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Our Funders have traditionally paid your Clients' LMI where the LVR is less than 80% and the loan size is less than $600K.
Now, for a strictly limited time, the Funder will pay the LMI on the following Prime Products in accordance with the conditions detailed below:
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Bank Buster
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Pro-Pack
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Full Doc Prime
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Small Business Loan
Please note that in order to qualify for this offer your Client's LMI premiums must be less than or equal to $4,380 including GST. Maximum 90% LVR. There are no 'part-payments' available, so the entire LMI premium must be up to $4,380 only.
As a guide ~ your Client's loan should fit into the following matrix.
To confirm if other loan size / LVR scenarios qualify for FREE LMI - or if you have any questions - please CONTACT THE CREDIT MANAGER OR YOUR BDM.
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LVR |
Loan Size |
| Standard Arrangement for FREE LMI |
Up to 80%
|
Up to $600K
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| SPECIAL OFFER - FREE LMI: |
Up to 90%
|
Up to $290K
|
| This promotion applies to all new Applications |
Up to 88%
|
Up to $300K
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| received between 17th May 2010 and 25th |
Up to 86%
|
Up to $315K
|
| November 2010 only |
Up to 84%
|
Up to $395K
|
| |
Up to 82%
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Up to $590K*
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| |
Up to 80%
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Up to $750K*
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|
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Up to 70%
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Up to $1M*
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* Important Note: For loans that exceed $500,000 in value and LMI is paid by the funder, an LMI Recovery Fee will apply to loans that discharge within the first 5 years. This transparent fee is in addition to existing DEF and calculated as follows:
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Year 1 100% of the LMI cost
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Years 2 and 3 80% of the LMI cost
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Years 4 and 5 60% of the LMI cost
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