Market context

Recent property price increases of 10-15% across Greater Brisbane, Perth, and Queensland over the past 12 months have created opportunities for homeowners. If you've purchased a property with Lenders Mortgage Insurance (LMI) in the past 12-24 months, you may be eligible for significant refunds.

Available refund opportunities

Westpac Group, NAB, and ANZ offer particularly attractive LMI refund policies. Important notes:

• You must refinance away from these banks to access the refund

• Refunds range from 20% to 50% of your original LMI cost

• Our broking team will assist in securing competitive fixed rates for the next 24 months as online-only banks like AMP Bank, Bendigo, and Macquarie currently offer attractive fixed rates in the mid-5% range

TLDR quick assessment

If you're short on time, consider this simple criteria:

• Property purchased within the last 24 months

• Property has appreciated in value

• Original loan included LMI → You might be eligible for a 20-40% LMI refund

Detailed lender policies

Westpac Group

Including St George, BankSA, and Bank of Melbourne

Refund Conditions:

• Full loan repayment and mortgage discharge required

• 40% refund if discharged within 12 months of settlement

• 20% refund if discharged between 12-23 months after settlement

• No previous loan arrears allowed

• Refund calculations:

  • Exclude GST

  • Exclude LMI on lending extended for stamp duty

  • (If you borrowed extra to cover stamp duty, the increased LMI from this cannot be refunded)

NAB

Refund conditions:

• Refund structure matches Westpac's timeframes:

  • 40% refund for loans repaid within 12 months

  • 20% refund for loans repaid within 24 months

ANZ

Refund conditions:

• Most generous refund rates:

  • 50% refund for loans paid off within 12 months

  • 25% refund for loans repaid between 12-23 months after settlement

Things to think about before refinancing

Current property valuation

• Your property's current value is crucial

• Bank valuation required to confirm appreciation

• If insufficient value increase, new LMI may be required

• In such cases, refinancing might not be financially beneficial

Refinancing

We’ll seek to keep your current loan term in order not to reset your amortization schedule. This way you’ll still be on track to pay down your loan by the original date. 

LMI refunds are provided by the LMI underwriter and typically take 8-12 weeks after the refinance. 

Next steps

Our broking team will:

1. Review your specific situation

2. Arrange property valuation

3. Source competitive fixed rates

4. Determine if refinancing makes financial sense for your situation

Contact us to discuss your eligibility and explore your options for both LMI refunds and competitive refinancing rates.