What is Lenders Mortgage Insurance and is it required?
Unless you are in a position to borrow only 80% of the value of your home, the answer is yes, you will need it. Lenders Mortgage Insurance protects the lender (Queensland Country Bank) from financial loss if you, the borrower, fail to meet your home loan repayments. If the deposit you have saved is less than 20% of your total property value you will need to purchase Lenders Mortgage Insurance when taking out a home loan with Queensland Country. Each lender is different though so ensure you check their policy before taking out a loan.