Non-major bank offers 85% LVR with no LMI
By Annie Kane
11 May 2021
A digital lender has announced that it will only start charging lender’s mortgage insurance on loans of 86 per cent LVR and over.
UBank, the digital bank owned by National Australia Bank (NAB), has announced that it will offer eligible owner-occupiers a home loan without lender’s mortgage insurance (LMI) if they have a deposit of 15 per cent or more.
While LMI is usually required on loans where a borrower has a deposit of less than 20 per cent of the property value, UBank has said that it will now offer LMI-free loans for mortgages that cover 85 per cent of the property value.