Guys, Hoping someone can clarify my situation. I'm 28 and my partner is 22. We are considering biting the bullet and saving up a further 30k so we can have the luxury of a 20% deposit by the end of the year.. Although I'm being told that many lenders enforce mortgage insurance if one of the borrowers is under 25? Seems a tad unfair if you can demonstrate over 80k worth of genuine savings in 3 years! If this is the case we will probably jump in allot sooner as the benefit of waiting another 9 months and saving more would be pointless Any insight would be greatly appreciated Cheers, mike WHAT THE!!! ahah who told you this... I can tell you now, it's UNTRUE!! and if the bank staff told you this is the case, turn around and speak to another bank staff... 1. if your LVR is <80% - no need for LMI - with all the big 4's and most of the smaller banks- and when i say most; i mean out of 40...38 of them wont need LMI!! 2. There is NO age condition for LMI with ANY bank.... you can be 18 and still not pay LMI as long as you meet the above condition. Your solution: Speak to a different bank There are banks who offer NO LMI at 85% LVR - Just to name one- Westpac There are PLENTY of banks that offer reduce LMI at 95% LVR - ING, HSBC, Homeloans Here is the LMI guildlines for Genworth ( Biggest LMI provider in aus; QBE is the another one) http://www.genworth.com.au/lender-resou ... ng-policy/ You can do it! and dont let anybody tell you other wise Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Mortgage insurance under 25s 13Apr 27, 2011 11:11 pm We had to pay LMI because we borrowed just 90%. Our broker told us that it depended on our LVR and age didn't have anything to do with it. Slab down 12.4.2011 Bricking started 6.5.2011 Bricking finished 20.5.2011 Roof frame started 30.5.2011 Colorbond 13.6.2011 Re: Mortgage insurance under 25s 15Apr 28, 2011 5:04 pm mike22 Hi Guys, Hoping someone can clarify my situation. I'm 28 and my partner is 22. We are considering biting the bullet and saving up a further 30k so we can have the luxury of a 20% deposit by the end of the year.. Although I'm being told that many lenders enforce mortgage insurance if one of the borrowers is under 25? Seems a tad unfair if you can demonstrate over 80k worth of genuine savings in 3 years! If this is the case we will probably jump in allot sooner as the benefit of waiting another 9 months and saving more would be pointless Any insight would be greatly appreciated Cheers, mike No lender that I know of has this policy. Maybe some of the smaller building societies as some of them still have a couple of outdated policies from the dark ages of lending. You could also consider a loan with no LMIas these are available at great rates. It would depend on the location you are looking at and your employment stability, however with the savings you have I expect you should qualify for it. Re: Mortgage insurance under 25s 16Jul 27, 2011 5:04 pm Hm not that I know of personally. LMI is only needed when you borrow more than 80% of the value of the property. It should be waived if LVR is less than or equal to 80%, provided that you & your partner also satisfy the other credit criteria. Hi there, long-time lurker but first time posting. I've bought a house 2 and a bit years ago and last year we had some major water damage on a converted pergola area… 0 7931 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 53211 i would not be signing anything on the day read your contract about when builder submits final invoice generally, have to meet builder within 7 days of receiving final… 1 4744 |