LMI Refund

Archaon · 24th Jun, 2019

I'm sure I'm late to the party on this one.

But recently received an unexpected refund of my LMI when selling a property secured by Westpac, didn't think it was a thing at all TBH.

So I done some digging and found this online.

Hope this is informative to some property novices like myself!

Regards,
Arc

Brady · 10th Jan, 2020

Looks like this didn't get any bites, interestingly in my search to find more details of cheaper LMI... which lead me to this thread.

Lindsay_W said: ↑

Nab have now reduced their LMI for all first Home Buyers by 33% - it's not amazing but it certainly will help some fhb's
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I found LMI refundable from NAB also...

IS LMI REFUNDABLE?
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If you repay your home loan within two years of the settlement or drawdown date, you may be entitled to a partial refund of the LMI fee.

If your settlement or drawdown date was on or after 25th November 2019, you’ll be refunded:

40% of your LMI fee if you repay your home loan within 12 months of the date of settlement or drawdown.

20% of your LMI fee if you repay your home loan between 12 and 24 months after the date of settlement or drawdown.

You won’t be refunded any of your LMI fee if your drawdown or settlement date was before 25th of November 2019; or if you don’t repay your home loan within two years of your settlement or drawdown date.
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LMI Refund

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