Last Updated: 30th January, 2024

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Comparing LMI rates can save you thousands of dollars!

The table below shows the Lenders Mortgage Insurance (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 rates table is towards the bottom of this page.

LVR Up to $300K $300,001 – $500K $500,001 – $600K $600,001 – $750K $750,001 – $1M
80.01 – 81% 0.475% 0.568% 0.904% 0.904% 0.913%
81.01 – 82% 0.485% 0.568% 0.904% 0.904% 0.913%
82.01 – 83% 0.596% 0.699% 0.932% 1.090% 1.109%
83.01 – 84% 0.662% 0.829% 0.960% 1.090% 1.146%
84.01 – 85% 0.727% 0.969% 1.165% 1.333% 1.407%
85.01 – 86% 0.876% 1.081% 1.258% 1.407% 1.463%
86.01 – 87% 0.932% 1.146% 1.407% 1.631% 1.733%
87.01 – 88% 1.062% 1.305% 1.463% 1.631% 1.752%
88.01 – 89% 1.295% 1.621% 1.948% 2.218% 2.395%
89.01 – 90% 1.463% 1.873% 2.180% 2.367% 2.516%
90.01 – 91% 2.013% 2.618% 3.513% 3.783% 3.820%
91.01 – 92% 2.013% 2.674% 3.569% 3.867% 3.932%
92.01 – 93% 2.330% 3.028% 3.802% 4.081% 4.156%
93.01 – 94% 2.376% 3.028% 3.802% 4.286% 4.324%
94.01 – 95% 2.609% 3.345% 3.998% 4.613% 4.603%

Low doc LMI premium rates

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

LVR Up to $300K $300,001 – $500K $500,001 – $600K $600,001 – $750K $750,001 – $1M
60 – 70% 0.438% 0.615% 1.146% 1.146% 1.174%
70.01 – 80% 0.680% 0.997% 1.817% 1.817% 2.292%

Stamp duty on the LMI premium

Depending on the state in which your property is located, 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: 6% 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 so check out the stamp duty calculator to get an idea of how much you’ll be out of pocket.

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, 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 1.463% = $1,316.70.
  • Then add the stamp duty on LMI that is applicable for the state that the property is in. For example, $1,316.70 + $118.50 (9% in NSW) = $1,435.20.
  • The Reduced Input Tax Credit (RITC) has not been taken into account because 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 United States, 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?

Loadings are compounded.

So if you’re a self employed property investor, 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, 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.

Mainstream banks versus non-bank lenders

There can be huge differences in the LMI rates of the four major banks and Australia’s largest lenders compared to smaller non-bank lenders.

For example, for a $400,000 home loan at 90% LVR with a mainstream lender, your LMI premium may be around $5,840.

With a smaller non-bank lender at the same loan amount and LVR, your LMI premium may be around $7,800.

The reason is that specialist lenders don’t usually have mortgage insurers and self-insure themselves by applying their own risk fee.

This is because these lenders consider much riskier home loan applications than the larger banks.

We always aim to get you approved with a major lender so you can avoid higher LMI premiums, risk fees and interest rates.

How do I avoid LMI

You can avoid the cost of LMI by saving up a 20% deposit in genuine savings.

However, depending on the purchase price of the price, this can be a huge challenge for most people.

The next best thing is to ask your parents or a close relative to act as a guarantor for your mortgage.

In this way you save on the costs of LMI and borrow up to 110% of the property value including the costs of completion.

Call us on 1300 889 743 or complete our free assessment form to find out more about this no deposit option.

About these LMI rate tables

Due to limitations placed 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
  • AIG Financial Solutions
  • 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
  • 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.