This calculator is based on the calculation methods and Lenders Mortgage Insurance premium tables used by the major banks and other lenders. You can use this calculator to see if you may be eligible for discounted LMI. You may even be able to have it waived entirely.
[LMICalculator]
Banks and Lenders included in this calculator
This LMI calculator can help you to calculate & compare the lenders insurance premiums you may need to pay. Due to limitations put on us by the banks we cannot publish the names of the banks alongside their quoted LMI premiums.
Below are the institutions included in the calculations:
- ING Reduced Equity Fee (REF).
- ANZ LMI.
- QBE LMI (Formerly PMI).
- Westpac LMI (WLMI).
- St George Insurance (SGI).
- Genworth Financial.
- And the LMI premiums available through several lenders with special pricing with either Genworth of QBE. This includes one or more major banks.
(The results for our calculator will not be in the same order as above)
You may be eligible for a discount on your LMI premium!
Many banks can only offer their set LMI premiums and loan products and some mortgage brokers only compare the interest rates of different loans. If you go through us however we are able to find out if you can qualify for a discount on your LMI, or possibly even have the fee waived entirely.
How do we do this? Well here at Mortgage Broker Australia we take a very different three step approach to help you find the cheapest loan:
- Identify which lenders, LMI providers such as private mortgage insurers (PMIs) & possible discounts you can qualify for.
- Identify your specific needs, required loan features & what you are trying to achieve with your loan.
- Create a simple comparison for you taking your needs, the interest rate, fees, LMI premium and the loan features all into account.
Once we have provided you with a quote you can then discuss the available options with us and let us know which loan you would prefer to apply for. We are here to give you the information that you need to make an informed decision, not to push particular lenders or loans.
If you are not yet ready to apply for a loan please use our Home Loan Forum. Once you specify the details of your situation and where you are hoping to buy and how much you would like to borrow, our brokers can give you a personalised reply via the forum.
We will not waste your time and will not offer you a discount you will not be approved for. We work out which lenders you will qualify for before providing you with a quote. If you are ready to buy what are you waiting for? Enquire online and our brokers will contact you, or you can call +61 2 8668 4038.
You can also find more information about loan applications in Australia by using our credit score calculator. This is a calculation of the risk of you loan application. Banks and lenders base the score upon your income, employment, credit history, stability and security for your loan.
Which lenders use Lenders Mortgage Insurance?
The following lenders use LMI:
- Adelaide Bank,
- AIG Financial Solutions,
- AMP,
- ANZ,
- Australian First Mortgage (AFM),
- Australian Secured & Managed Mortgages (ASMM),
- Australian Unity,
- Bank of Queensland (BQLD),
- BankWest (BW),
- Better Mortgage Company (BMC),
- Bluestone (Risk fee),
- Citibank,
- Commonwealth Bank of Australia (CBA),
- FirstMac,
- Homeloans Limited,
- Homeside Lending,
- ING Direct (REF risk fee and LMI),
- LaTrobe Financial,
- Liberty Financial (LMP risk fee),
- Loan Ave,
- Mainstream Capital,
- Merchant Mortgages,
- MKM Capital (Risk fee),
- Mortgage Asset Services (MAS),
- National Australia Bank (NAB),
- RAMS Home Loans,
- St George Bank (StG / SGB),
- Suncorp Metway,
- Westpac Bank (WBC).
Your LMI calculation does not take all of the above lenders into account, however for most the LMI premium will be similar. Please contact one of our mortgage brokers for an LMI quote for a specific lender.
Stamp duty
Each state charges a duty on insurance premiums. Some of our lenders have no stamp duty in our calculator. This is because some lenders use ‘risk fees’ in stead of LMI, which attract no stamp duty. Our brokers will advise you of the current stamp duty rates for LMI premiums when they provide their quotes.
(Stamp duty for LMI is different than stamp duty charged on a property)
If you are ready to apply for a home loan then please enquire online using our above calculator. If you are not ready to aply for a home loan but have questions about Lenders Mortgage Insurance, please ask a question on our Home Loan Forum. This will link you to the forum on our Home Loan Experts webpage. This is ok, just mention that you were directed there from Mortgage Broker Australia in you text.
