TAS 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 $700,000 in this area. The estimate below is what you would pay without it.
- Loan
- $630,000
- LVR
- 90.0%
Likely LMI
$9,400 to $18,300
Typical lender figure: $12,600
- Duty on LMI in Tasmania: 10% 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.
Tasmania's first home duty exemption ended for settlements after 30 June 2026, and the first home owner grant is $20,000 for 2026 to 2027. Neither changes LMI.
How much is LMI in Tasmania?
On a $752,397 home in Hobart with a 10% deposit, published lender figures put LMI at about $10,100 to $19,600, with a typical figure of $13,500. The top of that range includes Tasmania's 10% duty. $752,397 was Hobart'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 10% duty | With the 5% Deposit Scheme |
|---|---|---|---|---|---|
| 15% | $639,537 | 85.0% | $6,400 | $4,900 to $14,500 | Not available: above the $700,000 cap |
| 10% | $677,157 | 90.0% | $13,500 | $10,100 to $19,600 | Not available: above the $700,000 cap |
| 5% | $714,777 | 95.0% | $30,000 | $21,100 to $41,400 | Not available: above the $700,000 cap |
At $550,000, the scheme cap outside Greater Hobart, a 5% deposit means LMI of about $15,400 to $30,200 without the scheme, and $0 with it if you are eligible. For every state and deposit, see how much LMI costs.
What duty does Tasmania charge on LMI?
Tasmania charges 10% duty on the LMI premium, including the GST.
The Duties Act 2001 charges 10% of the premium on general insurance over property in Tasmania. SRO Tasmania's apportionment ruling PUB-DT-2019-1 lists mortgage insurance and splits it by where the secured property sits, which is how general insurance is treated. LMI is not on the Act's list of exempt insurance.
SA charges 11% on the same premium and NSW nothing. In the calculator, the 10% is added to the top of the range for a Tasmanian home.
Why Tasmania's 2% 'mortgage insurance' rate is not LMI
SRO Tasmania's rates page lists a "Mortgage Insurance policy" at 2% of the premium, but it sits under life insurance. The Act defines that policy as cover a borrower takes out to repay the loan if they die. LMI protects the lender, so it pays the 10% general insurance rate, never 2%.
5% Deposit Scheme price caps in Tasmania
In Tasmania the 5% Deposit Scheme cap is $700,000 in Greater Hobart, and $550,000 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 Hobart | $700,000 | $35,000 | $14,000 | $600,000 |
| Rest of Tasmania | $550,000 | $27,500 | $11,000 | $450,000 |
Tasmania has no regional centre on Hobart's cap, so Launceston, Devonport and Huonville are on the $550,000 cap. Greater Hobart, including Kingston, Sorell, New Norfolk and Brighton, gets $700,000.
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 Tasmania offer?
Tasmanian first home buyers settling now get no stamp duty exemption, because it ended for settlements after 30 June 2026. The first home owner grant is $20,000 on a new home for 2026 to 2027. Neither reduces LMI.
| Help | What it is worth | Value limit | Main conditions | Source |
|---|---|---|---|---|
| First home owner grant | $20,000 | SRO Tasmania lists no value cap. | Transactions from 1 July 2026 to 30 June 2027 (it was $30,000 for 2025 to 2026); new homes only, including off-the-plan and building; at least one buyer is an Australian citizen or permanent resident aged 18 or over; live there for 6 continuous months, starting within 12 months of completion. | SRO Tasmania, published 14 July 2026 |
| First home buyer duty exemption (established homes) | Closed | Applied to homes up to $750,000 settling from 18 February 2024 to 30 June 2026. | Not available for settlements after 30 June 2026. A first home buyer settling now pays general duty rates. | SRO Tasmania, published 16 July 2026 |
Eligibility is decided by the revenue office, not by this page. Work out transfer duty with your state revenue office's own calculator.
MyHome: Tasmanian shared equity with a 2% deposit
Homes Tasmania's MyHome programme, applied for through Bank of us, needs a 2% deposit. Homes Tasmania puts in up to $300,000 or 40% (whichever is less) of a new home or house and land package, or up to $150,000 or 30% of an existing home. Price caps are $800,000 for new homes and $750,000 for existing homes, and household income and asset limits apply unless you qualify for the first home owner grant.
We could not confirm whether MyHome loans carry LMI: Homes Tasmania's pages do not say. Ask the lender before you rely on it. Homes Tasmania MyHome
Where TAS help and the 5% Deposit Scheme overlap
In Tasmania no first home duty relief applies now, so the 5% Deposit Scheme is the main help that changes with price: $700,000 in Greater Hobart and $550,000 elsewhere.
| Price | TAS transfer duty for first home buyers | 5% Deposit Scheme | LMI below a 20% deposit |
|---|---|---|---|
| Up to $550,000 | Full duty | All of Tasmania | None if eligible for the scheme, otherwise applies |
| $550,001 to $700,000 | Full duty | Greater Hobart | None if eligible for the scheme, otherwise applies |
| Above $700,000 | Full duty | Not available | Applies |
Launceston is not on Hobart's scheme cap
Launceston is Tasmania's second city, but it is outside Greater Hobart, so its 5% Deposit Scheme cap is $550,000, not $700,000. Both Tasmanian medians sit above their caps: Hobart at $752,397 against $700,000, and regional Tasmania at $616,076 against $550,000 (Cotality, as at 31 August 2026).
Take a $600,000 first home with a 5% deposit. In Launceston it is over the $550,000 cap, so the scheme is not available and published lender figures put LMI at about $16,800 to $33,000. The same home in Kingston is under Hobart's $700,000 cap, so an eligible buyer could use the scheme and pay no LMI.
TAS LMI calculator FAQs
Is Tasmania's 2% mortgage insurance duty for LMI?
No. The 2% rate is for a life insurance policy a borrower takes out to repay the loan on death. LMI is general insurance and pays 10%.
Do Tasmanian first home buyers still get a stamp duty exemption?
Not for settlements after 30 June 2026. The exemption for established homes up to $750,000 applied only to settlements from 18 February 2024 to 30 June 2026.
How much is the Tasmanian first home owner grant?
$20,000 on a new home for transactions from 1 July 2026 to 30 June 2027. It was $30,000 the year before.
How much is LMI in TAS on a 10% deposit?
On a $752,397 Hobart home with a 10% deposit, published lender figures put LMI at about $10,100 to $19,600. The top of that range includes the 10% Tasmanian duty.
LMI calculators for other states
Sources
Each source was checked on 29 September 2026.
- SRO Tasmania: insurance duty rates
- SRO Tasmania: Revenue Ruling PUB-DT-2019-1 (PDF)
- Duties Act 2001 (Tas) (PDF)
- SRO Tasmania: first home owner grant eligibility
- SRO Tasmania: first home buyers of established homes duty relief
- Homes Tasmania: MyHome
- Homes Tasmania: eligibility
- 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
- 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.