Mortgage Loan Insurance (LMI) is a way to obtain home ownership without having the 20% deposit that is usually required by most banks and financial institutions.
With Mortgage Insurance from lenders, lenders can allow you to borrow a larger proportion of the purchase price, which allows you to buy a property with a smaller deposit than would otherwise be required. It can also allow you to take loans at an interest rate comparable to that of a borrower who has a larger deposit.
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Video credits to GenworthAU YouTube channel