LMI opened the door to our dream family home sooner, rather than wait to save the required deposit.
Two in five first home buyers don’t understand what Lenders Mortgage Insurance (LMI) is but for Mortgage Choice customers, Lenka Mrkvickova and Miro Mrkvicka it opened the door to a dream family home on the Gold Coast.
After having rented in Mudgeeraba, on the Gold Coast, Lenka decided it was time to buy a family home. Upon seeing a number of open homes, she fell in love with a two-storey townhouse in a gated community complete with a pool and tennis court.
Luckily the home was within their price range and the couple felt they would not be stretching themselves too thin with loan repayments.
“We decided to see a mortgage broker as we had no previous experience with buying a property and we felt that discussing our options with a professional was the right choice for us”.
The couple knew before speaking to the broker that they may need to use LMI to secure their loan and allow them to get into their home now rather than wait to save the required deposit.
“The entire process was very positive and our broker calculated in LMI, so they could let us know what our options were,” said Lenka.
The broker kept Lenka and Miro in the loop every step of the way, all she needed to do was provided some documentation and the team did all the leg work.
Lenka says they chose not to go straight to a lender as they are too busy working and juggling busy lives, and felt it would be too much work to assess different lenders policies and products themselves.
“We didn’t want to take their chances by going it alone, and preferred to speak to someone qualified who had industry experience who would maximise their chances of a home loan approval”.