Hi all,
Hope you all can help me through my thinking, first time homebuyer.
We have enough for 15% down payment plus stamp duty and fees. This leads to us having to pay around 16k in LMI with our current lender who we have been approved. (Tictoc). 1.89%
Our dilemma is that 86400 offers no LMI loan but with 2.49%.
If we think that we can get make extra payments during the first year to 80% LVR and the refinance to lower rate (assume tictoc same rate) with no LMI, does it make sense to go with 86400?
My math says we save around 12k this way but maybe I am missing something?
Thanks for all your help
Go with the cheapest and hope your assumptions and spreadsheet values and calcs are correct.