Mortgages Insurance

[bryson]

Hey All,

It seems a good cocr is accepted to be 10%, paying a 10% deposit.
However when I have seen the upfront costs in examples it never includes mortgage insurance if you don't pay a 20% deposit.
Is there a way to only pay a 10% deposit but avoid paying mortgage insurance

Thanks guys

 

[ronald]

If the IP is the only property which is being used for security, then you will not be able to avoid MI.

Cross-collateralizing might be one way around this; however this solution is probably worse than paying a few thousand dollars in LMI.

There are quite a number of financiers who offer the capitalization of MI into the loan.

Thanks!!