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 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.
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
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.
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.
[bm_lvr] returns the following:
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:
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.
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.