Offsetting new LMI with previously paid LMI

Discussion in 'Loans & Mortgage Brokers' started by hvdw87, 6th Oct, 2021.

Join Australia's most dynamic and respected property investment community
Tags:
  1. hvdw87

    hvdw87 Well-Known Member

    Joined:
    27th Feb, 2019
    Posts:
    197
    Location:
    Royal Melbourne Golf Club
    Hi all,

    I have just been advised by Westpac that even though the new LMI owing on an equity extract is below the LMI I originally paid, there is a $600 (plus GST) fee payable for any new loan subject to LMI.

    I take that as being the equity extract, which has gone in to a new loan (loan split) being subject to this fee.

    Minor in the scheme of things, but interested whether others have encountered this cost?
     
    hvdw87, 6th Oct, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,932
    Location:
    Australia wide
    They have minimum premiums which is probably $600
     
    Terry_w, 6th Oct, 2021
    #2
    hvdw87 likes this.