Australians now have the option to pay monthly premiums for Lenders Mortgage Insurance (LMI) instead of as a lump sum. Let’s take a look at whether this is the right choice for you and explore other possible ways to save on LMI.

How do I access the monthly LMI option in Australia?

One member of Home Loan Experts’ panel of lenders accepts monthly LMI premiums until the property’s loan-to-value ratio (LVR) drops below 80%.

More lenders will probably start to offer this option, as many share a common LMI provider, Genworth.

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


Upfront LMI Vs Monthly LMI

Upfront LMI Monthly LMI
What is it? Pay a single premium when your home loan is approved. Pay monthly premiums for the duration of your insurance coverage.
How will this affect my deposit? You’ll need to save up a higher deposit, which may delay your dream of homeownership. You won’t need to save up a higher deposit, allowing you to buy a property sooner.
Will my home loan repayment be higher? Home loan repayment may be higher with LMI capitalised. There’s no impact on your home loan repayment, since LMI premium is not capitalised into the loan.
How long do I need to pay LMI? You pay a lump sum when the loan is taken out. There is no refund of the lump sum if you move lenders in the future. You pay premiums only until the LVR drops below 80%. If you move lenders in the future, and LMI is still applicable to your loan, you may need to pay an upfront or monthly LMI premium.

Is there a limit to how much I can borrow?

Borrow up to:

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.

pin_drop

Australia-wide services

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

monetization_on

Get incredible interest rates

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

thumb_up

We get tough loans approved

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

favorite

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.

free assessment
1

Complete our free assessment form or call us.

situation
2

We assess your situation.

options
3

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

suitable home loan deals
4

We will find you the most suitable home loan deals.

Testimonials for Home loan experts

Facts
about us

50+

lenders on
our panel

$4B+

lent Australia-wide
and counting

Westpac
ANZ
Nab
AMP
Qudos
Firstmac
Common Wealth
St George
ING
Homeloans
Macquire
Suncorp
Pepper Money
Me Bank
Bankwest
75%

of our borrowers get
approved with a major bank

95%

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