Terms and Phrases explained.
LMI - Lenders Mortgage Insurance
This is a premium payable by the borrower upon establishment of a loan. LMI is generally only required when the deposit being provided is less than 20% of the purchase price.
LVR - Loan Value Ratio
This is a lending term you will probably hear during your discussions with your Credit Adviser. It is quite simply the amount you are borrowing expressed as a percentage of the purchase price of the property.
Connective - Connective Services Pty Ltd
Connective is one of Australia's largest aggregation groups. Connective gives us access to a broad range of lenders, including all the major Banks.
MFAA - Mortgage & Finance Association of Australia
MFAA assits in developing and promoting the mortgage and finance industry. MFAA helps ensure the orderly and ethical working of the mortgage and finance industry. MFAA ensures it's members are regarded as a highly trusted company with a high level of professionalism.