How Much Is LMI? Costs by Deposit and Loan Size
On a $500,000 home with a 10% deposit, that is about $6,700 to $11,900 on the $450,000 loan, with a typical figure of $9,000, before any state duty. Your own figure depends on your lender and its insurer. What the premium pays for is explained in our lenders mortgage insurance guide.
In short
- At 90% LVR (a 10% deposit), lenders' figures run from 1.49% to 2.64% of the loan.
- At 95% LVR (a 5% deposit), they run from 2.95% to 5.26%.
- Larger loans tend to carry a higher rate, as well as a larger dollar figure.
- Six states and territories add duty of 9% to 11% on the premium. NSW and the ACT charge none.
- At 80% LVR or below you usually pay no LMI.
What are current LMI rates by LVR?
At 90% LVR, lenders' published figures put LMI at 1.49% to 2.64% of the loan, with a typical 2.00%. At 95% the typical figure is 4.20%.
| LVR | Lowest | Typical | Highest | Figures |
|---|---|---|---|---|
| 85% | 0.76% | 1.00% | 2.06% | 7 |
| 90% | 1.49% | 2.00% | 2.64% | 13 |
| 95% | 2.95% | 4.20% | 5.26% | 6 |
Typical is the middle figure (median). Rates are the published LMI divided by the loan. No lender publishes a figure between 80% and 85% LVR.
How much is LMI on a $300,000 to $900,000 loan?
| LVR | $300,000 loan | $500,000 loan | $750,000 loan | $900,000 loan |
|---|---|---|---|---|
| 85% | $3,000$2,300 to $6,200 | $5,000$3,800 to $10,300 | $7,500$5,700 to $15,400 | $9,000$6,900 to $18,500 |
| 87% | $4,200$3,200 to $6,900 | $7,000$5,300 to $11,500 | $10,500$7,900 to $17,200 | $12,600$9,500 to $20,600 |
| 90% | $6,000$4,500 to $7,900 | $10,000$7,500 to $13,200 | $15,000$11,200 to $19,800 | $18,000$13,400 to $23,700 |
| 92% | $8,600$6,200 to $11,100 | $14,400$10,400 to $18,400 | $21,600$15,600 to $27,700 | $25,900$18,700 to $33,200 |
| 95% | $12,600$8,800 to $15,800 | $21,000$14,700 to $26,300 | $31,500$22,100 to $39,500 | $37,800$26,500 to $47,400 |
NSW, so no duty is added. Rows at 87% and 92% sit between the published LVR points and are worked out in proportion. Lenders publish examples for loans of $170,000 to $900,000. Checked 29 September 2026.
The rate itself rises with the loan size. In loans.com.au's own table, LMI at 90% LVR is 1.49% of a $180,000 loan but 2.49% of a $900,000 loan. See how LMI is calculated for the full method.
Estimate only. General information, not credit or financial advice. Your lender and its insurer set the actual LMI premium.
How much is LMI on a 5% deposit?
With a 5% deposit (95% LVR), LMI is typically about $24,000 on a $600,000 home, $33,900 on $850,000 and $39,900 on $1,000,000.
| Home price | Deposit | Loan | Likely LMI | Typical as % of loan |
|---|---|---|---|---|
| $600,000 | $30,000 | $570,000 | $24,000$16,800 to $30,000 | 4.20% |
| $850,000 | $42,500 | $807,500 | $33,900$23,800 to $42,500 | 4.20% |
| $1,000,000 | $50,000 | $950,000 | $39,900$28,000 to $50,000 | 4.20% |
NSW, owner-occupier, no duty added. Checked 29 September 2026.
No lender publishes an LMI figure above 95% LVR, and QBE caps the LVR at 95% before the premium is added. The Australian Government 5% Deposit Scheme (legally the First Home Guarantee) lets eligible buyers purchase with this deposit and no LMI at all, up to a price cap for each area.
How much is LMI on a 10% deposit?
With a 10% deposit (90% LVR), LMI is typically about $10,800 on a $600,000 home, $15,300 on $850,000 and $18,000 on $1,000,000.
| Home price | Deposit | Loan | Likely LMI | Typical as % of loan |
|---|---|---|---|---|
| $600,000 | $60,000 | $540,000 | $10,800$8,100 to $14,200 | 2.00% |
| $850,000 | $85,000 | $765,000 | $15,300$11,400 to $20,200 | 2.00% |
| $1,000,000 | $100,000 | $900,000 | $18,000$13,400 to $23,700 | 2.00% |
NSW, owner-occupier, no duty added. Checked 29 September 2026.
If stamp duty and fees come out of your savings, less of your money is left for the deposit and your LVR goes up. Some lenders waive LMI at up to 90% LVR for eligible professionals: Westpac for registered nurses and midwives earning at least $90,000, and ANZ for eligible accountants and legal professionals. See LMI waiver rules.
How much is LMI on a 15% deposit?
With a 15% deposit (85% LVR), LMI is typically about $5,100 on a $600,000 home, $7,200 on $850,000 and $8,500 on $1,000,000.
| Home price | Deposit | Loan | Likely LMI | Typical as % of loan |
|---|---|---|---|---|
| $600,000 | $90,000 | $510,000 | $5,100$3,900 to $10,500 | 1.00% |
| $850,000 | $127,500 | $722,500 | $7,200$5,500 to $14,900 | 1.00% |
| $1,000,000 | $150,000 | $850,000 | $8,500$6,500 to $17,500 | 1.00% |
NSW, owner-occupier, no duty added. Checked 29 September 2026. Loans above $900,000 are larger than any loan a lender has published an example for, so treat those rows as a rougher guide.
A 20% deposit (80% LVR) usually means no LMI. At exactly 80%, whether it applies is up to your lender. The home deposit calculator shows the deposit you need for each level.
What does the same loan cost in each state?
Lenders' published figures do not vary by state, but six states and territories charge duty on the premium. Here is a $600,000 home with a 10% deposit in each one.
| State or territory | Duty on LMI | Typical LMI | Top of the range with duty |
|---|---|---|---|
| NSW LMI calculator | None | $10,800 | $14,200 |
| VIC LMI calculator | 10% | $10,800 | $15,700 |
| QLD LMI calculator | 9% | $10,800 | $15,500 |
| WA LMI calculator | 10% | $10,800 | $15,700 |
| SA LMI calculator | 11% | $10,800 | $15,800 |
| TAS LMI calculator | 10% | $10,800 | $15,700 |
| ACT LMI calculator | None | $10,800 | $14,200 |
| NT LMI calculator | 10% | $10,800 | $15,700 |
Lenders do not say whether their examples include duty, so the typical figure is shown as published and the top of the range adds it. Checked 29 September 2026.
What else changes the premium?
Your LVR moves the premium most, then your loan size and your lender's insurer. Lenders do not publish figures that show the effect of being a first home buyer, an investor or taking a longer loan term.
| Factor | Effect | Source |
|---|---|---|
| LVR | Typical figure rises from 1.00% of the loan at 85% to 2.00% at 90% and 4.20% at 95% | Lender-published figures |
| Loan size | At 90% LVR, loans.com.au shows 1.49% on $180,000 and 2.49% on $900,000 | loans.com.au |
| Lender and insurer | On the same $720,000 loan at 90% LVR, published figures range from $14,000 to $17,712 | ME Bank, loans.com.au, ANZ, Credit Union SA |
| State | Duty on the premium from 0% (NSW, ACT) to 11% (SA) | State revenue offices |
| First home buyer | QBE says a rate discount may apply to its first home buyer product. No lender publishes the size. | QBE LMI Guide |
| Investment property | St.George says investors may pay a higher premium. No lender publishes an investor example. | St.George |
| Clean energy home loan | Bank Australia customers get 5% off the premium on its Clean Energy Home Loans | QBE |
On a rental property, the premium is a borrowing expense you claim over time: see is LMI tax deductible.
How do these ranges compare with lenders' own examples?
The lenders' own figures are part of the range, so they sit inside it by design. What they show is where each lender falls in the spread.
| Lender | Loan and LVR | Lender figure | Share of the loan | Where it sits |
|---|---|---|---|---|
| CommBank | $450,000 at 90% | $9,000 | 2.00% | at the typical figure |
| ANZ | $720,000 at 90% | $17,699 | 2.46% | above the typical figure |
| ANZ | $760,000 at 95% | $36,187 | 4.76% | above the typical figure |
Lender figures are quoted as each lender publishes them.
LMI cost FAQs
What do lenders say LMI costs?
CommBank says LMI can range from 1% to 5% of your loan amount, NAB says it can cost up to 6.5%, and MyState says the fee is typically 1% to 2% of the loan value. The exact figure depends on your LVR, your loan size and your lender.
How much is LMI on a $600,000 house with a 10% deposit?
On the $540,000 loan, lenders' published figures put LMI at about $8,100 to $14,200, with a typical figure of $10,800, before any state duty. loans.com.au publishes $10,800 for this loan.
How much is LMI on an $800,000 house with a 10% deposit?
ANZ's own example for the $720,000 loan is $17,699. Across all the lender figures we use, the range for this loan is about $10,700 to $19,000, with a typical figure of $14,400, before any state duty.
Check your own figure
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
- CommBank: lenders mortgage insurance (1% to 5% of the loan)
- NAB: lenders mortgage insurance (up to 6.5% of the loan)
- MyState Bank: LMI customer fact sheet (PDF)
- St.George: lenders mortgage insurance
- QBE: LMI Guide (PDF)
- QBE: lenders mortgage insurance
- Westpac: LMI waiver for healthcare workers
- ANZ: LMI waiver fact sheet (PDF)
- 5% Deposit Scheme property price caps (firsthomebuyers.gov.au)
- New South Wales: insurance duty
- Victoria: insurance duty
- Queensland: insurance duty
- Western Australia: insurance duty
- South Australia: insurance duty
- Tasmania: insurance duty
- Australian Capital Territory: insurance duty
- Northern Territory: insurance duty
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.