Lenders assess mortgage applications differently based on the location of the property being offered as security. A lender, or the Lenders Mortgage Insurance provider, will apply more rigid lending policies in high-risk locations to limit their exposure. This risk mitigation assessment often means that your maximum permissible LVR will be lower, and the maximum loan amount that you’re able to borrow will also be lower.
The simple calculator returns Genworth and QBE policy data. The plugin is introduced in more details via an article confusingly titled "Complimentary High Density (Risk) Postcodes and Maximum LMI LVR Website Calculator".
The result of the calculator is simple - is the postcode considered in a LMI provider's risk summary?
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Various attributes are available that'll alter the style of the calculator - this may be required as we've styled the tool specifically for our default mortgage broker website.
Attributes available are
- CSS Correction: Corrected issue with CSS that presented problems in some themes.
- QBE Policy Change: Updated QBE policy error.
- Initial: Basic plugin for mortgage brokers, RE Agents, and Planners. Initial plugin for internal testing.
Requires: BeliefMedia Core.