QBE LMI: How It Works and What It Costs

Who is QBE Lenders' Mortgage Insurance?

QBE LMI is the QBE group's lenders mortgage insurer. Its policies are issued by QBE Lenders' Mortgage Insurance Ltd, ABN 70 000 511 071, a wholly owned QBE subsidiary.

QBE says it has worked with lenders since 1965, serves Australia and Hong Kong, and is rated A+ by S&P Global Ratings. APRA's register records its former name, PMI Mortgage Insurance Ltd, and lists it as one of four LMI insurers authorised to write new business, with Arch, Helia and ANZ's in-house insurer. QBE Insurance (Australia) Ltd is a different company (ABN 78 003 191 035), so if a document names it for LMI, check the ABN.

How does QBE price LMI?

QBE says its LMI cost depends mainly on the loan size and the LVR, not on your job, where you live or your credit score. It publishes no rates: its LMI Guide tells lenders to contact QBE for them.

That describes QBE only: ING's LMI fact sheet, for example, names employment status as a factor.

How much QBE will insure

Up to 95% LVR before the premium is added and 100% after, and QBE charges no extra premium for adding it to the loan. At 95% LVR that leaves room to add a premium of about 5.26% of the loan. One lender can lend a single borrower at most $5,000,000 in QBE-insured loans. Investment loans in these 36 postcodes, which QBE calls restricted locations, stop at 70% LVR:

• SA: 5722, 5725
• WA: 6225, 6348, 6429, 6430, 6432, 6437, 6442, 6642, 6713, 6714, 6721, 6722, 6751, 6753, 6754, 6760
• QLD: 4413, 4415, 4709, 4715, 4717, 4720, 4721, 4722, 4723, 4737, 4741, 4743, 4744, 4745, 4746, 4804, 4824, 4825

QBE will not insure low doc income, SMSF loans, reverse mortgages, second mortgages, homes under 40 square metres, retirement units or company title.

What does QBE LMI cost? An independent estimate

QBE does not publish its rates, so no outside figure is QBE's price. On a $600,000 home with a 10% deposit, lenders' published figures put LMI at about $10,800, within a likely range of $8,100 to $14,200 before state duty. With a 5% deposit, the typical figure is about $24,000.

Built from 27 LMI figures published by 8 Australian lenders. NSW and the ACT charge no duty on LMI; the other states add 9% to 11% of the premium. Your lender and its insurer set the actual premium.

The same range runs our LMI calculator. For the method and the figures behind it, see how LMI is calculated.

Which lenders use QBE LMI?

As at 29 September 2026, four lenders name QBE in their own documents. Others may use QBE without saying so, so ask your lender.

ANZ owns Suncorp Bank but insures its own loans in-house (ANZ LMI calculator). CommBank and the Westpac group use Arch (CBA LMI calculator, Westpac LMI calculator), and BOQ uses Helia (Helia LMI). NAB does not name its insurer on the pages we checked.

Bank Australia, Beyond Bank and BCU Bank also lend under the 5% Deposit Scheme, which removes LMI altogether, so QBE is not involved in those loans.

Can you get a refund of QBE LMI?

Only sometimes, and only in the first year. QBE's LMI Guide says a partial refund may be payable, depending on its arrangement with your lender, if:

• the mortgage is discharged within 12 months of settlement, or of the last insured extra advance
• every loan the property secures is repaid, and QBE is told within 30 days
• the loan was not bulk-insured, and the refund is at least $500 before GST and duty.

QBE does not publish the refund rate and sends refund questions to your lender. Suncorp Bank says its LMI is generally not refundable. Helia publishes a 40% then 20% scale, and every lender's terms sit side by side in our guide to lenders mortgage insurance.

What happens to QBE LMI if you top up, move or refinance?

A top-up is repriced on the whole loan, a like-for-like property swap can keep the policy, and a new lender means new LMI.

Topping up

QBE prices your new total (the extra loan plus the current or scheduled balance) at the rate for its LVR, then subtracts the premium you already paid, excluding duty. The $1,150 minimum still applies.

Moving to a new property

Your lender can swap the security property without asking QBE if the loan and LVR do not rise (and stay at or under 70% for an investment in a restricted postcode).

Refinancing

LMI cannot move to a new lender. QBE's fact sheet says you may pay it again if you change lenders, borrow more or your property value changes.

Who does QBE LMI protect?

Your lender. QBE says LMI protects your lender, not you, and only your lender can make a claim.

If you default and the property sells for less than you owe, your lender claims the shortfall from QBE, which may then seek to recover it from you and any guarantors. LMI does not cover your repayments if you lose income: that is mortgage protection insurance, a separate product.

How do you get your real QBE LMI figure?

Ask your lender or broker for a quote on your actual loan. QBE deals with lenders, not borrowers: its guide sends premium enquiries to the lender, and mortgage managers to their funder.

1. Ask which insurer the lender uses and, if it is QBE, which product: lmiFirst Home, lmiHome or lmiInvest.
2. Ask for the premium including GST and your state's duty, and whether it will be added to the loan.
3. If you have never owned a home or an investment property, ask about the first home discount.
4. Ask for the lender's refund terms, since any QBE refund depends on them.
5. Check whether you need LMI at all: see how to avoid LMI.

Sources