Browse Forums Home Finance 1 May 21, 2014 10:11 pm About to apply for a house and land package in ACT. Going to split the contract. Hoping that our broker can find a suitable lender to add LMI to the land loan. Wondering if most lenders allow this otherwise we will need to find extra funds to pay LMI. Re: Lender's mortgage insurance - how did you pay it? 2May 22, 2014 12:46 am Hi Divine_Home, Most lenders will allow LMI to be capitalised to the loan. Just needs to meet their policies and LVR limits. Cheers Tom Re: Lender's mortgage insurance - how did you pay it? 3May 22, 2014 9:52 am Hi divine_home As Tom mentioned, it's not usually a hassle adding the LMI to a 90% loan - quite a lot of lenders allow it, especially when the security is in the ACT. Cheers Jamie Jamie Moore | Mortgage Broker (Australia wide)| Pass Go Home Loans Pty Ltd www.passgo.com.au Email: info@passgo.com.au p: 1300 656 299 | f: (02) 6108 3548 | Australian Credit Licence # 390602 Re: Lender's mortgage insurance - how did you pay it? 4May 22, 2014 11:00 pm divine_home About to apply for a house and land package in ACT. Going to split the contract. Hoping that our broker can find a suitable lender to add LMI to the land loan. Wondering if most lenders allow this otherwise we will need to find extra funds to pay LMI. 90% LVR + LMi - No issues, some good rates as well. 95% + LMI- A lot tricker and only fits the right client type as only 3 lenders will do this. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Lender's mortgage insurance - how did you pay it? 5May 22, 2014 11:01 pm P.s Hi jamie Good to see you here as well. By the way jamie is based in ACT if you need to meet a broker face to face. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Lender's mortgage insurance - how did you pay it? 6May 23, 2014 7:36 am Thanks very much for all your advice. I was thinking about this late at night and talked to my broker the next day who let me know the answer. Turns out his service is so good, he even answered my query here!!! Thanks Jamie!!! How funny! Building the Veuve with McDonald Jones Homes in the ACT Re: Lender's mortgage insurance - how did you pay it? 7May 23, 2014 10:13 am We paid ours as part of the loan - but it meant we needed slightly more than the 5% we had as a deposit. In the end our FHOG made up the extra funds we needed and we will get the rest of it back to spend. Researching a build in South Australia from Sydney. Re: Lender's mortgage insurance - how did you pay it? 8May 23, 2014 11:05 am shape P.s Hi jamie Good to see you here as well. By the way jamie is based in ACT if you need to meet a broker face to face. Cheers Mick It's a small world - looks like OP is already my client. I just didn't realise it when responding Cheers Jamie Jamie Moore | Mortgage Broker (Australia wide)| Pass Go Home Loans Pty Ltd www.passgo.com.au Email: info@passgo.com.au p: 1300 656 299 | f: (02) 6108 3548 | Australian Credit Licence # 390602 Re: Lender's mortgage insurance - how did you pay it? 9May 26, 2014 4:26 pm LMI is capitalised onto the loan by the bank. However if you borrow more than 90% then the LMI amount shoots up drastically. Try to keep to a 90% lend as you will tend to get the amount of LMI paid back in Capital Gains down the track to compensate. 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 20425 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 7935 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 53225 |