LMI Calculator
Estimate your Lenders Mortgage Insurance premium based on property value and loan-to-value ratio.
Some lenders offer LMI discounts for FHBs
Stamp duty on LMI varies by state
How It Works
The calculator computes LVR from your loan amount and property value, then estimates the LMI premium using published premium tables from major LMI providers (Helia and QBE). Premiums are based on LVR bands and loan amount tiers. Stamp duty on the LMI premium (which varies by state) is added. The result shows the estimated LMI premium and total upfront cost.
Frequently Asked Questions
What is Lenders Mortgage Insurance?
LMI is insurance that protects the lender (not you) if you default on your home loan. It's required when you borrow more than 80% of the property value (LVR > 80%). The premium is a one-off cost paid at settlement, though it can be capitalised into the loan.
How much does LMI cost?
LMI premiums depend on loan amount and LVR. Rough guide: at 85% LVR on a $700,000 property, expect $5,000-$8,000. At 90% LVR, $12,000-$18,000. At 95% LVR, $25,000-$35,000. Premiums increase steeply as LVR rises above 90%.
Can I avoid paying LMI?
Yes. Save a 20%+ deposit, use a family guarantee where a parent's property secures the shortfall, qualify for the government Home Guarantee Scheme (5% deposit, no LMI), or be in an exempt profession (some lenders waive LMI for doctors, lawyers at up to 90% LVR).
Is LMI refundable?
Partially. If you pay off or refinance your loan within the first few years, you may be eligible for a partial LMI refund. Refund policies vary by insurer — most offer sliding-scale refunds decreasing over the first 2-3 years.
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