Guarantor Loan: How to Get One, Who Might Need One, and What a Guarantor Is
Saving a substantial deposit for a home loan can take years, and for those with limited income, it might seem like an impossible task. Fortunately, there are other options that can help get people into their own homes when in a difficult financial situation, such as through a guarantor loan. If they don’t meet the income […]
What Is LMI?
Lenders’ Mortgage Insurance (LMI) is a common insurance product taken out by a lender against borrowers electing to use them for a home loan. LMI mitigates the risk of that lender losing their money in the event that the borrower defaults on their loan. It can either be paid as an upfront, one-off fee or […]
How to Calculate Lenders Mortgage Insurance (And How to Avoid LMI)
If you’re eager to buy property but don’t have a large cash deposit, then calculating the lenders’ mortgage insurance (LMI) you’ll be charged on your home loan can help you decide whether it’s worth it to go ahead – or save a bit longer towards a larger deposit. A smaller deposit typically means a higher […]
