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LMI Insurers & Providers

Mortgage insurers are insurance companies that enable banks to lend over 80% of the property value by taking on the risk of the loans in return for an insurance premium.

This type of insurance is known as Lenders Mortgage Insurance (LMI).

The two big mortgage insurers

Australia has two main mortgage insurers that dominate the LMI market.

Most lenders work with just one of these on an exclusive basis, others work with both insurers or have their own insurer that is backed up behind the scenes by one of these companies.

  • Genworth Financial: Genworth operates in over 25 countries, has 15 million customers worldwide and deals with over 100 different lenders in Australia. Since 1965, Genworth has insured over $300 billion worth of home loans in Australia alone.
  • QBE LMI / PMI: The QBE Group comes within the top 25 companies in the global insurance market and has insured loans in Australia, New Zealand as well as throughout Asia. QBE LMI previously was known as PMI which was part of an American owned mortgage insurer.

Other providers

There are several other smaller LMI providers, some of which are owned by the lenders they insure. Note that some lenders charge fees instead of an LMI Premium.

These can be named as Risk Fee, Loan Extension Fee (LEF), Low Deposit Premium (LDP) or Reduced Equity Fee (REF). They all are essentially the same as LMI.

  • St George Insurance (SGI)
  • St George LEF
  • Westpac LMI (WLMI)
  • MRM Pty Ltd / Widebay Australia LMI
  • Rams Risk Fee
  • Widebay Australia LMI

Which LMI company is the cheapest?

Various LMI companies have significantly different premiums for different types of loans (low doc or normal), types of borrowers (first home buyers or other borrowers), LVRs (90%, 95% etc) and loan amounts.

For this reason, there is no one “best” LMI provider. Please enquire online or to contact one of our mortgage brokers on 1300 889 743 and we can help you find a lender with a competitive interest rate and a low LMI premium.

Can I choose my LMI provider?

No, the lender chooses the mortgage insurer that will insure your loan and usually has an exclusive agreement with just one or two mortgage insurers.Hence, it is best to apply for a loan with a lender that uses a provider with the cheapest LMI premium.

Apply for a home loan

Our mortgage brokers have extensive knowledge about Lenders Mortgage Insurers and their respective LMI premiums. Please call us on 1300 889 743 or enquire online to discuss your situation with one of our expert mortgage brokers.

  • Siri

    Hi, I landed here through Google and I find this page quite interesting. Do you guys also have a list of LMI premiums or do I need to get it directly from the banks?

  • Hi Siri,

    You can check out a table full of LMI rates offered by one of our lenders for both full doc loans as well as low doc loans here:

    You can also try our LMI calculator if you want a more specific answer for your personal situation:

  • Julian

    Since there’re many LMI providers, how do we know which company provides the cheapest LMI?

  • Hi Julian,

    You might want to try our calculator Our calculator will identify which lenders and LMI providers you can qualify with by taking in your requirements as well as desired loan features and your financial situation.

    All LMI providers have their own rates for calculating this, so you will be charged differently by each insurer.

    However, you cannot pick the insurance provider for your home loan – this can only be determined by the lender when you submit your loan application since each lender only works with a few insurance providers. Also the lender with the better rates will also be working with insurers with lower LMI rates.