Broker Tools
LMI - calculating lender mortgage insurance
LMI can be calculated in two tabs in broker tools: Funding worksheet and product comparison tab.
Funding Worksheet tab
LMI calculation (A) can be done for a specific lender by selecting that lender from a drop down menu (B):
Calculated figure (A) can be edited by clicking on the 'Edit' check box (C). If the LMI is capitalised, select 'Capitalise' checkbox (D).
If LMI is capitalised, total proposed loan will then increase by the LMI amount (E).
Review Loan Product tab
LMI calculation (A) will be presented for each lender selected to review and compare (B). This value can be edited (C) and capitalised (D) to be included in total loan amount (E)
Top-up Deals
LMI (F) is calculated on total loan amount, which is the sum of existing balance (B) and proposed loan amount (D).
Top up deals might have a LMI previously paid and that figure needs to be included in the Funding Worksheet to get the accurate LMI payable (C), resulting in a new calculated figure (E).
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