Q. I bought an investment property last year for $360,000 with a 10% deposit, and I paid around $5,500 lenders’ mortgage insurance (LMI). I’ve since heard that you can get a partial refund on LMI from your lender, if you pay down the mortgage within the first few years – is this true? I recently inherited $25,000 and I’m considering using this to pay down the loan.
Partial refund on LMI
Published 19 Jun, 2008