Estimate the lenders mortgage insurance premium that may apply to your home loan. LMI can be a significant purchase cost when borrowing with a smaller deposit. The result is a guide only; the actual premium and whether LMI is required depend on the lender, insurer and your application.
This calculator provides an estimate only. Actual Lenders Mortgage Insurance premiums vary between lenders and insurers and will depend on your application and property details.
Your deposit influences more than the amount you need to borrow. It can also affect the loan options available and whether LMI applies. FI Collective helps you consider these costs alongside your purchase plans and explore whether any eligible lending arrangements could reduce or remove the need for LMI.
No. LMI protects the lender if you cannot repay the loan. It does not cover your repayments or remove your responsibility for the debt. It is different from insurance designed to protect a borrower’s income or repayments.
Some lenders allow the premium to be added to the loan, subject to their lending requirements. This increases the amount you borrow and means interest may also be charged on the premium. Other arrangements may require payment at settlement.
Not sure where to start? Tell us what you’re planning, and our team will help you understand your finance options and what comes next.
