Will you LMI me?

Nope, we did not.

We pay additional 5% deposit for the home construction to avoid Loan Mortgage Insurance.

The builder describe this is as the GAP payment, the difference of the end panel contract price and your approved construction loan.

Lesson learned?

To avoid surprising variations and charges from both bank and builder, secure a 20% savings, no stress.

#LMI #loanmortgageinsurance #deposit