Episode 68 - What is Lenders Mortgage Insurance (LMI) & How to Avoid It (and save thousands of dollars)

In this episode, Maryanne Elliott from 360 Mortgage Solutions dives into the topic of Lenders Mortgage Insurance (LMI) and the costs it can add to your home buying journey. Learn what LMI is, how it impacts first home buyers, and, most importantly, discover strategies to avoid paying for LMI without needing a 20% deposit. Maryanne also shares insights into the government's Home Buyer Guarantee Scheme, which can save you thousands by covering your loan insurance. Stick around to hear how you can access a free mini course starting in December 2024, designed to guide you through your first home purchase with confidence.Key Points:What is Lenders Mortgage Insurance (LMI)?How LMI protects the bank, not the borrower.Why LMI is sometimes a necessary part of buying a home.The Home Buyer Guarantee Scheme: what it is and how it can help you avoid LMI.Restrictions under the scheme and why it’s a great option for first home buyers.Free mini course: Join the waitlist for expert guidance on your home buying journey.Links Mentioned:Home Buyer Guarantee Scheme - Check your eligibility hereJoin the First Home Buyers Mini Course WaitlistConnect with Us:Website: 360 Mortgage SolutionsInstagram: @360mortgagesolutionsFacebook: 360 Mortgage Solutions