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Lenders Mortgage Insurance (LMI)
Lenders Mortgage Insurance (LMI) is a type of insurance required when a borrower takes out a home loan with a deposit of less than 20%. Lenders Mortgage Insurance (LMI) is insurance that protects the lender, not the borrower, when a…
Bynewtimes
Consolidate debt – refinancing
People sometimes refinance a home loan to consolidate debt because mortgage interest rates are usually much lower than the interest rates on other types of borrowing, such as credit cards or personal loans. When you refinance, you may be able…
Cashback offer
A cashback offer is when a lender pays you a one-off cash payment if you take out a new home loan or refinance your existing mortgage with them. Instead of competing only on interest rates, some lenders offer cashback as…
Claw-back (in mortgage broking)
A claw-back is when a lender takes back part or all of the commission it paid to a mortgage broker because the borrower refinances or pays off their loan too soon – usually within the first 12 to 24 months.…
Rug Pull
A rug pull is a type of cryptocurrency scam in which the developers of a project suddenly withdraw all the funds and disappear—leaving investors with worthless tokens. It usually happens in decentralised finance (DeFi) or memecoin projects where anyone can…
