Borrowers lack lender’s mortgage insurance knowledge

July 13 2018 - 9:00am
Know the process: For many first home buyers, LMI is likely to be a cost they have to pay to get into the property market, particularly if they do not have a deposit that is at least 20 per cent of the purchase price
Know the process: For many first home buyers, LMI is likely to be a cost they have to pay to get into the property market, particularly if they do not have a deposit that is at least 20 per cent of the purchase price

Despite one third of prospective home buyers needing lenders mortgage insurance (LMI), more than two in five have admitted to not understanding it, according to Mortgage Choice and CoreData’s Evolving Great Australian Dream 2018 whitepaper.

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