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Mortgage manager pays LMI

Staff Reporter 4 minute read

By: Jessica Darnbrough

From today, Allstate Home Loan’s funding partner will pay the LMI premium up to the value of $4380, regardless of a borrower’s loan-to-value ratio.

According to the mortgage manager, the new offer is only available with the company’s mortgage eradicator, rate buster, home helper term loans and line of credit loan.

Allstate’s general manager Tony Shield said the offer would eliminate the need, in many cases, for clients to pay premium at all.

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“It is better than capitalising the premium. Today we need to work smarter to win our clients and keep competition with the banks alive. This is where a broker can add value to their relationship with a client. It helps cement the trust between the broker and the borrower,” he said.

Allstate’s latest offer follows hot on the heels of Carrington National’s decision to pay the premium on all prime loans up to 90 per cent LVR.

Last week, Carrington National’s managing director told The Adviser that the non-bank sector has emerged from the global financial crisis stronger and ready for action.

“We are determined to become more competitive against the banking sector. Non-banks have traditionally been very innovative and product focused. Now as liquidity starts to filter back into the market, we have the chance to not only be cheaper than the big four, but more innovative as well,” Mr Marra said.

Allstate’s special offer will run until 30 November 2010

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