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Everything you Need to Know About Lenders Mortgage Insurance

Buying a house is a big investment. Saving for a deposit can take many years. Lenders mortgage insurance (LMI) is an option for those who want to get into the market sooner but don’t have the full 20 per cent deposit saved. LMI protects the lender in the event you default on your mortgage repayments. Many aspects make up LMI, as well as key considerations to keep in mind when choosing whether to pay LMI or save for a larger deposit to avoid paying it. What is lenders mortgage insurance? Lenders mortgage insurance is a one-off, non-refundable, non-transferrable premium that’s … Read more

Opportunity cost

LMI vs 20 per cent Deposit – What’s the Opportunity Cost?

When it comes to buying a house, you may find yourself in a position where you need to weigh up whether you should spend money on Lenders Mortgage Insurance (LMI) or whether you’re better off waiting until you have a 20 per cent deposit to put down. You also need to consider the opportunity cost of choosing one option over the other so you can make the best choice possible for your needs. What is opportunity cost and how does it work? According to Shopify, opportunity cost is an economic term that refers to the value of what you must … Read more

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