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Lenders mortgage insurance (LMI).
Lenders mortgage insurance (often called ‘LMI’ for short) is insurance that banks take out – at extra cost to the borrower – to protect themselves in case the borrower ends up not being able to pay what they owe.
As a borrower with ME, you’ll need to pay an extra fee to cover lenders mortgage insurance if you’re borrowing more than 80% of the property’s value.
We’ve partnered with Helia to provide our customers with LMI - you can find out more about their product by reading this
LMI Fact Sheet.
A refund of LMI may be applied up to:
40% within one year of the LMI premium being paid
up to 20% within two years of the LMI premium being paid
We
don't pay an LMI
refund if any of these apply:
the loan is repaid within one year of the maturity date of the mortgage
Helia receive cancellation notice more than three months after repayment of the insured loan
the refund amount (net of any rebates paid) is less than $500
a loss has eventuated
the loan has been reported to have had recent arrears
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Find out more by reading the
LMI Fact Sheet.
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