Lenders Mortgage Insurance (LMI) is a one-off, non-refundable, non-transferrable premium that's added to your home loan. It's calculated based on the size of your deposit and how much you borrow. The more you contribute to the purchase price of your property, the lower the cost will be. LMI protects the bank against any loss we may incur if you are unable to repay your loan.
The circumstances of your home loan will determine whether LMI or a Low Deposit Premium (LDP) may apply. This includes when you restructure your home loan, top it up or refinance. This is because there may be an increased risk associated with each application.
We require you to take out LMI where there is an increased risk associated with your loan.
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Our Home Lending Specialists can help explain when Lenders Mortgage Insurance may apply to your home loan, as well as how much it will cost.
Similar to Lenders Mortgage Insurance, this additional cost can help you get your home loan with a smaller deposit.
Split the cost of a home with family or friends, while keeping individual control of your finances. Available for most home loans.
A family member can help you secure a home loan by mortgaging their own property as additional security.
You may be able to buy your first home sooner with a smaller deposit.
Call us on 13 2224 8am to 8pm (Sydney/Melbourne time), any day.
Book a time that suits you to speak to one of our expert lenders.
Our Mobile Lenders will meet you at a time and place that suits you.
Our Home Lending Specialists can be found at more than 950 branches across Australia.
