Borrowers to get LMI factsheet

The federal government has announced that it will now require all lenders and brokers to provide their customers with a fact sheet about Lenders Mortgage Insurance.

Genworth said the mandatory fact sheet would help home buyers compare "apples with apples" and get the right deal for them plus help consumers better understand the costs and benefits of Lenders Mortgage Insurance when taking out a home loan.

The Government's move follows initiatives to create more competition in the mortgage market and now mandates increased disclosure and transparency for homebuyers who may require Lenders Mortgage Insurance.

Source: The Advisor