This product is not yet available in Australia!

In the United States, borrowers are able to pay Lenders Mortgage Insurance (LMI) (known as Private Mortgage Insurance or PMI in the US) monthly rather than paying an upfront premium or adding the cost of LMI on top of your home loan.

You not only avoid paying a large upfront cost but it also means you don’t need as large of a deposit to qualify for a home loan.

Is it available in Australia?

Paying a monthly LMI premium is only available in the US and it’s not clear as to whether this will be available in Australia any time soon.

However, there are ways to save on mortgage insurance or get waived LMI in Australia, right now.

How can I save money on LMI in Australia?

Call us on 1300 889 743 or complete our online enquiry form to find out how much we can save you on LMI.

What are the benefits of paying LMI monthly?

There are benefits to paying LMI monthly as opposed to the lump sum payment that Australian lenders require us to pay, including:

  • There’s no upfront cost.
  • It gives you an incentive to pay the loan down quickly.
  • You need a much lower deposit.
  • Suits high income earners.

Example of LMI capitalisation

If you’re applying for a $450,000 home loan for a property worth $500,000 then you would have to pay a once-off LMI premium of around $9,950.

Instead, you can add it to your home loan amount so the loan amount become $459,950.

That means, in effect, you are paying it in monthly installments.

Keep in mind that not all lenders allow you to add the cost of mortgage insurance on top of your mortgage.

Can I avoid paying Lenders Mortgage Insurance altogether?

Select professionals can get their mortgage insurance waived completely.

Banks have specific criteria regarding your profession and income before offering waived LMI.

No LMI when borrowing up to 90% of the property value is typically only available to:

Please fill in our online enquiry form or call us on 1300 889 743 to discover whether you qualify for a 90% no LMI home loan.

What if I’m not an eligible professional?

A couple of our lenders offer 85% waived LMI even if you’re not one of the above professionals.

You may evenqualify for a mortgage insurance discount depending on your loan amount, loan to value ratio (LVR) and your level of income.

If you meet the following criteria, you’re generally considered a low risk borrower:

  • Loan amount: Generally speaking, loan amount above $1 million tend to attract more LMI.
  • Genuine savings discounts: Having at 5% of the purchase price in genuine savings allows you to get standard LMI rates which are cheaper than a no genuine savings LMI premium.
  • Lower your LVR: Keep your Loan to Value Ratio (LVR) to around 80% of the property value or lower and you can avoid LMI altogether.
  • Use a guarantor: With a a guarantor, you can borrow up to 105% of the purchase price and pay no LMI, which amounts to 100% of the property value plus the costs of completing the purchase.

Please call us on 1300 889 743 or fill in our free assessment form to discover which strategy is right for you to avoid mortgage insurance.

Can you cancel LMI?

If you owe less than 80% of the property value on your mortgage, you can cancel the LMI premium by having your property revalued.

To find out how much you could save on LMI, talk to one of our specialist mortgage brokers by calling us on 1300 889 743 or by completing our enquiry form.

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.


Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.


Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.


We get tough loans approved

We can help you navigate the often complex pre-approval and application process.


Our customers love us

We receive hundreds of love letters from our customers.

Discover more reasons to use Home Loan Experts

How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

enquiry form icon

Complete our free assessment form or call us.

lender search icon

We assess your situation.

panel of lenders icon

We look at all the options from our panel of lenders.

recommended deal icon

We will find you the most suitable home loan deals.

Testimonials for Home loan experts


from 300+ reviews


from 250+ reviews


from 600+ reviews

about us


lenders on
our panel


lent Australia-wide
and counting

Westpac Logo
ANZ Logo
NAB Logo
AMP Logo
Qudos Bank
Firstmac Logo
CommonwealthBank Logo Logo
ING logo
Homeloans Logo
Macquare bank logo
Suncorp logo
pepper money logo
mebank logo
bankwest logo

of our borrowers get
approved with a major bank


of our borrowers get a discount
below the bank standard variable rate