Good to know
What is LMI?
Lenders Mortgage Insurance protects the lender (not you) if you borrow more than 80% of the property value. It is usually a one-off cost added to your loan. The higher your LVR above 80%, the more it costs.
How accurate is the LMI figure?
It is a rough estimate only. Actual LMI premiums are set by the insurer and vary with your exact LVR, loan size and lender. Some buyers also avoid LMI entirely through the First Home Guarantee or a family guarantor — we can check if you qualify.
How much deposit do I need?
To avoid LMI you generally need 20% of the price, plus enough for stamp duty and costs. Below that, you can still buy — many people do — you just factor in LMI or a guarantee. We will map out your real numbers.