the Bank requires that to have Lenders Mortgage Insurance if the deposit is less than 20% of the purchase price. Determine the amount of LMI for a house of 499,000.
You have to give a table of rates on this one as you did on the $479,000 house. I gave you a "tentative" answer to that one. But, I may be wrong!.
Not more than $5,000
Nil
More than $5,000 up to $75,000
$1.50 for each $100, or part of $100, over $5,000
$75,000 to $540,000
$1,050 plus $3.50 for each $100, or part of $100, over $75,000
$540,000 to $1,000,000
$17,325 plus $4.50 for each $100, or part of $100, over $540,000
More than $1,000,000
$38,025 plus $5.75 for each $100, or part of $100, over $1,000,000
Additional duty of 3% applies to acquisitions of residential land by foreign persons (including companies and trusts) from 1 October 2016.