The Lender’s Mortgage Insurance (LMI) calculate is based on the size of the deposit and loan amount. If your client borrows over 80% of the purchase price of the property, it is likely they will need to pay a LMI premium. Mercury Nexus provides you with the LMI requirements on a lender-by-lender basis.
Note: The Nexus Funding Position LMI quote is only for Standard Owner Occupied applications. You will need to use the lender LMI calculator for First Home Buyer (FHB), Refinance, Investment, Cash Out and Self-Employed
How do I calculate the LMI?
Open the relevant funding position via the Research or Opportunity record.
Click the LMI button.
Confirm or enter the following details:
Income Verification
State
Loan Amount
Security Value
LVR
Click the Search icon to update the search.
Select the relevant lender and click Choose. This information will now appear in the Funding Position.
Note: Not all lenders provide their LMI calculations. Where the lender is not listed, use the lender's LMI calculator.
You will notice there can be multiple premiums listed for each lender. This happens because there can be different premiums depending on the loan type.