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clock Created with Sketch. 11/08/22
10:34
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Originally posted by McKhenry:
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You pay mortgage insurace on most loans over 80% loan to value ratio in Australia, so you are effectively paying to protect the bank from yourself. That money gets added to your loan you pay it back over the 30 years or so that loan lasts for. Premiums are calculated via a matrix they increase in both percentage incriments over 80% to 95% and in roughly $200k increments also. If you want to change lenders you have to pay this all over again as the premiums insure the bank and not the person, so they aren't portable.
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So just to clarify you want WZR to offer a LMI type of product but as an unsecured loan to bridge the gap between risk a bank is not willing to take on a securitised asset?
