SA 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 $900,000 in this area. The estimate below is what you would pay without it.
- Loan
- $630,000
- LVR
- 90.0%
Likely LMI
$9,400 to $18,400
Typical lender figure: $12,600
- Duty on LMI in South Australia: 11% of the premium. Lenders' examples do not say whether they include it, so the top of the range adds it.
- LVR after adding LMI to the loan: 91.3% to 92.6%.
- 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.
South Australia also gives first home buyers full stamp duty relief on a new home or vacant land at any price. That changes transfer duty, not LMI.
How much is LMI in SA?
On a $937,207 home in Adelaide with a 10% deposit, published lender figures put LMI at about $12,600 to $24,700, with a typical figure of $16,900. The top of that range includes SA's 11% duty. $937,207 was Adelaide's median dwelling value as at 31 August 2026 (Cotality Home Value Index, published 1 September 2026).
| Deposit | Loan | LVR | Typical LMI | Likely range, top incl 11% duty | With the 5% Deposit Scheme |
|---|---|---|---|---|---|
| 15% | $796,626 | 85.0% | $8,000 | $6,100 to $18,200 | Not available: above the $900,000 cap |
| 10% | $843,486 | 90.0% | $16,900 | $12,600 to $24,700 | Not available: above the $900,000 cap |
| 5% | $890,347 | 95.0% | $37,400 | $26,200 to $52,000 | Not available: above the $900,000 cap |
At $500,000, the scheme cap outside Greater Adelaide, a 5% deposit means LMI of about $14,000 to $27,700 without the scheme, and $0 with it if you are eligible. For every state and deposit, see how much LMI costs.
What duty does SA charge on LMI?
South Australia charges 11% duty on the LMI premium, the highest rate in Australia.
RevenueSA charges 11% of the premium on general insurance over property in SA, and it works the duty out on the premium including GST. Its apportionment schedule names mortgage insurance and splits the duty by where the secured property sits. Mortgage insurance is not on its exemption list.
Victoria charges 10% on the same premium (confirm it with your lender) and NSW charges nothing. In the calculator, the 11% is added to the top of the range for a South Australian home.
Is SA's duty on LMI the highest in Australia?
Yes. At 11%, SA is above every other state and territory: Queensland charges 9%, Victoria (our reading of its rules), WA, Tasmania and the NT 10%, and NSW and the ACT nothing. On a $937,207 Adelaide home with a 10% deposit, the top of the likely range is about $400 higher in SA than the same loan would be in Queensland.
5% Deposit Scheme price caps in SA
In SA the 5% Deposit Scheme cap is $900,000 in Greater Adelaide, and $500,000 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 |
|---|---|---|---|---|
| Greater Adelaide | $900,000 | $45,000 | $18,000 | $600,000 |
| Rest of South Australia | $500,000 | $25,000 | $10,000 | $450,000 |
SA has no regional centre on Adelaide's cap. The $900,000 cap covers Greater Adelaide, the ABS Greater Capital City area named in the scheme's Investment Mandate, and that reaches well past the suburbs: the scheme's postcode tool gives Mount Barker, Gawler, Two Wells and Aldinga Beach $900,000, while Victor Harbor, Murray Bridge and Mount Gambier get $500,000.
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 SA offer?
South Australian first home buyers can get full stamp duty relief on a new home, an off-the-plan apartment or vacant land at any price, and a grant of up to $15,000 on a new home with no value cap. Neither reduces LMI or the duty on LMI.
| Help | What it is worth | Value limit | Main conditions | Source |
|---|---|---|---|---|
| First home buyer stamp duty relief | Full relief | No value limit. New homes, off-the-plan apartments and vacant land to build on only; not an established home. | Contracts on or after 13 February 2025; you and your spouse or partner have never held an interest in residential property in Australia; every buyer lives there for 6 continuous months, starting within 12 months of settlement (new home). The foreign ownership surcharge is not relieved. | RevenueSA, modified 16 September 2026 |
| First Home Owner Grant | Up to $15,000 | No value cap for contracts from 6 June 2024. | New homes, including off-the-plan and house-and-land builds, not vacant land alone; you and your partner have never owned Australian residential property (contracts from 13 February 2025); every buyer lives there for 6 continuous months, starting within 12 months. | RevenueSA, modified 16 September 2026 |
Eligibility is decided by the revenue office, not by this page. Work out transfer duty with your state revenue office's own calculator.
HomeStart: the SA Government lender with no LMI
HomeStart Finance charges no LMI on its loans. Deposits start at 2% on its Graduate Loan (for Certificate III holders and some essential workers), 3% on its Low Deposit Loan for an existing home in metropolitan South Australia, and 5% to buy or 8% to build on its HomeStart Loan. You must not own another property. HomeStart Low Deposit Loan
Where SA help and the 5% Deposit Scheme overlap
In SA the first home stamp duty relief depends on the home being new, not on its price, while the 5% Deposit Scheme depends on price and area.
| Home | SA stamp duty for first home buyers | 5% Deposit Scheme | LMI below a 20% deposit |
|---|---|---|---|
| New or off-the-plan, up to $500,000 | Full relief | All of SA | None if eligible for the scheme, otherwise applies |
| New or off-the-plan, $500,001 to $900,000 | Full relief | Greater Adelaide | None if eligible for the scheme, otherwise applies |
| New or off-the-plan, above $900,000 | Full relief | Not available | Applies |
| Established home, up to $900,000 | No first home relief | Greater Adelaide to $900,000, the rest of SA to $500,000 | None if eligible for the scheme, otherwise applies |
| Established home, above $900,000 | No first home relief | Not available | Applies |
One loan, property in two states: how SA duty is split
When one loan is secured on property in SA and in another state, the duty on the LMI premium is split by where the secured property sits. RevenueSA's apportionment schedule says so for mortgage insurance, and QBE's LMI Guide splits it by the value of each property.
Take a typical premium of $12,600 on a loan secured 60% by an Adelaide home and 40% by a Victorian property. SA duty on its 60% share is about $832 and Victorian duty on its 40% share about $504, against $1,386 if all the security were in SA.
One more SA rule: QBE caps investment loans in some SA postcodes, including 5722 and 5725, at 70% LVR, so LMI from QBE is not available above that there. For how QBE's cover works, see QBE LMI.
SA LMI calculator FAQs
Do SA first home buyers pay duty on LMI?
Yes, at 11%. RevenueSA lists no exemption for mortgage insurance, and its first home buyer relief covers stamp duty on the property, not duty on insurance.
Does SA's first home stamp duty relief cover established homes?
No. It covers new homes, off-the-plan apartments and vacant land to build on. An established home pays stamp duty as usual.
Which areas share Adelaide's $900,000 scheme cap?
All of Greater Adelaide, which includes Mount Barker, Gawler, Two Wells and Aldinga Beach. Victor Harbor, Murray Bridge and Mount Gambier are on the $500,000 cap.
How much is LMI in SA on a 10% deposit?
On a $937,207 Adelaide home with a 10% deposit, published lender figures put LMI at about $12,600 to $24,700. The top of that range includes the 11% SA duty.
LMI calculators for other states
Sources
Each source was checked on 29 September 2026.
- RevenueSA: insurance duty rates
- RevenueSA: general insurance inside South Australia (apportionment)
- RevenueSA: first home buyer relief
- RevenueSA: first home buyer relief, eligible properties
- RevenueSA: First Home Owner Grant
- HomeStart: Low Deposit Loan
- HomeStart: rates and fees
- 5% Deposit Scheme property price caps (firsthomebuyers.gov.au)
- Housing Australia Investment Mandate Direction 2018, compilation of 18 July 2026 (ss 4A, 29F)
- 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.