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Example Interest Rates: Home Loan Variable: 5.69% (5.89%*) • Home Loan Fixed: 5.48% (6.24%*) • Fixed: 5.48% (6.24%*) • Variable: 5.69% (5.89%*) • Investment IO: 5.74% (6.40%*) • Investment PI: 5.49% (6.27%*)

Complimentary Lender’s Mortgage Insurance Website Calculator

Complimentary Lender’s Mortgage Insurance Website Calculator

A short time ago we introduced the Lender's Mortgage Insurance API. This article introduces the complimentary website plugin build on top of that API to return an estimated LMI Premium (using the Genworth premium for our modeling).

As mentioned in our previous article, mortgage calculators are one of the top search terms in Google for those looking for a home loan, and while your website may not rank particularly well for that specific search (outside the scope of local SEO) you have an obligation to provide the resource for those that are on your website now. If you don't provide a suitable calculator your online audience will mosey on elsewhere and likely find love in the arms of another business.

The complimentary BeliefMedia LMI website calculator is part of a program where we deliver website plugins with functionality previously not generally made available to the finance industry. As a bonus the plugin also includes a basic LVR calculator and Limited Guaranteed Calculator.

We don't shy away from the fact we're trying to shame some of our competitors into lifting their game - brokers deserve better than the ubiquitous mediocrity that lays claim to an understanding of the finance marketing space. A powerful mortgage broker website is fundamental in multiplying the effects of any marketing funnel - paid or organic. Whether your focus is on organic SEO traffic or paid Facebook, Google, or YouTube traffic, having the right sticky resources on your website will keep a user engaged and demonstrate your expertise and authoritativeness in the field. The number of marketing agencies that'll encourage paid promotion without first optimising your website or marketing funnel experience is staggering, and the conversion-destroying advice amounts to professional negligence. Your website is more important than ever before and failing to include the online resources that'll attract, engage, and convert your audience is utterly absurd.

Note: At the time of this article making its way online we're a few days away from publishing details on the most powerful mortgage broker website ever made available to mortgage brokers in the market. It includes hundreds of features and is designed to convert. Replacing our former website framework, this highly evolved and completely funnel-focused website includes hundreds of pages that is guaranteed to outperform the typical broker experience. Want to learn more? Give us a call.

It's difficult to build a one-size-fits-all calculator for LMI since insurance providers different between banks, and even the same provider will have a range of mitigating factors that may completely negate the need for LMI, or they may have specific tiers of rates for specific groups, occupation types, or products. Keeping this in mind, we've modeled the first version of our free plugin on Genworth's standard premiums since they're arguably the biggest provider in Australia. It's expected that you'll provide additional information or call-to-action so you're able to provide some real-world guidance.

LMI Website Calculator

An example of the simple LMI calculator is shown below. The calculator was returned via the shortcode of [bm_lmi].

Estimated Property Value
How Much You're Borrowing
Occupancy Type
Are you a First Home Buyer?
What is the Term of the Loan?
What is Your State?
DISCLAIMER: The LMI Calculation is an indication only and shouldn't be relied upon as accurate. Figures are calculated based on Genworth policy fees although they may not always be accurate. You should consult us for a full appreciation of the fees and potential waivers that might apply. [ BeliefMedia API ]

We return a standard message based on an LVR of between 60% to 80%, 80% to 95%, and over 95%. We also include a call-to-action based on a capitalised LVR that exceeds 97%, included GST, stamp duty (if applicable), and capitalised data regardless of LVR.

LMI Calculator Statistics

All your calculator interactions are recorded so you have a full appreciation of how the tool is used, but more importantly, what sort of calculations are taking place. If you don't understand your website audience you're simply unable to respond to emerging trends by way of your website content strategy.

At the time of writing the usage statistics is only available via the API although the next version - assuming it is actually used - will include a graph in your website dashboard.

Client LMI Calculator Statistics

The client 'Yabber' version of this plugin obviously includes statistics by default (we wouldn't dare waste the opportunity to collect data). The great thing about the client version - and consistent with every other feature of our broker website - we record who uses the calculator, what they're searching, and where they're searching from. Because the calculator includes a First Home Buyer question we can immediately determine the likely type of buyer, and then return conditional content based on that interaction. Since we've identified the user by name and email (if they've previously engaged on our site in any way - including landing on a page via email), we might consider introducing a trigger based on their known behaviour. Remember, powerful marketing is more than a single email autoresponder campaign.

LVR Calculator

While a simple calculation your audience will often require a little assistance in the calculation of their LVR, and quite frankly, it's an essential website tool. The results of the LVR tool also provide basic guidance on LMI requirements, so we've included the feature within the LMI Calculator website plugin.

Shortcode of [bm_lvr] returns the following:

  Estimated Property Value
  How Much You're Borrowing

Limited Guarantee Calculator

Many brokers recommend a 'Limited Guarantee' when such a product is required as it limits part of the loan by the guarantor's property, thus limiting the guarantor's exposure. This essentially means that the guarantor is only liable for a portion of the lender's borrowing - not the full amount. You may determine the limited guarantee with the following formulae:

Calculating Limited Guarantee

Use the calculator below to determine the limited guarantee obligation. It's a basic calculation only; it doesn't include such factors as debt consolidation, security property type, your 5% genuine savings, and whether it's a construction loan. The calculator is design to be used inline when creating articles that deal with the subject.

  Property Purcahse Price
  How Much You're Borrowing
  Yes, My Gurantor has an existing home loan.

It's possible that the 'generic' Guarantor calculator contains errors so please let us know if there's any bugs (we've asked a bank for definitive guidance on a couple of scenarios but they're a little slow to respond).

Please Report Error and Suggest Features

We're no longer active brokers so we're certainly a little rusty with the most up-to-date information. If you encounter any bugs or errors please report them to us and we'll push a quick update. If you would like to see some additional features than please let us know and we'll build them in.

Documentation & Download

The BeliefMedia Core plugin is required before LMI plugin is installed. BM Core creates an API Key on your website and registers you for updates. If you do not wish us to know your details then please do not download the plugin.

The plugin documentation is available on the BeliefMedia LMI plugin page. The page details the available shortcode attributes, and how the stylistic components of the tools may be customised.

Note that clients should not download this plugin. An Elementor drag-and-drop version is integrated into the BeliefMedia plugin, although you may also use basic shortcodes when necessary in posts or pages.

Title: BeliefMedia LMI
Description: The BeliefMedia LMI plugin provide an LMI Calculator to any page (based on Genworth premiums). Includes basic LVR and Limited Guarantee Calculator. Requires BeliefMedia Core Plugin.
  Download • Version 0.2, 6.4K, zip, Category: WordPress Plugins (BeliefMedia Client Plugins)
  Featured Image: Australian Bank of Commerce, 1890. Situated on the corner of George and King Streets, Sydney. The 'Pure Country Milk' brand next door to the bank (based in Lithgow at the time) suggests the photo was taken on Hay St,, but we'll default to the good judgement of the National Archives. [ View Image ]

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