Podcasts Business Your First Home Buyer Guide Podcast Why Lenders Mortgage Insurance Isnt Always a Bad Choice

Why Lenders Mortgage Insurance Isnt Always a Bad Choice

Published: Sept. 12, 2023, 7 p.m.

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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 \\u2013 lender\'s mortgage insurance, or LMI, might not be the enemy it\'s made out to be.

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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.

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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.

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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 \\u2013 it could be more accessible than you ever imagined.

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Episode Highlights:

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00:00 - Introduction

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02:33 - Meighan\\u2019s special house of the week

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03:48 - What is LMI (Lender\\u2019s Mortgage Insurance)?

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

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

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12:58 - What is the cost of the lender\\u2019s mortgage insurance?

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

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

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

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

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28:46 - Capital growth vs equity

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

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

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About Our Guest:

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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.

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Connect with Strachan Taylor:

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Resources mentioned in this episode:

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If you enjoyed today\\u2019s podcast, don\\u2019t forget to subscribe, rate, and share the show! There\\u2019s more to come, so we hope to have you along with us on this journey!

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