Byron and the Banks

August 3rd, 2020

2481 banks

Byron and the Banks

2020-08-03 01:56

LMI is Loan Mortgage Insurance and protects the bank or funder against loan defaults. Mortgage lender CBA has increased their LMI insurance free deposit amount from 20% to 30% for new purchasers in postcode 2481. This is a panic reaction by the bank under the assumption that Byron businesses and owners of holiday let properties will be adversely affected by tourism numbers down post-COVID. A new buyer with less than a 30% deposit will have to capitalise this insurance fee on to their loan amount which increases the amount of the loan.

Speaking of mortgage rates: loans.com.au is now the second funder in Australia to offer a fixed rate below 2%. Bank of Us, in Tasmania, is also offering a fixed rate for one year of 1.99%, which then diverts back 2.75% after the introductory 12 months. Rates under 2% have been the lending equivalent of the four-minute mile.

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