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Is LMI refundable?

Is LMI refundable?

If we require you to pay for lenders mortgage insurance, and the policy provides an entitlement to a refund if you repay your loan before the end of the policy, we will ensure that we claim a refund where available and pay that amount to you.

If you fully repay this loan early, we may receive a partial refund of this premium from the Insurer. If we do receive such a refund, then we will pay you the amount of refund received by us. The period during which we may receive a refund varies between insurers but in no case do we receive a refund for loans repaid 1 year or more after the settlement date.

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