Скачать или смотреть What is LMI?

Buying your home with less than a 20% deposit. You might encounter something called Lenders Mortgage Insurance (LMI). Angela explains what LMI is, why it’s charged, and how it can help you buy sooner.

LMI is a one-off insurance cost that protects the lender if you can’t repay your loan. It applies when your deposit is under 20% of the property’s value. While it adds to your costs, it can help you get into your home faster.

Meet Ben and Sally, first-home buyers in Victoria. Angela walks through their options:
Save more to avoid LMI — but that could take years.
Pay LMI upfront — needing more cash now.
Add LMI to the loan — increasing repayments by around $47/month.

Each option has pros and cons, and Angela reminds us that while LMI protects the lender, it’s worth exploring other types of insurance to protect yourself too.

Just starting out?
We’ve created free tools like the First Home Buyers Booklet, Deposit Planner Workbook, and a video series to guide you. And our Home Loan Mentors are here to help every step of the way, so call us today on 13 73 63 we’re here to help when you’re ready.