ANZ LMI Calculator (Independent Estimate)

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How much is LMI on an ANZ loan?

ANZ's own published LMI figures

Who insures ANZ home loans?

ANZ uses its own insurer. ANZ Lenders Mortgage Insurance Pty Ltd (ABN 77 008 680 055), known as ANZLMI, is a wholly owned ANZ subsidiary. ANZ's Kingfisher 2025-1 securitisation memorandum (18 August 2025) names it as the mortgage insurer and says its APRA licence lets it insure only loans "originated by, or on behalf of, ANZBGL". APRA lists it as authorised to write new insurance business, as at 29 September 2026. ANZ's own consumer pages call the product "ANZ LMI" without naming the company. What LMI is, and why it protects the bank rather than you, is in our lenders mortgage insurance guide.

The memorandum covers one pool of loans, and ANZ does not say whether any loans go to an outside insurer, so we call ANZLMI ANZ's insurer without claiming it covers every ANZ loan. ANZLMI passes its risk to a panel of reinsurers rated A- or better on average, and had total assets of A$769 million at 31 March 2025. CommBank and Westpac, by contrast, both send new loans to Arch (see the Westpac LMI calculator).

ANZ LMI refunds and what the cost includes

ANZ may refund part of the premium, but does not promise to. Its LMI fact sheet (item 91602) says ANZ "may (but is not required to)" give a partial refund if the loan is repaid early: 50% of the premium if the loan is fully repaid within 12 months of the policy starting, and 25% within 24 months. If ANZ paid the full 50% on a $14,400 premium, you would get $7,200 back.

The conditions are strict:

• the policy was issued on or after 1 October 2017;
• the loan is repaid in full, not partly discharged, refinanced within ANZ or consolidated;
• the policy has ended and no claim was made; and
• the property does not secure another loan.

ANZ's clock starts when the policy starts. Westpac's refund scale is lower (40% and 20%) and runs from settlement. On cost, ANZ's fact sheet says GST is payable and stamp duty may be, and "these amounts will be included in the cost". A restructure or loan increase can bring a new LMI cost, and if LMI is no longer needed after a restructure, the existing policy may be terminated.

Which professions does ANZ waive LMI for?

ANZ's broker sheets set out three groups, with no minimum income for any of them:

• Up to 95% LVR: medical practitioners, dental practitioners and specialists, borrowing up to $4.75 million. ANZ requires general or specialist registration.
• Up to 90% LVR: optometrists, physiotherapists, chiropractors and vets, borrowing up to $4.5 million.
• Up to 90% LVR: accountants (CA ANZ, CPA and partner bodies, plus CFA Institute and FIAA members) and legal professionals, including solicitors, barristers, judges and magistrates.

Total ANZ home lending is capped at $8 million, and the professional must hold the largest or equal largest ownership share. Nurses, midwives, pharmacists, psychologists, occupational therapists and osteopaths are on ANZ's ineligible list.

ANZ's July 2026 flyer adds a postcode waiver: ANZ "may waive ANZ LMI" for eligible borrowers on "selected home loans secured by property located in particular postcodes." ANZ publishes no postcode list or LVR for it, so ask ANZ whether your area is included. Compare lenders in our LMI waiver guide, or see home loans for dentists.

ANZ Security Guarantee

ANZ's family guarantee is called the Security Guarantee. ANZ says it "could reduce your LVR to less than 80% and save you from having to pay LMI." Its own example is the $400,000 loan in the table above, where LMI would be approximately $8,000. How family guarantees compare across lenders: guarantor home loan.

Suncorp Bank: owned by ANZ, insured by QBE

Suncorp Bank's LMI fact sheet (PDF dated 1 August 2024) says its LMI products "are issued by QBE Lenders' Mortgage Insurance", so the two banks in the ANZ group use different insurers. See QBE LMI for how QBE works. Suncorp's rules differ from ANZ's too:

• Refunds: Suncorp says LMI is "generally not refundable", with a partial refund possible in some situations depending on its arrangement with its insurer.
• Paying: Suncorp's FAQ says the LMI is added to your mortgage, while its fact sheet says you can pay from your own funds or add it to the loan. Ask Suncorp which applies.
• Waiver: only for medical practitioners with general or specialist registration, on loans of $250,000 to $1,500,000 at 80.01% to 90% LVR, for owner-occupiers or investors, principal and interest. Suncorp can withdraw the offer without notice.
• Schemes: Suncorp Bank is not on the 5% Deposit Scheme lender list and is not a Help to Buy lender.

ANZ and the 5% Deposit Scheme

ANZ is a Participating Lender in the 5% Deposit Scheme and says so on its first home buyer page. An eligible buyer can purchase with a 5% deposit (2% for an eligible single parent) and pay no LMI, because the government guarantees part of the loan instead of an insurer.

One ANZ rule changes the sums. ANZ's $3,000 first home buyer cashback is not available on a loan "supported by a Government guarantee" or where an ANZ LMI waiver applies, so a scheme loan at ANZ does not get it. The LMI the scheme removes is usually much larger: typically $24,000 on a $600,000 home with a 5% deposit. ANZ is not a Help to Buy lender. Every other route is in how to avoid LMI.

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