Glossary
- lender's mortgage insurance (LMI)
lender's mortgage insurance (LMI)
Lender's mortgage insurance (LMI) is a type of insurance that
protects a credit provider from borrowers not being able to repay
their loan. LMI is usually a one-off cost to a home loan borrower,
payable when the amount borrowed exceeds 80% of the value of the
property. LMI does not benefit the borrower, it only protects the
lender.
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Last updated: 02 Feb 2016