Why Lender’s Mortgage Insurance Isn’t Always a Bad Choice

Are you a first home buyer in Australia? If so, you've probably
heard the mantra: "Save up 20% for a deposit to avoid the dreaded
lender's mortgage insurance." But here's the thing – lender's
mortgage insurance, or LMI, might not be the enemy it's made out
to be.


Contrary to popular belief, LMI isn't a dirty term. Join us as we
sit down with Strachan Taylor, a respected expert from Helia, to
explore the lesser-known side of LMI that could actually expand
your horizons when it comes to purchasing your dream home.


It's easy to be skeptical about paying more money for insurance
that seemingly doesn't directly benefit you. However, as we
unravel the layers of LMI, you'll discover how it can be a
strategic tool rather than an unnecessary burden.


Join us for an insightful conversation that might just change the
way you think about lender's mortgage insurance. Your path to
homeownership doesn't have to be limited – it could be more
accessible than you ever imagined.


Episode Highlights:


00:00 - Introduction


02:33 - Meighan’s special house of the week


03:48 - What is LMI (Lender’s Mortgage Insurance)?


08:18 - What role does LMI play in rapidly rising property
markets?


10:23 - How has the role of lenders and mortgage insurance
providers changed?


12:58 - What is the cost of the lender’s mortgage insurance?


14:33 - 3 alternative options for first home buyers to enter the
market with less than 20%


17:26 - What is the cost of LMI for a $900,000 property with a 5%
deposit?


21:20 - Why is a long-term perspective required when entering the
property market?


24:24 - The importance of surrounding yourself with property
experts


28:46 - Capital growth vs equity


31:21 - Advice for first time buyers looking to buy a property


38:02 - What Strachan wishes he knew as a first home buyer


About Our Guest:


Strachan Taylor serves as Helia's Strategic
Partnership Leader, where he spearheads a dynamic partnership
team dedicated to collaborating closely with lender customers in
pursuit of helping more Australians achieve financial security
through home ownership, expedited by LMI solutions. With a
comprehensive skill set encompassing team leadership,
communication, and business development, Strachan brings
tertiary-level qualifications and extensive expertise in sales,
marketing, distribution, and risk management to the helm,
constantly striving to enhance risk and capital management
solutions and provide valuable market insights for Helia's
customers to bolster their risk-writing capabilities.


Connect with Strachan Taylor:


Visit their company website: https://helia.com.au/

Follow Strachan on LinkedIn:
https://www.linkedin.com/in/strachantaylor/



Resources mentioned in this episode:


Deposit Comparison Estimator
https://helia.com.au/the-hub/calculators-estimators/deposit-comparison-estimator

The long game … 30 years of housing values
https://bit.ly/3ReJBJt



Resources:



FREE TRAINING: How to make an educated
decision so you buy your first home with the right amount of
debt https://homebuyeracademy.com.au/webinar

Visit our website https://www.homebuyeracademy.com.au/

Learn how to buy property without making a mistake with our
10-step online course for first time home buyers
https://homebuyeracademy.com.au/YFHBG

If you have any questions or would like to be featured on our
show, contact us at: Your First Home Buyer Guide Podcast
support@homebuyeracademy.com.au

Looking for a Sydney Buyers Agent?
https://www.gooddeeds.com.au

Work with Veronica: https://www.veronicamorgan.com.au

Looking for a Brisbane Buyers Agent?
https://www.propertypursuit.com.au/

Work with Meighan: https://www.linkedin.com/in/meighanwells/



If you enjoyed today’s podcast, don’t forget to subscribe, rate,
and share the show! There’s more to come, so we hope to have you
along with us on this journey!


Subscribe on YouTube:
https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast

Subscribe on Apple Podcasts:
https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825

Subscribe on Spotify:
https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f



See omnystudio.com/listener for privacy information.