NSW LMI Calculator
Free · No sign-up · 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.
Buying in another state? Use the LMI calculator for every state.
NSW also offers first home buyers the First Home Buyers Assistance Scheme, with no transfer duty up to $800,000 if you are eligible. That cuts transfer duty, not LMI.
How much is LMI in NSW?
On a $1,222,718 home in Sydney with a 10% deposit, published lender figures put LMI at about $16,400 to $29,000, with a typical figure of $22,000. NSW adds no duty, so that is your total. $1,222,718 was Sydney's median dwelling value as at 31 August 2026 (Cotality Home Value Index, published 1 September 2026).
| Deposit | Loan | LVR | Typical LMI | Likely range | With the 5% Deposit Scheme |
|---|---|---|---|---|---|
| 15% | $1,039,310 | 85.0% | $10,400 | $7,900 to $21,400 | $0 if eligible |
| 10% | $1,100,446 | 90.0% | $22,000 | $16,400 to $29,000 | $0 if eligible |
| 5% | $1,161,582 | 95.0% | $48,800 | $34,200 to $61,100 | $0 if eligible |
Some of these loans are larger than the $900,000 lenders publish examples for, so treat those rows as a rougher guide.
At $800,000, the scheme cap outside Sydney and the regional centres, a 5% deposit means LMI of about $22,400 to $40,000 without the scheme, and $0 with it if you are eligible. For every state and deposit, see how much LMI costs.
What duty does NSW charge on LMI?
NSW charges no duty on LMI, so the premium is your total.
Revenue NSW says an LMI policy over property in NSW is exempt from insurance duty, as long as the premium was paid on or after 1 July 2017. That is why the calculator adds nothing to the top of the range for a NSW home.
The ACT also charges nothing. Across the border, Queensland adds 9% and Victoria 10% to the same premium. Where a state does charge duty, the duty is worked out on the premium including GST.
Why NSW charges no duty on LMI
NSW removed insurance duty from LMI for premiums paid on or after 1 July 2017. Some calculators still add 9% NSW duty to the premium. Revenue NSW's exemption means that figure is out of date: on a NSW home, the LMI premium your lender quotes is the whole cost of the insurance.
5% Deposit Scheme price caps in NSW
In NSW the 5% Deposit Scheme cap is $1,500,000 in Sydney and the regional centres, and $800,000 in the rest of the state. The scheme was called the Home Guarantee Scheme until 1 October 2025, and its first home stream is still the First Home Guarantee in the law.
| Area | Cap now | 5% deposit at the cap | 2% deposit at the cap (single parents) | Cap before 1 October 2025 |
|---|---|---|---|---|
| Sydney and the regional centres | $1,500,000 | $75,000 | $30,000 | $900,000 |
| Rest of New South Wales | $800,000 | $40,000 | $16,000 | $750,000 |
Regional centres on the higher cap in NSW: the Central Coast, Coffs Harbour to Grafton, the Illawarra, the Mid North Coast, Richmond to Tweed, and Newcastle and Lake Macquarie.
Both the price and the lender's valuation must be at or under the cap.
The Regional First Home Buyer Guarantee closed to new applicants on 1 October 2025. Regional buyers now use these caps.
What first home buyer help does NSW offer?
NSW first home buyers can get no transfer duty up to $800,000, a reduced rate below $1 million, and a $10,000 grant on a new home priced up to $600,000. None of it reduces LMI or the duty on LMI.
| Help | What it is worth | Value limit | Main conditions | Source |
|---|---|---|---|---|
| First Home Buyers Assistance Scheme (transfer duty) | No transfer duty, or a reduced rate | New or existing home: no duty up to $800,000, reduced duty above $800,000 and below $1,000,000. Vacant land: no duty up to $350,000, reduced below $450,000. | Contracts exchanged on or after 1 July 2023; you and your partner have never owned residential property in Australia; move in within 12 months of settlement and live there for at least 12 continuous months. | Revenue NSW, modified 15 September 2026 |
| First Home Owner (New Homes) Grant | $10,000 | Buying a new home: price up to $600,000. Building (land plus build contract): up to $750,000. | New or substantially renovated homes only; at least one buyer is an Australian citizen or permanent resident; live there for 12 continuous months, starting within 12 months (contracts from 1 July 2023). | Revenue NSW grant page |
Eligibility is decided by the revenue office, not by this page. Work out transfer duty with your state revenue office's own calculator.
Where NSW help and the 5% Deposit Scheme overlap
In NSW, $800,000 is both the top of the first home duty exemption and the scheme cap outside Sydney and the regional centres.
| Price | NSW transfer duty for first home buyers | 5% Deposit Scheme | LMI below a 20% deposit |
|---|---|---|---|
| Up to $800,000 | None | All of NSW | None if eligible for the scheme, otherwise applies |
| $800,001 to $999,999 | Reduced rate | Sydney and the regional centres | None if eligible for the scheme, otherwise applies |
| $1,000,000 to $1,500,000 | Full duty | Sydney and the regional centres | None if eligible for the scheme, otherwise applies |
| Above $1,500,000 | Full duty | Not available | Applies |
Buying near the NSW and QLD border: which duty applies?
The duty follows the state the property is in, not where you live. QBE's LMI Guide says duty depends on the state or territory of the security property, and a loan secured on property in two states has its duty split by the value of each.
Take the same $800,000 home with a 10% deposit, once in the Richmond to Tweed region of NSW and once on the Gold Coast.
| Region | Duty on LMI | Likely LMI | 5% scheme cap |
|---|---|---|---|
| Richmond to Tweed (NSW) | None | $10,700 to $19,000 | $1,500,000 |
| Gold Coast (QLD) | 9% | $10,700 to $20,700 | $1,000,000 |
The low end is the same in both. Only the top of the range moves, because Queensland adds 9% to the premium.
NSW LMI calculator FAQs
Do first home buyers in NSW pay duty on LMI?
No. The NSW exemption covers every LMI policy over NSW property with a premium paid on or after 1 July 2017, whether or not it is your first home.
Does the $800,000 first home duty exemption change my LMI?
No. It cuts transfer duty only. LMI depends on your LVR. At or under $800,000, an eligible first home buyer may be able to use both the exemption and the 5% Deposit Scheme.
Which NSW regions share Sydney's $1.5 million scheme cap?
The regional centres on the price caps page: the Central Coast, Coffs Harbour to Grafton, the Illawarra, the Mid North Coast, Richmond to Tweed, and Newcastle and Lake Macquarie.
How much is LMI in NSW on a 5% deposit?
On an $800,000 NSW home with a 5% deposit, published lender figures put LMI at about $22,400 to $40,000, with no duty on top. If you are eligible for the 5% Deposit Scheme, you pay no LMI.
LMI calculators for other states
Sources
Each source was checked on 29 September 2026.
- Revenue NSW: insurance duty exemptions
- Revenue NSW: First Home Buyers Assistance Scheme
- Revenue NSW: First Home Owner (New Homes) Grant
- 5% Deposit Scheme property price caps (firsthomebuyers.gov.au)
- Housing Australia: higher price caps from 1 October 2025
- QBE: LMI Guide (PDF)
- Cotality Home Value Index, September 2026 (PDF)
- 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
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.