Lenders Mortgage Insurance*.

Understanding Lender’s Mortgage Insurance (LMI).

 

Achieving the dream of home ownership can be one of the most exciting times in your life. It can also seem unachieveable due to the length of time it can take to save the large home deposit that is usually required.

With the support of Lenders’ Mortgage Insurance (LMI), we may be able to accept a smaller deposit and provide a home loan to you that might not otherwise be available.

LMI protects us, as the lender however, you can also benefit from the use of LMI. In addition to potentially obtaining a home loan with a smaller deposit than is usually required, you may be able to purchase a home sooner and stop paying rent or buy a better property than otherwise might be the situation.

What is LMI?

LMI is insurance that we take out to protect us against the risk of not recovering the full loan balance, if you, the borrower are unable to meet your home loan repayments and default on the loan.

 

In these unfortunate circumstances, if the property is sold and there is a shortfall between the outstanding loan balance and the proceeds from the sale of the property, the LMI provider will pay this shortfall to us.

It is important to understand that LMI protects us, as the Lender, not you the borrower or any guarantor.

To find out more about LMI:

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*Lenders’ Mortgage Insurance is issued to Beyond Bank Australia Ltd. ABN 15 087 651 143 AFSL/Australian Credit Licence 237 856 by QBE Lenders’ Mortgage Insurance Ltd ABN 70 000 511 071.

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