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.
How do I calculate the LMI?
Open the relevant funding position via the Research or Opportunity. Learn more here.
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. 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.
Note: Not all lenders provide their LMI calculations. Where the lender is not listed, use the lender's LMI calculator.