About the Lenders Mortgage Insurance Estimator Calculator
Depending on your lender's requirements, Lenders Mortgage Insurance allows you to
borrow up to 95% of the purchase price of your home, with a lower deposit than is
Traditionally, lenders require borrowers to have at least a 20% deposit. However
by using Lenders Mortgage Insurance, lenders are able to offer lower deposit home
loans. Lenders Mortgage Insurance protects the lender if a borrower is unable to
meet their mortgage repayments and the property has to be sold.
If the proceeds from the sale of the property are insufficient to cover the outstanding
loan balance and other costs incurred by your lender in relation to enforcing the
mortgage, the lender is able to claim any shortfall from Genworth calculated in
accordance with the terms of the insurance policy.
Note: Lenders Mortgage Insurance should not be mistaken for Mortgage Protection
Insurance, which covers your mortgage repayments in the event of death, sickness,
unemployment or disability.
This mortgage insurance calculator provides an estimate only. The results of the premium estimator
should be used as an indication only and are based on the information provided.
An estimate is not a premium quote from any Lenders Mortgage Insurance provider.
Provision of an estimate is not an indication that any Lenders Mortgage Insurance
provider has approved the Lenders Mortgage Insurance risk. The ultimate premium
payable for Lenders Mortgage Insurance may differ from the estimate provided for
a number of reasons, including the personal circumstances of the borrower, the type
of loan product selected and the type and location of the security property.