Introduction
Lenders Mortgage Insurance (LMI) is a necessary consideration for many homebuyers, particularly those with smaller deposits.
When Is LMI Required?
- Typically required if your deposit is less than 20% of the property’s value.
How to Avoid LMI
- Save a larger deposit (20% or more).
- Consider government schemes that may waive LMI.
Conclusion
Understanding LMI is crucial in your home-buying journey. Molomo Finance is here to help you navigate this aspect of your mortgage.
