Last updated 6:00am, 16th Jan 2021
When purchasing an owner occupied property lenders will require you have a minimum 5% deposit; for investment properties the despoit most lenders will require is 10% of the property price.
What is a lenders mortgage insurance?Lenders Mortgage Insurance ('LMI') is an insurance policy which protects the bank against any loss in the event of default by the borrower. Although the insurance policy doesn't protect the borrower, banks will usually pass the cost of the insurance policy on to the borrower.
How much is a mortgage insurance?Lenders Mortgage Insurance ('LMI') will vary depending on your loan amount and the property value. Use our LMI quote calculator to give your idea what it could cost you.
How can I avoid paying mortgage insurance?You can avoid the LMI premium by having a 20% deposit and not borrowing more than 80% of your properties value. For first home buyers, using a family guarantee will allow you to avoid mortgage insurance.
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The comparison rate is based on a loan amount of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Terms, conditions, fees and charges apply and your full financial situation would need to be reviewed prior to acceptance of any offer or product.
