The first step in getting a low premium is to understand how the LMI premium is calculated and then determine if there’s anything you can do to qualify for a cheaper premium.
The factors you should consider include:
Your loan amount
Your Loan to Value Ratio (LVR)
The lender and mortgage insurer you choose
Whether you qualify for a guarantor loan
Whether you can prove genuine savings
Check out how to avoid mortgage insurance page for more information on these golden tips.