Lenders Mortgage Insurance Calculator
Use this calculator to understand how Lenders Mortgage Insurance (LMI) works and determine whether you’ll need it for your home loan.
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Lenders Mortgage Insurance (LMI) Calculator
How much is Lenders Mortgage Insurance?
The cost of Lenders Mortgage Insurance (LMI) can vary significantly based on your Loan-to-Value Ratio (LVR) and the lender you choose.
How can we get you a better deal?
Most mortgage brokers just compare the interest rates of different loans.
Your current bank can only offer its set LMI premiums, interest rates and loan products.
Is there a better way to compare loans?
Sunrise Finance WA takes a very different, 3-step approach to help you find the cheapest loan:
We’re here to give you the information you need to make an informed decision, not to push particular lenders or loans.
Sunrise Finance WA mortgage broker will provide you with an obligation-free quote.
Once we have provided you with a quote, call us to discuss the available options and let us know which mortgage you’d prefer.
Our experts are aware of LMI approval criteria and pricing of different lenders, so we can provide you with an accurate and competitive assessment.
You can also leverage the power of the 360° Home Loan Assessor, which is a comprehensive tool that helps you assess how much you can borrow by considering your income, expenses and other financial factors.
Make Informed Decisions With The 360° Home Loan Assessor
Will the mortgage insurer approve your loan?
Did you know it’s harder to qualify for a loan if mortgage insurance approval is required?
Mortgage insurers are very conservative when assessing a 95% home loan or 90% home loan, so it is unlikely that you can get approval for such loans from every lender.
Unlike most mortgage brokers, we work out which lenders may approve your loan before providing you with a quote.
This way, we don’t waste your time by offering you a discounted home loan that won’t be approved!
Mortgage insurers are more likely to decline your mortgage application if:
Are you ready to apply for a home loan?
Get the cheapest LMI premium
It’s common for first-home buyers, investors, refinancers and upgraders to get LMI discounts from different lenders.
In some cases, we can get you additional discounts by slightly amending your loan amount.
This is where an experienced mortgage broker can reduce your LMI premium.
We’re experts at understanding LMI policy from a range of providers.
No-LMI home loans
Did you know that some lenders will waive LMI or offer a discount?
These discounts are rare and there are often strict qualifying criteria.
The great news is that they are usually available for home loans that already have very low interest rates!
We have made agreements with some of our lenders to offer some specials to our customers.
You can view the current discounts available and qualifying criteria on our home loans with no LMI page.
There are special no-LMI discounts from various lenders.
The above list of lenders and lenders mortgage insurers aren’t ordered this way in our calculator’s results.
One or more major banks may be included depending on your search criteria.
Which lenders use Lenders Mortgage Insurance?
The following lenders use Lenders Mortgage Insurance (LMI):
Although our Lenders Mortgage Insurance calculator doesn’t take all of these lenders into account, you can expect that the LMI premium will be similar to the ones listed in the calculator results.
Stamp duty on mortgage insurance
Each state government charges a duty on insurance premiums.
Please note that risk fees, which some lenders use instead of LMI, aren’t technically insurance and, as such, stamp duty doesn’t apply.
Stamp duty on LMI is payable on the premium according to the state or territory in which the security property is located and then added to the premium:
This is not the same as the stamp duty charged on the purchase of a property.
The mortgage insurer will automatically add the stamp duty to the premium, as well as any GST, and deduct any Reduced Input Tax Credit (RITC).
Can I get an LMI refund?
Up until 2012, it was possible to ask your bank for an LMI refund if you repaid your mortgage within the first two years.
Since then, most lenders have changed their agreements with their LMI providers.
Instead of offering an LMI refund, they simply offer you a lower premium.
So although refunds are generally no longer available, you can still save thousands of dollars by simply using the LMI calculator and shopping around.
Creating an LMI quote
Our mortgage insurance calculator is updated regularly.
However, there are other factors the LMI calculator cannot consider.
Some lenders have different sets of LMI premiums depending on the nature of your application or they may have premium loadings for particular loan purposes.
Our LMI calculator asks for more information than other calculators you may find online.
In this way, it can give a more accurate result by:
Sunrise Finance WA mortgage broker will give you a call to discuss the cheapest LMI premiums available for your situation.
Relevant Areas
Estimate LMI Costs
Calculate how much LMI you’ll need to pay based on your loan amount, deposit size, and the percentage of the property’s value you're borrowing.
Understand When LMI Applies
Learn when LMI is required, typically when borrowing more than 80% of the property value, and how it impacts your loan application.
Compare LMI for Different Loan Amounts
See how your LMI costs change based on different loan amounts and deposit percentages, helping you better plan your finances.
Evaluate LMI Premiums for Different Lenders
Compare the cost of LMI across different lenders, as premiums can vary, giving you a clearer idea of what each lender charges.
Calculate LMI Impact on Total Loan
See how LMI affects your overall loan amount and monthly repayments, helping you understand the financial implications of taking out a higher loan.
Explore LMI Waiver Options
Learn about potential ways to waive LMI, such as by borrowing below 80% LVR or through specific professional or lender programs.
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