NAB-owned banking brand UBank has announced it will cease lender’s mortgage insurance (LMI) requirements for mortgage applicants with loan-to-values between 80 and 85 percent.
For an average $480,000 loan, Ubank estimates borrowers will save up to $5000 on LMI costs.
The UBank offer applies to owner occupiers applying for standard variable rate mortgages (SVR) and three-year fixed rate loans.
However the interest rates for LMI waivered borrowers will be higher, costing these borrowers between $720 and $960 per year (on the aforementioned average loan of $480,000).
Former GMA customer waiving LMI fees - for a fee
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