LMI – Lenders Mortgage Insurance Calculator
About the Lenders Mortgage Insurance Estimator
Depending on your lender’s requirements, LMI allows you to borrow up to 95% of the
purchase price of your home, with a lower deposit than is usually required.
Traditionally, lenders require borrowers to have at least a 20% deposit. However
by using LMI, lenders are able to offer lower deposit home loans. LMI protects the
lender if a borrower is unable to meet their mortgage repayments and the property
has to be sold.
If the proceeds from the sale of the property are insufficient to cover the outstanding
loan balance and other costs incurred by your lender in relation to enforcing the
mortgage, the lender is able to claim any shortfall from Genworth calculated in
accordance with the terms of the insurance policy.
Note: LMI should not be mistaken for Mortgage Protection Insurance, which covers
your mortgage repayments in the event of death, sickness, unemployment or disability.
lenders mortgage insurance calculator provides an estimate only. The results
of the premium estimator should be used as an indication only and are based on the
information provided. An estimate is not a premium quote from Genworth Financial
Mortgage Insurance Pty Limited (Genworth) or any other Lenders Mortgage Insurance
(LMI) provider. Provision of an estimate is not an indication that Genworth has
approved the LMI risk. The ultimate premium payable for LMI may differ from the
estimate provided for a number of reasons, including the personal circumstances
of the borrower, the type of loan product selected and the type and location of
the security property.