Family Home Guarantee
Typically, if you borrow more than 80% LVR (Loan to Valuation Ratio, i.e., more than 80% of your property purchase valuation) in Australia, it is considered as risky loan transaction by lenders and your mortgage needs to be insured to protect the lender giving you money in the event you default (i.e. do not pay your mortgage). This insurance is called Lender’s Mortgage Insurance (LMI) and will be required to LMI fee (premium).
In other words, Lender’s Mortgage Insurance (LMI) is insurance that protects lender in the event you default (i.e., do not pay your mortgage) but you need to pay LMI fee or premium and you get no benefit out of this insurance.
LMI fee can be thousands of dollars (say $15K, $20K or $35K or even higher) depending on loan amount, property location, LVR (90%, 95% etc) and few other factors, so it is best to avoid, where possible. We are here to help to you avoid this LMI fee.
You can avoid LMI fee under Family Home Guarantee Scheme (FHGS), which is a federal government initiative.
Under this Family Home Guarantee Scheme, single parent can be eligible for LMI waiver ( that is they do not need to pay LMI ), if they meet the following 3 conditions.
a) They are Australian PR, Citizen or NZ citizen, and
b) Their last financial year income was less than $125K for a single , and
c) They are buying a property below specified threshold such as it is $900K for Sydney, $800K for Melbourne
Please reach out to us if you need any more information or like to avoid paying lender’s mortgage insurance. There are two other government schemes – Regional First Home Buyer Guarantee and Family Home Guarantee – under which LMI can be waived but they have different eligibility criteria. For more information request a call back by clicking here or visit Housing Australia
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