LMI Calculator: Estimate Your Lenders Mortgage Insurance Cost
Estimate LMI for your deposit, loan and state, and check first whether a scheme or waiver removes it.
Free · No sign-up · Lender figures checked 29 September 2026
Your result
You may not need to pay LMI. The 5% Deposit Scheme lets eligible buyers purchase with a 5% deposit and no LMI, up to $1,500,000 in this area. The estimate below is what you would pay without it.
- Loan
- $630,000
- LVR
- 90.0%
Likely LMI
$9,400 to $16,600
Typical lender figure: $12,600
- Duty on LMI in New South Wales: none. Exempt for premiums paid on or after 1 July 2017.
- LVR after adding LMI to the loan: 91.3% to 92.4%.
- To avoid LMI: add $70,000 to your deposit to reach 20%. Try the home deposit calculator.
Closest published lender figures
Range built from 27 LMI figures published by 8 Australian lenders, checked 29 September 2026. How this is calculated.
Estimate only. General information, not credit or financial advice. Your lender and its insurer set the actual LMI premium.
How to use the LMI calculator
- Enter the price you expect to pay and the cash deposit you have, after buying costs such as stamp duty.
- Pick your state, because six states and territories add duty to the LMI premium, and the area for the 5% Deposit Scheme cap.
- Answer the LMI check: first home, single parent, a home to live in. If a scheme removes LMI, the result says so first.
- Read the range, not just the typical figure. It is the spread of what lenders publish for a loan like yours.
For example, a $700,000 home in NSW with a $70,000 deposit is a $630,000 loan at 90% LVR. The calculator shows LMI of about $9,400 to $16,600, a typical figure of $12,600, and that $70,000 more deposit would take the loan to 80% and remove LMI. It also lists the three published lender figures closest to that loan, so you can check the source yourself.
How much LMI will I pay?
On a $700,000 home with a 10% deposit, Australian lenders' published figures put LMI at about $9,400 to $16,600 in NSW, with a typical figure of $12,600. In Queensland the top of that range is $18,100, because Queensland adds 9% duty to the premium.
| Deposit | $500,000 home | $700,000 home | $900,000 home |
|---|---|---|---|
| 5% (95% LVR) | $20,000$14,000 to $25,000 | $27,900$19,600 to $35,000 | $35,900$25,200 to $45,000 |
| 10% (90% LVR) | $9,000$6,700 to $11,900 | $12,600$9,400 to $16,600 | $16,200$12,100 to $21,400 |
| 15% (85% LVR) | $4,300$3,200 to $8,800 | $6,000$4,500 to $12,300 | $7,700$5,800 to $15,800 |
Typical figure with the published range underneath. NSW, owner-occupier, no duty on LMI. Built from lender figures checked 29 September 2026.
LMI climbs steeply as the deposit shrinks. At 85% LVR, lenders' figures run from 0.76% to 2.06% of the loan; at 95% LVR they run from 2.95% to 5.26%. See how much LMI costs at every deposit and loan size.
Do I need to pay LMI at all?
Not always. Lenders charge LMI when you borrow more than 80% of the property's value, but a government scheme, a profession waiver or a family guarantee can remove it. That is why the calculator runs the LMI check before it shows a figure.
| Route | Who it suits | Deposit | LMI |
|---|---|---|---|
| Save 20% | Anyone | 20% plus costs | None |
| 5% Deposit Scheme | First home buyers, and single parents through the Family Home Guarantee, buying a home to live in under the price cap | 5% (2% for single parents) | None |
| LMI waiver | Eligible medical, legal and accounting professionals at some lenders | From 5% to 10% | Waived |
| Guarantor home loan | Buyers whose parent offers equity in their own home as extra security | Lender rules vary | None when the guarantee brings the loan within 80% |
| Help to Buy scheme | Australian citizens under the income caps; the government takes an equity share | 2% | None at purchase |
| A lender with no LMI to 90% | Anyone buying with a principal and interest loan at ubank, subject to its credit rules | 10% | None up to 90% LVR |
Each route has its own catch, from price caps to a parent's home on the line. Compare them in how to avoid LMI.
What does the calculator show?
- The likely LMI range and a typical figure, built from figures Australian lenders publish.
- Your state's duty on the LMI premium, added to the top of the range.
- Your loan and LVR, and the LVR once LMI is added to the loan.
- The extra deposit you would need to reach 20% and avoid LMI.
- The three published lender figures closest to your own loan, with links to each.
No insurer publishes its full price list, so every LMI calculator is an estimate. Ours shows the spread honestly: at 90% LVR, the 13 lender figures we found run from 1.49% to 2.64% of the loan, because lenders use different insurers and price different loan sizes differently. Read how LMI is calculated.
Which LMI insurer does your lender use?
You do not choose the insurer: your lender does, and its insurer sets the premium. That is the main reason two lenders quote different LMI on the same loan. Three insurers write LMI in Australia, Arch, Helia and QBE, and ANZ uses its own.
| Lender | LMI insurer | Our page |
|---|---|---|
| CommBank | Arch, for new business from early 2026 | CBA LMI calculator |
| Westpac, and its St.George, Bank of Melbourne and BankSA brands | Arch | Westpac LMI calculator |
| ANZ | ANZ Lenders Mortgage Insurance, its own insurer | ANZ LMI calculator |
| ING, BOQ | Helia | Helia LMI |
| Suncorp Bank, Bank Australia | QBE | QBE LMI |
| NAB, Macquarie | Not published | No lender statement found |
From lenders' and insurers' own documents, checked 29 September 2026. The Westpac brands do not name their insurer; Arch is inferred from the group. Sources for each row are in our lenders mortgage insurance guide.
LMI by state and territory
NSW and the ACT charge no duty on LMI. The other states and the NT add 9% to 11% of the premium, and South Australia charges the most at 11%. The 5% Deposit Scheme price cap also depends on where you buy. To add transfer duty on the purchase as well, for one upfront total, use the stamp duty and LMI calculator.
| State | Duty on LMI | 5% scheme cap: capital and regional centres | 5% scheme cap: rest of state |
|---|---|---|---|
| NSW LMI calculator | None | $1,500,000 | $800,000 |
| VIC LMI calculator | 10% | $950,000 | $650,000 |
| QLD LMI calculator | 9% | $1,000,000 | $700,000 |
| WA LMI calculator | 10% | $850,000 | $600,000 |
| SA LMI calculator | 11% | $900,000 | $500,000 |
| TAS LMI calculator | 10% | $700,000 | $550,000 |
| ACT LMI calculator | None | $1,000,000 | Same |
| NT LMI calculator | 10% | $750,000 | $600,000 |
Duty rates from each state revenue office; caps from firsthomebuyers.gov.au. Checked 29 September 2026. The VIC figure is Victoria's general insurance duty rate, as its pages do not list LMI separately.
Home loans and LMI waivers by job
Some lenders waive LMI for listed professions, usually up to 90% LVR and up to 95% for doctors at some lenders. The rules differ by lender and by job: registration, minimum income and which roles count. Each page lists the lenders that name the job, their conditions and how they assess that job's income.
Every profession and lender is compared in LMI waiver rules.
Should I pay LMI now or save for 20%?
Paying LMI can cost less than waiting if prices rise faster than you can save, and more if they do not. Both outcomes depend on assumptions only you can make.
Buy now with 10%
On a $700,000 home in NSW you pay LMI of about $12,600 (typical lender figure), plus interest on it if it is added to the loan.
Save to 20% first
You need $70,000 more. Saving $2,000 a month, that takes about 35 months, while you keep paying rent and the price moves up or down.
The $2,000 a month is an example, not a forecast. Put your own saving rate and deposit into the calculator above.
LMI in brief
Lenders mortgage insurance is a one-off premium charged when you borrow more than 80% of a property's value. It protects the lender, not you, even though you pay for it.
You usually pay it once, at settlement, or add it to the loan. If you add it, your loan and your LVR both rise, and you pay interest on the premium for as long as the loan runs. On the example above, adding the typical premium takes the loan from $630,000 to about $642,600.
The trigger is the loan-to-value ratio. Lenders use the lower of the price and their own valuation, so a low valuation can push you over 80% even when your deposit looked big enough. See what is LVR.
LMI for first home buyers and investors
First home buyers
Many first home buyers now pay no LMI, because the 5% Deposit Scheme has no income test or place limit and higher price caps since 1 October 2025. Single parents can buy with 2% through the Family Home Guarantee, and citizens under the income caps can look at the Help to Buy scheme. When the price is above the cap, or you are not eligible, LMI applies as usual. Read LMI for first home buyers.
Investors
Investment loans pay LMI above 80% LVR too. On a rental property it is a borrowing expense: you claim it over five years, or over the loan term if that is shorter. See is LMI tax deductible.
Other calculators
By state: NSW LMI calculator, VIC LMI calculator, QLD LMI calculator, WA LMI calculator, SA LMI calculator, TAS LMI calculator, ACT LMI calculator, NT LMI calculator.
By bank, as independent estimates: CBA LMI calculator, Westpac LMI calculator, ANZ LMI calculator.
LMI calculator FAQs
How accurate is this LMI estimate?
It is a range, not a quote. It comes from 27 LMI figures published by 8 Australian lenders, and at the same LVR those figures differ by up to about double. Your lender and its insurer set the actual premium.
Is LMI paid upfront or added to the loan?
Either. You can pay it at settlement or your lender adds it to your loan. Adding it raises your loan and your LVR, and you pay interest on it for the life of the loan. CommBank adds every LMI premium to the loan.
Why does my lender's figure differ from this estimate?
Each lender uses its own LMI insurer, such as Arch, Helia or QBE, or insures the loan itself. Premiums also change with the loan size, the LVR and the type of borrower, so two lenders can charge different amounts for the same loan.
Does LMI protect me if I cannot repay?
No. LMI protects the lender. If the home is sold for less than you owe, the insurer pays the lender and can then recover that shortfall from you.
Do I pay LMI on an investment property?
Yes, the same 80% rule applies. No lender publishes an LMI example for an investment loan, so the calculator shows the owner-occupier range and says so. On a rental property, LMI is a borrowing expense you claim over five years, or over the loan term if that is shorter.
What LVR do I need to avoid LMI?
80% or less. Lenders charge LMI when the loan is more than 80% of the property's value, and they use the lower of the price and their own valuation. On a $700,000 purchase that means a loan of $560,000 or less, so a $140,000 deposit plus your buying costs.
Can I avoid LMI with a 10% deposit?
In some cases. The 5% Deposit Scheme removes LMI for eligible first home buyers under the price cap. Some lenders waive LMI for listed professions up to 90% or 95%. ubank charges no LMI up to 90% on purchases repaying principal and interest, for any occupation. A family guarantee can bring the loan within 80%.
Can single parents avoid LMI?
Yes, if eligible. The 5% Deposit Scheme's single parent stream, called the Family Home Guarantee in law, lets a single parent or legal guardian buy with a 2% deposit and no LMI. Since 1 October 2025 it has no income cap and no limit on places.
Does this calculator include stamp duty?
It adds your state's duty on the LMI premium, which is up to 11%. It does not add transfer duty (stamp duty) on the purchase. Our stamp duty and LMI calculator adds both for one upfront total.
Can I get LMI refunded?
Sometimes, and only if you repay the loan early. Westpac and St.George refund 40% within 12 months of settlement and 20% from 12 to 24 months. NAB refunds 40% within 12 months for loans settled since 10 June 2024. CommBank gives no refund.
Sources
Each source was checked on 29 September 2026.
- CommBank: published LMI example
- ANZ: published LMI example
- ME Bank: published LMI example
- Keystart: published LMI example
- Great Southern Bank: published LMI example
- Homestar Finance: published LMI example
- loans.com.au: published LMI example
- Credit Union SA: published LMI example
- 5% Deposit Scheme property price caps (firsthomebuyers.gov.au)
- Help to Buy scheme (firsthomebuyers.gov.au)
- Revenue NSW: insurance duty exemptions
- Queensland Revenue Office: insurance duty rates
- State Revenue Office Victoria: insurance duty rates
- RevenueSA: insurance duty rates
- WA Government: insurance duty
- State Revenue Office Tasmania: insurance duty rates
- ACT Revenue Office: tax reform
- Northern Territory: examples of duty and rates
- ATO: borrowing expenses on rental properties
- Moneysmart: lenders mortgage insurance
- Insurance Council of Australia: lenders mortgage insurance
- Westpac: LMI fact sheet
- NAB: lenders mortgage insurance
- CommBank: lenders mortgage insurance
- ubank: home loans with no LMI
- ANZ: LMI waiver fact sheet
Figures from lenders' own published examples. See the Moneysmart LMI guide for the regulator's explanation.
Researched and maintained by
PhD in Financial Studies, 5 years in finance
Every figure on this page comes from a lender, insurer, government or regulator source listed above. Read our editorial policy.