General information only — not financial advice. This content is intended as educational guidance. Consult a qualified financial adviser, mortgage broker, or legal professional before making financial decisions. See our full disclaimer.
Lenders Mortgage Insurance (LMI) is a one-off premium paid by borrowers when they have less than 20% deposit, protecting the lender against default — not the borrower.
LMI is required when you borrow more than 80% of the property value (LVR > 80%). It protects the lender (not you) if you default. Costs range from a few thousand to $30,000+ depending on loan size and LVR.
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