Estimate your Lenders Mortgage Insurance cost when your deposit is less than 20%
LMI premiums shown are estimates based on industry standard rates. Actual premiums vary by lender and LMI provider (Helia or QBE). Your lender will confirm the exact amount at application.
Enter your property value and deposit to estimate LMI costs
LMI is a one-off insurance premium that protects the lender (not you) if you default on your home loan. It's required when your deposit is less than 20% of the property value (i.e., LVR above 80%).
LMI is calculated as a percentage of the loan amount, based on your LVR. Higher LVRs attract higher premiums. The two main providers in Australia are Helia (formerly Genworth) and QBE.
Yes — save a 20% deposit, use a family guarantee, or apply through the federal Home Guarantee Scheme which allows eligible first home buyers to purchase with as little as 5% deposit without LMI.
Most lenders allow you to add the LMI premium to your loan amount rather than paying it upfront. This means you'll pay interest on the LMI cost over the life of the loan, increasing your total repayments.
Our finance experts can help you find lenders with competitive LMI rates or explore alternatives to reduce your upfront costs.