LMI calculator

See how much lenders mortgage insurance could cost with your deposit, and whether you could avoid it altogether.

Your details

LMI

Property price

Your deposit

Deposit as a share of the price10%

5%20%

State or territory

Your profession

Is this your first home?

Calculator assumptions

Premiums are indicative, based on published full-doc rates for owner-occupied loans, and include stamp duty on the premium where your state charges it. Each lender and insurer prices LMI differently, and investment, low-doc and loans over $1 million can cost more.

Profession waivers and the 5% Deposit Scheme have eligibility rules. We’ll confirm which apply to you.

This is an estimate only, not a quote, credit advice or a loan offer.

Your estimate

Estimated LMI premium

$15,977NSW doesn’t charge stamp duty on LMI

Loan amount: $675,000
Loan-to-value ratio (LVR): 90.0%
Premium rate: 2.37% of the loan
Loan if you add LMI to it: $690,977
LMI with a 15% deposit ($112,500): $8,498

We compare 30+ lenders, including the ones that waive LMI, and we’ll show you the cheapest way in with your deposit.

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How it works

What is LMI, and when do you pay it?

Lenders mortgage insurance (LMI) is a one-off premium you pay when you borrow more than 80% of a property’s value. That percentage is your loan-to-value ratio, or LVR.

LMI protects the lender, not you. If you couldn’t repay and the sale didn’t cover the loan, the insurer would pay the lender the shortfall.

What you pay depends on three things: how much you borrow, your LVR, and which lender you use. Most states also charge stamp duty on the premium. The table shows how quickly it climbs on a $750,000 home in NSW.

LMI on a $750,000 home

Deposit	Loan	LVR	Premium rate	Estimated LMI
5% ($37,500)	$712,500	95%	4.61%	$32,868
8% ($60,000)	$690,000	92%	3.87%	$26,682
10% ($75,000)	$675,000	90%	2.37%	$15,977
12% ($90,000)	$660,000	88%	1.63%	$10,765
15% ($112,500)	$637,500	85%	1.33%	$8,498
19% ($142,500)	$607,500	81%	0.90%	$5,492

Indicative full-doc rates. NSW has no stamp duty on LMI.

Pay less

Six ways to avoid or reduce LMI

Most people who come to us expecting to pay LMI have at least one of these options. It’s worth checking all of them before you accept the premium.

The 5% Deposit Scheme

First home buyers can buy with a 5% deposit and no LMI, with the government guaranteeing the rest. Since October 2025 there are no income limits or caps on places, only property price caps for your area. How the scheme works

Family Home Guarantee

Single parents and legal guardians can buy with as little as 2% deposit and no LMI. Check if you’re eligible

A professional waiver

Doctors, nurses, lawyers, accountants and some other professionals can borrow up to 90% (sometimes 95%) without LMI. Select your profession in the calculator to see your saving.

A family guarantee

A parent can use equity in their home to guarantee part of your loan, so you avoid LMI even with a small deposit. How guarantor loans work

A slightly bigger deposit

Premiums don’t rise smoothly. They jump at certain points, especially above 90%. Getting just under a band can save thousands.

The right lender

Lenders use different insurers and pricing, so the same loan can attract different premiums. We compare them for you.

Waivers

LMI waivers by profession

Lenders see some professions as lower risk, so they’ll waive LMI. The rules differ between lenders, which is exactly where a broker helps.

Profession	Typical borrowing without LMI	What lenders usually ask for	Read more
Doctors, dentists and medical specialists	Up to 90%, and 95% with some lenders	AHPRA registration. Some lenders set no minimum income.	LMI waiver for professionals
Nurses, midwives and allied health	Up to 90%	AHPRA registration and a minimum income, often around $90,000	LMI waiver for nurses
Lawyers and barristers	Up to 90%	A current practising certificate and income often from $100,000 to $150,000	LMI waiver for lawyers
Accountants	Up to 90%	CA, CPA or IPA membership and income often from $100,000 to $150,000	LMI waiver for professionals
Teachers	Up to 90% with selected lenders	Permanent employment, usually for 6 to 12 months	LMI waiver for teachers

Typical policy across lenders we work with. Each lender sets its own eligible roles, income minimums and maximum loan size.

FAQs

Frequently asked questions

Get in touch

How much is LMI on a $750,000 home with a 10% deposit?

Using indicative rates, LMI on a $675,000 loan (90% LVR) is about $15,977 in NSW, where there’s no stamp duty on the premium. In other states, add 9% to 11% stamp duty on top.

Is LMI a one-off cost?

Yes. You pay it once, when the loan settles. Most people add it to the loan, so they repay it over time with interest.

Do I get LMI back if I sell or refinance?

Usually not. LMI covers that specific loan, so if you refinance above 80% LVR with a new lender, you may have to pay it again. That’s one reason to check the numbers before switching.

Does LMI protect me?

No. It protects the lender if you can’t repay and the sale doesn’t cover the loan. You can still be chased for the shortfall.

Is LMI tax deductible on an investment property?

Generally yes. LMI on an investment loan is treated as a borrowing cost and claimed over five years (or the loan term if that’s shorter). Check with your accountant.

Can I borrow more than 95%?

Very few lenders go above 95% with LMI. A family guarantee is the usual way to borrow more than 95% of the price.

Our view

Is paying LMI ever worth it?

Sometimes, yes. LMI is a cost, but so is waiting. If saving the extra deposit to reach 20% would take you years, you’ll keep paying rent in the meantime, and prices can move either way while you save.

We don’t think there’s a right answer for everyone. What we do is put the numbers side by side: the LMI you’d pay now, against what you’d spend and save by waiting. Then you decide.