AjaxJust a thought.The Mortgage insurance you paid was probably...

Ajax

Just a thought.

The Mortgage insurance you paid was probably around 1.5% of the loan amount.

Generally you should be refunded up to 50% of the premium if you refinance after the first year and toward the beginning of the 2nd year.

So in essence you get .75% back as a refund.

Now this depends on the Mortgage insurer and how tough you can be with Rams...but it can and has been accomplished before.

Then if you refiannce into a new loan at 80% LVR with a new lender........ with no LMI, and a more preferable interest rate, say 8.39% rate (2%) less than your current rate which covers the 2% exit fees.

You end up .75% better off than your current position, and if you can cover the 2% exit fees in cash then your saving interest on that amount also over the long term.

Hope that helps