Overview
- Purchase – Purchase of Owner Occupied house
- Loan amount – $600,000
- LVR – 95% plus LMI paid monthly
- Credit History – clear
- Product – Resi Essentials Prime Full Doc
- Income Type – PAYG
Robert’s Story
Robert is purchasing his first Owner Occupied home and requires 95% LVR to make this purchase. (Robert has sufficient funds to cover costs).
He was having difficulty with finding a lender that would lend 95% market value of the home. Normally LMI is capitalised on to the loan amount, restricting maximum borrowing power.
Why he came to Resi
- Choosing to pay LMI monthly (rather than capitalising onto the loan) is possible with Resi Essential Options
- Robert has been given greater buying power and can borrow 95% LVR for the home itself, paying the LMI premium monthly
- Robert has a more cost effective approach as the monthly LMI cost is only payable until the LVR reaches 75%
- Monthly LMI payments will also cease if Robert chooses to sell the property or refinance to another lender
- Robert can potentially save thousands in LMI costs in the future
Resi’s Solution
Resi Essential Options Prime Full Doc with the option of paying LMI monthly.
Click here to read more on monthly LMI.
