Michael is a single young man, he has working for couple of years, save money for the deposit and finally got 10%. Now he has found a 2 bed apartment which he liked so much. If he can borrow up to 90%, then he can purchased this apartment. However, the bank advised that he can borrow up to 90%, but he needs to pay a lender’s mortgage insurance(LMI), which will cost him about $10k dollars. He is struggling with the LMI and if there are any chance to waive this expense.
Solution:
After talking to Michael, we found that his parents are local residents and has their own house, it still has some mortgage but the balance is not high. We take full consideration of both his and his parents situation, and find a solution for him to waive the $10k LMI fees, and he borrow the funds up to 90% but not paying the LMI.
Want to know more?
Please feel free to reach out to our loan consultant for more information.
