LMI Calculator
See how much Lenders Mortgage Insurance costs at your deposit, whether to pay it upfront or roll it into the loan, and how schemes like the 5% Deposit Scheme and Help to Buy can waive it.
Your purchase
10.0% of the price.
Sets the scheme price caps used below.
Your loan
For the Help to Buy check
Help to Buy has an income cap. The other options do not.
Estimated LMI premium
$13,860
A one-off premium at 90.0% LVR. It protects the lender, not you. Indicative only: the actual premium depends on the lender, insurer, loan type and property.
- Loan to value (LVR)
- 90.0%
- Loan
- $630,000
- Premium rate
- 2.20%
The 5% Deposit Scheme may be available at this price
Help to Buy waives LMI but keeps equity
Pay it upfront or add it to the loan?
Most lenders let you add LMI to the loan. You keep the cash today but pay interest on it for 30 years.
Pay it upfront
$13,860 from your savings at settlement.
- Monthly repayment
- $4,276
- Interest over 30 years
- $909,492
- Loan, interest and LMI
- $1,553,352
Add it to the loan
Loan becomes $643,860.
- Monthly repayment
- $4,370
- Interest over 30 years
- $929,500
- Loan, interest and LMI
- $1,573,360
Adding LMI to the loan keeps $13,860 in your pocket today but adds $94 a month and $20,009 in interest over 30 years. Both totals count the premium once: from your savings in "Pay it upfront", and inside the loan (where it is charged interest) in "Add it to the loan".
Ways to buy without LMI
The 5% Deposit Scheme and Help to Buy both waive LMI, with different trade-offs.
| Option | Deposit | Monthly | LMI |
|---|---|---|---|
| Pay LMI, no schemeYour deposit, 90.0% LVR. | $70,000 | $4,276 | $13,860 |
| First Home Guarantee (5% Deposit Scheme) Within cap5% deposit, LMI waived. QLD capital and regional centres cap $1,000,000. | $35,000 | $4,514 | Waivedvs about $23,275 LMI at a 5% deposit |
| Help to Buy (Federal) May be eligible2% deposit, LMI waived, government takes up to 30% equity. Price cap $1,000,000, income cap $165,000. | $14,000 | $3,231 | Waivedvs about $27,440 LMI at a 2% deposit |
Both schemes have first home buyer and owner-occupier conditions, and Housing Australia makes the final eligibility determination. Help to Buy also means repaying the government's share later. Compare the lifetime cost in Scheme Comparison
How the premium steps up
The rate jumps at each LVR tier, so a slightly bigger deposit can cut the premium.
Premium rate by loan to value ratio
Your LVR is 90.0%. Indicative rates, as a share of the loan.
Save a little more
- $5,000 more depositLMI becomes $13,750
- saves $110
- $10,000 more depositLMI becomes $13,640
- saves $220
- $20,000 more depositLMI becomes $13,420
- saves $440
- $35,001 more depositReaches 85% LVR, the next tier down. LMI becomes $5,950
- saves $7,910
Premiums use indicative tiers from published insurer rate cards. Your actual LMI depends on the lender, insurer, loan type and property, and some lenders waive it for certain professions. Data as of September 2026.
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LMI explained
For illustration only. This tool does not constitute personal financial advice. Grant amounts, caps, and eligibility rules may change. Federal scheme caps shown are for capital city/regional centres and may differ for other areas. Always verify with your state revenue office and Housing Australia, and consider seeking independent financial advice before making decisions.