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LMI Rates

The table below shows the LMI premium rates offered by one of our lenders for both full doc (normal loans) and low doc loans.

Alternatively, you can use our online LMI premium calculator to find an exact premium for your situation.

Home loan LMI premium rates

Information on how to use this LMI rate table is towards the bottom of this page.

  Up to $300K $300K - $500K $500K - $600K $600K - $750K $750 - $1M
80.01 - 81% 0.447% 0.540% 0.894% 0.931% 0.931%
81.01 - 82% 0.477% 0.540% 0.894% 0.931% 0.931%
82.01 - 83% 0.493% 0.568% 0.922% 1.071% 1.127%
83.01 - 84% 0.624% 0.801% 0.922% 1.071% 1.127%
84.01 - 85% 0.652% 0.857% 1.146% 1.323% 1.388%
85.01 - 86% 0.829% 0.997% 1.146% 1.323% 1.388%
86.01 - 87% 0.829% 1.006% 1.388% 1.602% 1.686%
87.01 - 88% 0.987% 1.267% 1.388% 1.602% 1.686%
88.01 - 89% 0.987% 1.369% 1.919% 2.180% 2.292%
89.01 - 90% 1.313% 1.723% 1.919% 2.180% 2.292%
90.01 - 91% 1.966% 2.581% 3.028% 3.578% 3.690%
91.01 - 92% 1.966% 2.637% 3.028% 3.578% 3.690%
92.01 - 93% 2.227% 2.981% 3.401% 3.783% 4.090%
93.01 - 94% 2.227% 2.981% 3.401% 4.025% 4.090%
94.01 - 95% 2.469% 3.298% 3.401% 4.370% 4.584%

Low doc LMI premium rates

Information on how to use this LMI rate table is towards the bottom of this page.

  Up to $300K $300K - $500K $500K - $600K $600K - $750K $750 - $1M
60.01 - 70% 0.382% 0.540% 1.006% 1.006% 1.034%
70.01 - 78% 0.586% 0.876% 1.593% 1.593% 2.013%
78.01 - 80% 0.586% 0.876% 1.593% 1.593% 2.013%

Stamp duty on the LMI premium

Depending on the state that the property you are mortgaging is in, you may also have stamp duty added to your premium.

  • NSW: 9.0% of the premium
  • VIC: 10.0% of the premium
  • QLD: 9.0% of the premium
  • SA: 11.0% of the premium
  • WA: 10.0% of the premium
  • ACT: 0% of the premium (abolished)
  • NT: 10.0% of the premium
  • TAS: 10.0% of the premium

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

How to use these tables

These tables are the premium tables used by one of our lenders. They are an example only as LMI Premiums vary between lenders and mortgage insurers.

  • If you’re applying for a normal loan use the first table. If you’re applying for a low doc loan then use the second table.
  • Work out what percentage of the property value you’re borrowing, this is known as the Loan to Value Ratio (LVR). For example if you were borrowing $90,000 secured by a property worth $100,000 then your LVR is 90%.
  • Use the table to find the applicable LMI rate for your LVR (listed on the left hand side of the table) and loan amount (listed at the top of the table).
  • To calculate your LMI premium just multiply your LMI rate by your loan amount. For example $90,000 x 0.932% = $838.80.
  • Then add the stamp duty on LMI that is applicable for the state that the property is in. For example $838.80 + $83.88 = $922.68.
  • The Reduced Input Tax Credit (RITC) has not been taken into account, the effect is less than 10% of the premium.

Having trouble? We suggest that you use our LMI calculator as a guide to find the exact premiums for Genworth, QBE, CBA, NAB, ANZ, Westpac, St George and Suncorp.

What are LMI premium loadings?

In the USA, it’s common for LMI providers to charge a higher LMI premium for some customers that are a higher risk. This practice became widespread in Australia in 2012.

Some lenders have agreements with their LMI provider which means that there are no loadings on their LMI premiums, so it pays to shop around.

What types of clients may have an LMI premium loading?

  • Self employed customers: 10%
  • Investment property as security: 12.5%
  • Refinance from another bank: 5%
  • No genuine savings: loadings range from 0% to 30%

Loadings are compounded. So if you’re a self employed property investor then there will be a big difference between different banks!

How is LMI calculated on loan increases?

In the past, it was possible to top up your loan without paying much in LMI. Unfortunately this loophole has been closed!

These days most lenders calculate the LMI premium on the total loan amount as if it was a new loan, then deduct any LMI premium that you have paid already.

As a result of this change there are some situations where you can pay less in LMI by refinancing your loan to a lender with lower LMI premium rates.

How to find the cheapest LMI rate

If you’d like to know the cheapest LMI premium available for your loan then please fill in our free assessment form or contact us on 1300 889 743. One of our mortgage brokers will assess which lenders and LMI products you qualify for and help you work out the cheapest possible LMI premium.

About these LMI rate tables

Due to limitations put on us by the banks, we can’t publish the names of the banks with their LMI premiums.

The following lenders use lenders mortgage insurance: Adelaide Bank, AIG Financial Solutions, AMP, ANZ, Australian First Mortgage, Australian Secured & Managed Mortgages (ASMM), Australian Unity, Bank of Queensland, BankWest, Better Mortgage Company, Bluestone (risk fee), Challenger, Citibank, Collins Securities, Commonwealth Bank of Australia (CBA), FirstMac, Heritage Building Society, Homeloans Limited, Homeside Lending, ING Direct, Keystart Home Loans, LaTrobe Home Loans, Liberty Financial, Loan Ave, Mainstream Capital, Merchant Mortgages, MKM Capital (Risk fee), Mortgage Asset Services, National Australia Bank (NAB), Paramount Mortgage Services, Pepper Home Loans, RAMS, St George Bank (StG / SGB), Suncorp Metway, The Rock Building Society and Westpac Bank (WBC).

These LMI premium rate tables are a guide only, you should contact your lender or mortgage broker to find the specific LMI premium for your lender, loan amount and LVR.

  • Steve

    Can you suggest me how can I get the least LMI?

  • Hi Steve,

    Usually lenders charge an LMI if you are borrowing above 80%. If your borrowing is over 90%, even the slightest increase in LVR will increase the LMI drastically. This is one way you could avoid paying less LMI, if you borrow under 80%.

    The other way is to get a guarantor home loan, through which you could easily borrow 105% of the property value without paying anything as LMI.