Purchase your dream home sooner
with Lenders Mortgage Insurance (LMI)
- Home
- LMI
Feel like you're caught in an endless rental cycle that will never end? Think again. With Lenders Mortgage Insurance (LMI), you could break free from renting and into your dream home sooner. Using LMI, you could purchase a home with a deposit as little as 5% (not including additional upfront costs like stamp duty and conveyancing fees), subject to satisfying your lender's eligibility requirements.
Say goodbye to rent increases and hello to making your home ownership dreams a reality, sooner.
Break free from renting with LMI
LMI can help you accelerate your financial wellbeing by getting you into the property market and building equity sooner. Here's how it works:
Step one
Purchase your home sooner
Use LMI and a deposit as little as 5% (excluding other upfront costs) to purchase sooner.
Step two
Choose a flexible payment option
Choose to pay for LMI either upfront at settlement or with your monthly loan repayments.
Step three
Start building wealth over time
Make your monthly loan repayments and watch your equity grow over time.Start your home story
Discover how Mitch and Amelia broke free from renting and bought their first home with LMI.
Ready to take your next step?
Get in touch with your lender or mortgage broker to discuss how LMI could help you reach your home ownership goals today.
More about Lenders Mortgage Insurance (LMI)
LMI is an insurance policy that protects your lender if you default on your loan and your lender is unable to recover the full loan amount you owe. This insurance gives your lender the confidence to accept a smaller deposit, giving you the ability to buy now with a deposit less than 20% of the property value.
More resources
Check out our other resources to help you on your home buying journey.
First home buyer ebook
Deposit Comparison Estimator
LMI fact sheet
FAQs
The LMI fee typically charged is between 1% and 2% of the loan value, depending on the size of your deposit and how much you borrow. By paying the LMI fee now you can get into the market now and potentially start building equity sooner.
Use Helia's LMI fee estimator here.
No! LMI is for any home buyer looking to purchase a home with less than a 20% deposit. That could be a family looking for their next home, an investor looking to grow their property portfolio, or anything in between. Check out how others have achieved their property goals with LMI here.
The LMI fee can be paid in a number of ways to suit your circumstances. You can:
- - Choose to pay the LMI fee upfront at settlement, or to add the LMI fee to the loan amount (subject to your lender’s approval)
- - Pay the LMI fee monthly during the loan term for a period of time*
- - Have your extended family pay the LMI fee upfront, with Helia’s family assistance discount.*
*These options may not be applicable for all lenders. Please check with your lender and mortgage broker if these options are available.