Lenders mortgage insurance can add a real cost to your loan if you're buying with a smaller deposit, and it's often missed until the final numbers land on your desk. Use our calculator to get an estimate of what LMI might cost you.
What is lenders mortgage insurance, and why do I have to pay it?
LMI protects the lender, not you, if you default on your loan and it's typically required when you're borrowing with a smaller deposit. It's a one off cost that can usually be added to your loan amount rather than paid upfront.
How accurate is the LMI calculator?
It gives you a solid estimate based on the loan amount and deposit you enter, but actual LMI premiums vary between lenders and insurers. Treat it as a guide to understand roughly what you're looking at, not a final figure.
Can I avoid paying LMI altogether?
In some cases, yes, depending on your deposit size, your profession, or whether you qualify for a government scheme that waives it. We can help you understand whether any of those options apply to you.
Does a bigger deposit always mean lower LMI?
Generally, yes. LMI tends to reduce as your deposit increases, though the exact amount depends on the lender and insurer's own pricing. It's worth comparing what different scenarios actually look like before deciding how much to put down.
What should I do after I get my LMI estimate?
Use it as a starting point, then talk to us about whether LMI applies to your situation and if there are ways to reduce or avoid it. We can help you work out the best path forward.
