Lenders’ Mortgage Insurance can help you buy your home sooner, if you have a smaller deposit.
It's a one-off cost that's added to your home loan (so you don’t have to pay anything upfront) and allows you to borrow more than 80% of the property value for standard home loans, or 60% of the property value for Low Doc Home Loans.
For example, if you want to buy a house that’s $500,000 and you have a deposit of $60,000, we could normally only lend you $400,000 towards the price of the property. However, if your income could support the loan and you took advantage of Lenders’ Mortgage Insurance, we could lend you the full $440,000 that you need to buy your new home*.
Lenders’ Mortgage Insurance is designed to protect us against the risks of providing you with a home loan, in the event that you default on repayments.