Calculate your lenders mortgage insurance.
This cost is based on a loan amount of $250,000.00, a property value of $300,000.00 and a deposit of $0.00 for a first home buyer.
Not all LMI calculations are the same. They vary between lenders based on a number of factors.
Compare matching loans below and contact each lender for an individualised quote.
Summary
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What is Lenders Mortgage Insurance (LMI)?
Lender's mortgage insurance (LMI) is a one-off premium paid by the borrower, that protects the bank against any loss if you’re unable to repay your loan, and the proceeds of the sale are not enough to pay your loan in full.
You’re likely to need to pay LMI if your loan-to-value ratio (LVR) is more than 80% i.e. you’re borrowing more than 80% of the property’s purchase price. LMI can be paid upfront or it can be capitalised into the loan.
How is LMI Calculated?
The Lender’s Mortgage Insurance calculation is based on the size of your deposit and your loan amount. If you borrow over 80% of the purchase price of the property, you are likely to need to pay an LMI premium.
How do I avoid paying LMI?
- Use a financial gift.
- Take advantage of government schemes.
- Save a larger deposit.
How to use the calculator and information required
To use our LMI calculator, there are a few key pieces of information you will need to provide:
- property value
- loan amount, and
- whether you are a first home buyer.
LMI FAQs
- LMI is a type of insurance you can expect to pay if you borrow more than 80% of your home’s value.
- LMI protects the lender – not the borrower.
- You don’t need to arrange LMI yourself – we will sort it for you.
- It’s possible to save on LMI by saving a bigger deposit.
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