LMI Calculator

LMI Calculator

Loan details

Loan amount?
$
Property value ?
$
What are you doing?
How will you use the property?
Which state is your property in?
Are you a first home buyer?
Do you have 5% genuine savings?
What is your job? ?
Have you been in your job for at least two years??

Contact a mortgage broker

Please email me a copy of the results:
Yes No
Talk to one of our mortgage brokers about your situation: Yes No  

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

How can we get you a better deal?

Most mortgage brokers just compare the interest rates of different loans.

Your current bank can only offer their set LMI premiums, interest rates and loan products.

Is there a better way to compare loans?

We take a very different three step approach to help you find the cheapest loan:

  • Identify which lenders, LMI providers and discounts you can qualify for.
  • Identify your specific needs, required loan features and what you are trying to achieve with your loan.
  • Create a simple comparison for you, by taking your needs, the interest rate, fees, LMI premium and the loan features all into account.

Once we have provided you with a quote, you can then call us to discuss the available options and let us know which mortgage you would prefer to apply for.

We are here to give you the information that you need to make an informed decision, not to push particular lenders or loans.

If you would like to know the cheapest LMI premium available for your loan then please enquire online or call us on 1300 889 743 and one of our mortgage brokers will provide you with an obligation free quote. We have extensive knowledge of LMI approval criteria and pricing, so we can provide you with an accurate and competitive assessment.

Will the mortgage insurer approve your loan?

Did you know that it is harder to qualify for a loan if mortgage insurance approval is required? Mortgage insurers are very conservative when assessing a 95% home loan or 90% home loan so it is unlikely that you can get approval from every lender.

Unlike most mortgage brokers, we work out which lenders you qualify with before providing you with a quote. This way, we don’t waste your time by offering you a discounted loan that you cannot get approved for!

Mortgage insurers are more likely to decline your loan based on two factors: you do not meet their genuine savings or credit scoring criteria.

If you are just researching then you may like to use our genuine savings calculator and our credit score calculator to find out how the banks will assess your application.

Are you ready to apply for a loan? Simply call us on 1300 889 743 or enquire online and one of our mortgage brokers will let you know which lenders you may qualify with.

Get the cheapest LMI premium

If you play around with our above calculator, you’ll see that there is no one lender that has the cheapest mortgage insurance.

For example NAB may offer the cheapest LMI for one person, whereas Westpac for another and CBA for another!

It is common for first home buyers, investors, refinancers and upgraders to all get better discounts from different lenders.

In some cases we can get you additional discounts by slightly amending your loan amount. This is where an experienced mortgage broker can significantly reduce your LMI premium.

No LMI home loans

Did you know that some lenders will waive the LMI or offer a significant discount?

These discounts are rare and there is often strict qualifying criteria. The great news is that these LMI discounts are usually available for home loans that already have very low interest rates!

We have made agreements with some of our lenders to offer some specials to our customers.

  • 85% home loans with no LMI are available for all professions, up to 90% is available to select professionals.
  • Doctors are eligible for the highest loan amounts without LMI.
  • Lawyers, solicitors and barristers are eligible for waived LMI in some circumstances.
  • Engineers, surveyors, mine surveyors, quantity surveyors, geologists and geophysicists who work in the mining or resource sector are eligible for waived LMI in some circumstances.
  • Accountants, finance managers, auditors and actuaries are eligible for waived LMI in some circumstances.

You can view the current discounts available and qualifying criteria on our home loans with no LMI page. You can learn more about Lenders Mortgage Insurance on our main LMI page.

Which banks are in this calculator?

This LMI calculator can help you calculate and compare the premiums of several mortgage insurers that are used by the major banks. Due to limitations imposed upon us by lending institutions, we cannot publish the names of the banks alongside their quoted LMI premiums.

The following LMI providers are included in our calculations:

  • Genworth Financial.
  • QBE LMI (Formerly PMI).
  • St George Insurance (SGI).
  • Westpac LMI (WLMI).
  • ANZ LMI.
  • ING Reduced Equity Fee (REF).
  • Special no LMI discounts from various lenders.
  • One or more major banks may be included depending on your search criteria.

The above list of lenders and lenders mortgage insurers are not ordered this way in our calculator’s results.

If you would like our help to find the lowest LMI premium then please call us on 1300 889 743 or fill out the details on our LMI quote form.

Which lenders use Lenders Mortgage Insurance?

The following lenders use Lenders Mortgage Insurance (LMI):

  • Adelaide Bank
  • Advantage (Formerly known as Challenger / Interstar)
  • AMP
  • ANZ
  • Australian First Mortgage (AFM)
  • Australian Secured and Managed Mortgages (ASMM)
  • Australian Unity
  • Bank of Queensland (BQLD)
  • BankWest (BW)
  • Better Mortgage Company (BMC)
  • Better Mortgage Management (BMM)
  • Bluestone (Risk fee)
  • Citibank
  • Collins Securities
  • Commonwealth Bank of Australia (CBA)
  • FirstMac
  • Heritage Building Society
  • Homeloans Limited
  • Homeside Lending
  • ING Direct (REF risk fee and LMI)
  • La Trobe Financial
  • Liberty Financial (LMP risk fee and LMI)
  • Loan Ave
  • Mainstream Capital
  • Merchant Mortgages
  • MKM Capital (Risk fee)
  • Mortgage Asset Services (MAS)
  • National Australia Bank (NAB)
  • Paramount Mortgage Services
  • Pepper Home Loans (Risk fee)
  • RAMS Home Loans
  • St George Bank (StG / SGB)
  • Suncorp Bank
  • The Rock Building Society
  • Westpac Bank (WBC)

Although our Lenders Mortgage Insurance calculator doesn’t take all of these lenders into account, you can expect that for most of them the LMI premium will be similar to the ones listed above.

If you would like an LMI quote for a specific lender then please contact one of our mortgage brokers on 1300 889 743.

Stamp duty on mortgage insurance

Each state government charges a duty on insurance premiums. Please note that “risk fees,” which are used by some lenders instead of LMI, are not technically insurance and as such stamp duty does not apply. This is why there is no stamp duty for some lenders in our calculator.

The current stamp duty rates for LMI premiums are:

  • NSW: 9.0% of premium
  • VIC: 10.0% of premium
  • QLD: 5.0% of premium for first home, 7.5% of premium for all other loan purposes
  • SA: 11.0% of premium
  • WA: 10.0% of premium
  • ACT: 4.0% of premium
  • NT: 10.0% of premium
  • TAS: 10.0% of premium

This is not the same as the stamp duty charged on the purchase of a property.

The mortgage insurer will automatically add the stamp duty to the premium, as well as any GST, and deduct any Reduced Input Tax Credit (RITC).

Creating an LMI quote

Our mortgage insurance calculator is updated regularly and the quotes provided are accurate.

However there are many other factors that cannot be considered by this calculator when formulating your premium. Some lenders have different sets of LMI premium rates depending on the nature of your loan application or have premium loadings for particular loan purposes. For an exact quote please contact one of our mortgage brokers on 1300 889 743.

Our LMI calculator asks for more information than other calculators you may find online. This is so that it can give a more accurate result by:

  • Confirming which lenders/mortgage insurers are likely to accept your application.
  • Using the state you are in to correctly calculate the stamp duty on your LMI premium.
  • Indicating whether you may be eligible for a special discount or LMI waiver.

If you are ready to apply for a home loan then please call us on 1300 889 743 or enquire online using our LMI quote page and one of our mortgage brokers will give you a call to discuss the lowest LMI premiums available for your situation.

If you have any questions about Lenders Mortgage Insurance, however you are not yet ready to apply for a home loan, then please ask a question on our Home Loan Forum.