Are you dreaming of buying a home but worried about the cost of Lenders Mortgage Insurance (LMI)? FinanceBetter has a solution for you – waived LMI. With waived LMI, you can enjoy the benefits of homeownership without the burden of additional insurance costs. Our waived LMI option is designed to help eligible borrowers save money and make their homeownership dreams a reality. Discover how waived LMI can work for you.
What is Lenders Mortgage Insurance (LMI)?
Lenders Mortgage Insurance (LMI) is an insurance policy that protects lenders in the event that a borrower defaults on their home loan. It is typically required by lenders when a borrower has a deposit of less than 20% of the property value. LMI can add a significant cost to your home loan, potentially adding thousands of dollars to your upfront expenses. However, with waived LMI, you can eliminate this additional cost and save a substantial amount of money.
How Does Waived LMI Work?
Waived LMI is a special offering available to eligible borrowers that eliminates the need for Lenders Mortgage Insurance. By partnering with select lenders, FinanceBetter can provide access to waived LMI options, allowing you to borrow up to 90% or even 95% of the property value without incurring the additional cost of insurance. This means you can secure a home loan with a smaller deposit and enjoy significant savings.
Benefits of Waived LMI
- Cost Savings: Waived LMI can save you thousands of dollars by eliminating the need for Lenders Mortgage Insurance. This means you can use your funds towards other home buying expenses or keep them for future financial needs.
- Greater Borrowing Power: With waived LMI, you can borrow up to 90% or 95% of the property value, even with a smaller deposit. This provides you with increased borrowing power and more options to find your dream home.
- Faster Path to Homeownership: By avoiding the need to save a larger deposit to reach the 20% threshold, waived LMI can expedite your journey to homeownership. You can enter the property market sooner and start building equity in your own home.
- Simplified Loan Process: Waived LMI streamlines the loan approval process by removing the requirement for LMI assessments and associated paperwork. This can save you time and simplify the application process.
- Competitive Interest Rates: FinanceBetter works with a wide network of lenders who offer competitive interest rates on waived LMI loans. You can enjoy the benefits of lower interest rates and save even more over the life of your loan.
Is Waived LMI Right for You?
Waived LMI is an excellent option for borrowers who have a smaller deposit but want to avoid the additional cost of Lenders Mortgage Insurance. To determine if waived LMI is right for you, it's essential to consider your financial situation, borrowing capacity, and homeownership goals. Our team of experienced mortgage brokers is here to help. We will assess your circumstances, guide you through the options, and find the best solution tailored to your needs.
How FinanceBetter Can Help You?
- Tailored Solutions: Our experienced team of mortgage brokers understands that every investment journey is unique. We work closely with you to understand your financial goals, risk tolerance, and investment strategy, creating customized loan solutions that align with your needs.
- Access to Lenders: We have established relationships with a wide network of lenders, including major banks, specialist lenders, and non-traditional financial institutions. This allows us to source competitive investment loan options, ensuring you have access to the best available rates and terms.
- Expert Guidance: Navigating the complexities of investment loans can be challenging. Our team of experts will guide you through the process, providing clarity and answering all your questions. We'll help you understand loan features, investment property selection, loan structuring, and more, empowering you to make informed decisions.
- Maximizing Benefits: With our deep industry knowledge, we uncover opportunities to maximize the benefits of your investment loan. From tax strategies to refinancing options, we'll help you identify ways to optimize your investment and enhance your financial outcomes.
- Ongoing Support: We believe in building long-term relationships with our clients. Even after securing your investment loan, we continue to provide ongoing support and advice. As your financial circumstances evolve, we can review your loan, explore refinancing opportunities, and adapt your strategy to ensure you're always on the path to success.