LMI (Lenders Mortgage Insurance) – What It Is and How to Avoid It
Understanding Lenders Mortgage Insurance Lenders Mortgage Insurance (LMI) is a one-off fee that protects your lender, not you. It’s charged when your deposit is less than 20% of the property’s purchase price. While it helps first home buyers get into the market sooner, it can add thousands to your total loan cost. Let’s unpack how…