Get home sooner
with Lenders Mortgage Insurance (LMI)
- Home
- LMI
Whatever your property goals, LMI can help
Whether you’re looking to buy your first home or investment property, LMI could help you get there sooner 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.
This means you could potentially buy a house now with the deposit you already have, rather than waiting years to save a 20% deposit. Your property goals just got a whole lot closer!
Speak to your mortgage broker or lender to find out how LMI could help you reach your property goals today.
How does LMI work?
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.
Break free from the rental cycle
LMI can help you accelerate your financial wellbeing by getting you into the property market and building equity sooner.
Buy a house now with as little as a 5% deposit
Sick of paying someone else’s mortgage? LMI helps you break free from renting and into your first home sooner without needing to delay and keep saving.
Buy a bigger, better property
With LMI, you may be able to buy a better house with the deposit you have already – no need to compromise on your property wish list.
Start building equity for your future
You could start benefiting from potential house price appreciation sooner by getting into the market now.
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 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. With current property prices, home buyers could expect their property value to increase by more than the LMI fee within the first few years of buying, potentially offsetting this cost.
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.