Its My Home : 2016
Genworth is the leading provider of LMI in Australia. LMI has been an important part of the Australian residential mortgage lending market since it was introduced by the Australian Government in 1965. LMI facilitates residential mortgage lending by transferring risk from lenders to LMI providers, predominantly for high loan-to-value ratio residential mortgage loans. Genworth Australia believes the provision of LMI to lenders has contributed to comparatively high levels of Australian home ownership and residential mortgage loan accessibility, supporting the housing market in Australia. For more information on LMI, please visit genworth.com.au LMI CAN HELP YOU ENTER THE PROPERTY MARKET TO START BUILDING EQUITY SOONER indicative LMI premium of $8,640 – a small proportion of the overall cost that will help you enter the market months, or years, earlier than if you had to save that additional $50,000. Being a part of Genworth, Australia’s leading provider of LMI, has allowed me to see firsthand the difference LMI can make to the lives of Australians, by helping them get into homes sooner in a safe way and reducing the stress associated with saving the traditional 20 per cent deposit. Genworth also understands that borrowers might encounter financial difficulty so we established a Hardship Program, which assists borrowers struggling with their mortgage repayments. To date Genworth has helped over 53,700 borrowers through this program, by supporting lenders to offer deferred and/or reduced repayments, and even loan term extensions. I would encourage anyone struggling to save a deposit to speak to their lender or broker about LMI and find out how it can help you get into your own home sooner. HOW LENDERS MORTGAGE INSURANCE 17 Pictures:Shutterstock.