Review - 15 November 2016 (c)

Key Issues: 

Home loan | Lenders mortgage insurance | Mortgage provider | Fee disclosure

Case summary

We found that the consumers’ claims had not been established. This is because the information showed that the application of the lenders mortgage insurance (LMI) premium was adequately disclosed to the consumers. Further, we consider that there is no law preventing the FSP from taking into account the location of a security property when applying a LMI premium, and the FSP did no more than exercise its commercial judgment when it applied the premium to the consumers’ loan.


Follow this link for a full copy in PDF  Review | 15 November 2016

This case was referred to the Ombudsman for a Determination