Avoid LMI at Ubank
What is LMI and why won’t I pay it with Ubank?
Lenders Mortgage Insurance (otherwise known as LMI) is a one-off insurance payment that is added to your loan based on the size of your deposit and how much you want to borrow. LMI is usually charged on loans with over 80% LVR, meaning you would need a deposit or equity that’s at least 20% of your property value to avoid paying LMI.
With Ubank, you can apply for an owner occupied or investment home loan repaying principal and interest (P&I) without paying LMI even if you have a deposit as low as 10% (for purchases) or for owner occupied home loans repaying P&I if you have equity as low as 15% (if refinancing)2.
Depending on the size of your loan, not having to pay LMI could save you thousands.
Interest rates with 90% LVR
Here’s all our interest rates for loans up to 90% LVR
VariablePrincipal and interest (P&I)
Home loan | ||
|---|---|---|
6.99% | 7.01% | |
6.99% | 7.22% |
Compare our home loan options
Home loans, like homes, aren’t one-size fits all
Compare our home loan options