![]() ![]() We do not receive a commission on Lenders Mortgage Insurance. The cost of Lenders Mortgage Insurance premium is passed on to you. Please speak to your lender if you would like to understand this process in more detail. ![]() The percentage applied will vary depending on a number of factors. The cost of Lenders Mortgage Insurance is calculated as a percentage of the loan amount. What is the cost of Lenders Mortgage Insurance and who pays for it? As Lenders Mortgage Insurance reduces Westpac’s risk as a lender when providing a home loan, you may be able to apply for a home loan and get into your home sooner, with a lower deposit. There may be other circumstances where Lenders Mortgage Insurance is also required. If your deposit is less than 20% then Lenders Mortgage Insurance is usually required. When is Lenders Mortgage Insurance required? If you're considering a home loan and are not sure about what it could cost to maintain, use our repayment calculator to estimate your repayments and our affordability calculator to see what you could afford to borrow. ![]() You can find out more about mortgage insurance by speaking to your lender. Lenders Mortgage Insurance should not be confused with mortgage protection insurance, which is an insurance option to cover your mortgage and/or your mortgage repayments in the event of death, disability, unemployment or reduced income. It’s important to understand that Lenders Mortgage Insurance is obtained by and insures Westpac, not you. You (and/or any guarantors) are still liable to pay the shortfall (for example, to the mortgage insurer if Westpac claims on Lenders Mortgage Insurance). Lenders Mortgage Insurance insures Westpac for any shortfall in the event that you default on your loan and if the proceeds from the property sale are not enough to pay off the loan in full. What is Lenders Mortgage Insurance and what does it cover? ![]()
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