Traditionally, credit providers may only lend up to 80% of the total home loan amount, or maybe even less if you are borrowing for a rural property.
However, LMI allows you to borrow more for your purchase (in some cases up-to 97%) as it works by protecting your credit provider against any risk associated with your property should you default on your loan.
The premium you will need to pay for LMI depends on the purchase price of the property and how much you are borrowing. This insurance is paid by you at the time of settlement.
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"My brother and I purchased an investment property from Acquired after being recommended by a
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"Acquired made a great impression with their expertise and knowledge of property
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"My brother and I purchased an investment property from Acquired after being recommended
by a friend. Their research, customer service and professionalism made the process simple and easy. We wouldn't hesitate
buying through them again."
Justin Furno