Australia-wide · Lenders mortgage insurance
LMI calculator
Borrowing more than 80% of the price? This lenders mortgage insurance calculator estimates your LMI premium from published LVR bands — including your state's stamp duty on the premium.
Rates verified against the official sources — how we check.
Your tally
If capitalised into the loan, you'd borrow $551,772 in total.
Indicative only: premiums differ between lenders, insurers (Helia, QBE) and loan types. Your lender will quote the exact figure before settlement.
How much does LMI cost — and how this estimate works
How much LMI costs comes down to two things: your LVR (loan ÷ property value) and your loan size. Insurers publish premium rates as a percentage of the loan for each LVR band and loan bracket; your state then adds stamp duty on the premium. As a rule of thumb, LMI runs from about 0.5% of the loan just over 80% LVR to more than 4.5% at 95% LVR. The table below is the published indicative schedule this calculator uses — Indicative premium rates from a published lender example table (Home Loan Experts LMI premium rates, updated 18 May 2026), cross-referenced against Helia's public LMI fee estimator. Actual premiums vary by lender, insurer (Helia/QBE), borrower type and loan features — treat results as an estimate band, not a quote.
| LVR band | Up to $300k | $300k–$500k | $500k–$600k | $600k–$750k | $750k–$1m |
|---|---|---|---|---|---|
| 80.01% – 81% | 0.475% | 0.568% | 0.904% | 0.904% | 0.913% |
| 81.01% – 82% | 0.485% | 0.568% | 0.904% | 0.904% | 0.913% |
| 82.01% – 83% | 0.596% | 0.699% | 0.932% | 1.090% | 1.109% |
| 83.01% – 84% | 0.662% | 0.829% | 0.960% | 1.090% | 1.146% |
| 84.01% – 85% | 0.727% | 0.969% | 1.165% | 1.333% | 1.407% |
| 85.01% – 86% | 0.876% | 1.081% | 1.258% | 1.407% | 1.463% |
| 86.01% – 87% | 0.932% | 1.146% | 1.407% | 1.631% | 1.733% |
| 87.01% – 88% | 1.062% | 1.305% | 1.463% | 1.631% | 1.752% |
| 88.01% – 89% | 1.295% | 1.621% | 1.948% | 2.218% | 2.395% |
| 89.01% – 90% | 1.463% | 1.873% | 2.180% | 2.367% | 2.516% |
| 90.01% – 91% | 2.013% | 2.618% | 3.513% | 3.783% | 3.820% |
| 91.01% – 92% | 2.013% | 2.674% | 3.569% | 3.867% | 3.932% |
| 92.01% – 93% | 2.330% | 3.028% | 3.802% | 4.081% | 4.156% |
| 93.01% – 94% | 2.376% | 3.028% | 3.802% | 4.286% | 4.324% |
| 94.01% – 95% | 2.609% | 3.345% | 3.998% | 4.613% | 4.603% |
Stamp duty your state adds to the premium
| State | Duty on LMI |
|---|---|
| NSW | 0% |
| VIC | 10% |
| QLD | 9% |
| SA | 11% |
| WA | 10% |
| ACT | 0% (abolished) |
| NT | 10% |
| TAS | 10% |
LMI by state — same loan, different bill
The premium itself doesn't change with your address, but the stamp duty your state charges on it does. Here's the identical scenario — a $500,000 purchase with a $50,000 deposit (90% LVR, premium $8,428.50) — in every state and territory:
| State | Duty on LMI | Duty adds | Total LMI cost |
|---|---|---|---|
| New South Wales (NSW) | 0% | — | $8,428.50 |
| Victoria (VIC) | 10% | $842.85 | $9,271.35 |
| Queensland (QLD) | 9% | $758.57 | $9,187.07 |
| South Australia (SA) | 11% | $927.14 | $9,355.64 |
| Western Australia (WA) | 10% | $842.85 | $9,271.35 |
| Australian Capital Territory (ACT) | 0% | — | $8,428.50 |
| Northern Territory (NT) | 10% | $842.85 | $9,271.35 |
| Tasmania (TAS) | 10% | $842.85 | $9,271.35 |
Using this as an LMI calculator for NSW, VIC, QLD or any other state: just pick your state in the form above — the duty line updates automatically. Don't forget transfer duty is a separate, much larger cost: we have a stamp duty calculator for every state and territory.
Pay LMI now, or wait and save a 20% deposit?
There's no universal answer, but here's the honest frame for a $600,000 purchase in Victoria: buying now with $60,000 down (90% LVR) costs about $12,949.20 in LMI — the price of entering the market $60,000 short of a 20% deposit. Waiting to save the extra $60,000 avoids LMI entirely, but if prices rise faster than you save, the duty, deposit and price all grow while you wait. LMI is best understood as a fee for buying sooner; whether that's worth it depends on your market and your savings rate, not on the fee alone.
How to avoid LMI — five legitimate ways
- Reach 80% LVR. Even a slightly bigger deposit can drop you a whole premium band — the jump from 88% to 90% LVR, and again past 90%, is steep.
- Family guarantee. A guarantor offering part of their equity as security can take your effective LVR to 80% with a smaller cash deposit.
- Home Guarantee Scheme. Eligible buyers purchase with 5% deposit and the federal government guarantees the rest — no LMI.
- Professional waivers. Many lenders waive LMI to 90–95% LVR for doctors and some other professions.
- Capitalise it. Not avoidance — but adding LMI to the loan spreads the cost, at the price of interest on it for the life of the loan.
Frequently asked questions
What is lenders mortgage insurance (LMI)?
How much is LMI on a 90% loan?
How can I avoid paying LMI?
Is LMI refundable or transferable?
Why does my state change the LMI cost?
Keep tallying
Queensland
Stamp duty calculator QLD
The other big upfront cost — QLD transfer duty with every concession applied.
Open calculator →
All states · coming soon
Upfront costs bundle
Deposit + duty + LMI + fees in one tally.
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Sources
Premium bands last verified 2026-08-27. General information only — not financial advice.