Finance advice

Investors cautioned about LMI misconceptions

By Stefanie Garber

Investors need to be aware that lender's mortgage insurance (LMI) offers them no protection if they default on the loan, a leading mortgage professional has warned.

“Buyers need to be aware that LMI does not cover them in the event of foreclosure,” founder of Pink Finance Nicole Cannon said.

Lender's mortgage insurance is a premium payable on loans with loan-to-value ratios above 80 per cent.

Ms Cannon said many investors mistakenly believed paying LMI would protect them from liability for the purchase.

However, LMI benefits the lender, not the borrower, Ms Cannon explained.

“In the small chance that a lender has to foreclose on a property and there's a shortfall on the sale of a property, the LMI will cover the bank's loss,” she said.

However, the borrower will then need to pay back this sum to the insurer.

“The mortgage insurer will then come up with an arrangement with the purchaser to pay off that loss,” Ms Cannon said.

Aussie mortgage broker Ross Le Quesne said investors need to understand that LMI is not an exemption from liability for the loan.

“Just because a mortgage insurer pays out to a lender, it offers no protection, so the client is still liable for the debt in the case of a mortgage insurance claim,” Mr Le Quesne said.

On the other hand, Ms Cannon said LMI had multiple advantages, particularly allowing buyers to get into the property market with a smaller deposit.

“It helps you secure a piece of property and you can then, if you purchase in a great area, take on that capital gain,” she said.

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

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They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(53) "Finance Tips and Insights - Smart Property Investment" ["menu-meta_description"]=> string(91) "Financial tips for property investors, from mortgages to cash flow to saving for a deposit." ["secure"]=> int(0) ["page_description"]=> string(11) "sample desc" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2018-09-17 06:16:11" ["slug"]=> string(69) "18556:getting-finance-approved-in-this-tightening-lending-environment" ["catslug"]=> string(28) "45:smart-property-investment" ["link"]=> string(89) "/investor-stories-1/18556-getting-finance-approved-in-this-tightening-lending-environment" }
Getting finance approved in this tightening lending environment

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