Buy now or wait and save?
Lenders Mortgage Insurance (LMI) has been a big help in letting people who want to own a property get started with less money for a down payment.
It all began in 1965 when the government made a plan to give insurance for home loans that covered up to 95% of the home’s cost. The idea was to make it easier for people, especially those buying their first home, to become homeowners.
Strachan Taylor knows everything you need to know about LMI and is in charge of partnerships at Helia, (formerly Genworth), Australia’s first Lenders Mortgage Insurance provider, a company that is dedicated to leading the way for years to come.
We asked Strachan to pop into The Clever Investor Podcast studio and tell us about the benefits of lenders mortgage insurance and how it can make a big difference for people who want to invest in property or buy their first home.
You’ll learn why LMI can be a useful tool for all types of property investors, not just the first homebuyers. LMI is there to help with the challenge of saving up a 20% down payment.
The Helia website has a great estimator tool that provides some good insights into the deposit options that could suit your circumstances.