Why do I have to pay Lenders Mortgage Insurance (LMI)?
If you need to borrow more than 80% of the purchase price of the property, you’ll need to pay Lender’s Mortgage Insurance (LMI). This type of insurance protects the lender if you default on the loan. The amount you need to pay depends on the sum you borrow and the value of your home.
Your Aussie Broker can explain LMI to you at your free appointment.