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Lenders Mortgage Insurance Calculator
If you’re borrowing more than 80% of the purchase price of a home, you’ll need to pay Lender's Mortgage Insurance (LMI).
This cost is based on a loan amount of $0, a property value of $0 and a deposit of $0 for a first home buyer.
Not all LMI calculations are the same. They vary between lenders based on a number of factors.
Lenders mortgage insurance calculator assumptions:
This calculator provides an estimate only, and may not be an accurate calculation of the LMI payable on your loan. Results are based on a 30 year loan term. The calculator does not consider a number of factors which influence LMI, such as a borrower’s financial situation and assets, and the security property type.
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.
This 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.