Question 1

What is LMI and why does it cost so much?

Accepted Answer

LMI (Lenders Mortgage Insurance) protects the lender if you default on your loan. It applies when borrowing more than 80% of a property's value. Costs range from $5,000-$40,000+ depending on loan size and LVR.

Question 2

Which professionals qualify for LMI waivers?

Accepted Answer

Common qualifying professions include doctors, dentists, veterinarians, lawyers, accountants, engineers, and pharmacists. Some lenders extend waivers to other high-income professionals.

Question 3

Can I get LMI waived without being a professional?

Accepted Answer

Yes, through guarantor arrangements, certain first home buyer programs, lender promotions, or by making a larger deposit. We explore all options to help you avoid LMI.

Question 4

Is it better to pay LMI or wait to save a 20% deposit?

Accepted Answer

It depends on the market. In a rising market, getting in sooner and paying LMI can be more cost-effective than waiting. We help you run the numbers for your specific situation.

Question 5

Can LMI be added to the loan?

Accepted Answer

Yes, most lenders allow LMI to be capitalised (added to the loan amount). This means no upfront cost but you do pay interest on the LMI amount over the life of the loan.

Waived LMI

How to Avoid LMI

Save $10,000-$40,000+

Professional Packages

Up to 90% LVR Without LMI

First Home Buyer Programs

Lender-Specific Promotions

Guarantor LMI Avoidance

Frequently Asked Questions

Could You Qualify for an LMI Waiver?