Almost everyone who takes out a home loan must pay LMI, or Lenders Mortgage Insurance – if you don’t have a deposit of at least 20%. LMI is designed to protect lenders in the event that the borrower defaults on their repayments.
Check out the video below to find out everything you need to know about the dreaded LMI, including how much, and when you have to pay.
What Determine How Much LMI I Need to Pay?
There are a number of factors that determine how much LMI you will need to pay. These include: