Comparing LMI rates can save you thousands of dollars!
The table below shows the Lenders Mortgage Insurance (LMI) premium rates offered by one of our lenders for both full doc (normal loans) and low doc loans.
| LVR | Up to $300K | $300,001K – $500K | $500.001K – $600K | $600,001K – $750K | $750,001 – $1M |
|---|---|---|---|---|---|
| 80.01 – 81% | 0.475% | 0.568% | 0.904% | 0.904% | 0.913% |
| 81.01 – 82% | 0.485% | 0.568% | 0.904% | 0.904% | 0.913% |
| 82.01 – 83% | 0.596% | 0.699% | 0.932% | 1.090% | 1.109% |
| 83.01 – 84% | 0.662% | 0.829% | 0.960% | 1.090% | 1.146% |
| 84.01 – 85% | 0.727% | 0.969% | 1.165% | 1.333% | 1.407% |
| 85.01 – 86% | 0.876% | 1.081% | 1.258% | 1.407% | 1.463% |
| 86.01 – 87% | 0.932% | 1.146% | 1.407% | 1.631% | 1.733% |
| 87.01 – 88% | 1.062% | 1.305% | 1.463% | 1.631% | 1.752% |
| 88.01 – 89% | 1.295% | 1.621% | 1.948% | 2.218% | 2.395% |
| 89.01 – 90% | 1.463% | 1.873% | 2.180% | 2.367% | 2.516% |
| 90.01 – 91% | 2.013% | 2.618% | 3.513% | 3.783% | 3.820% |
| 91.01 – 92% | 2.013% | 2.674% | 3.569% | 3.867% | 3.932% |
| 92.01 – 93% | 2.330% | 3.028% | 3.802% | 4.081% | 4.156% |
| 93.01 – 94% | 2.376% | 3.028% | 3.802% | 4.286% | 4.324% |
| 94.01 – 95% | 2.609% | 3.345% | 3.998% | 4.613% | 4.603% |
Low doc LMI premium rates
| LVR | Up to $300K | $300,001K – $500K | $500.001K – $600K | $600,001K – $750K | $750,001 – $1M |
|---|---|---|---|---|---|
| 60 – 70% | 0.438% | 0.615% | 1.146% | 1.146% | 1.174% |
| 70.01 – 80% | 0.680% | 0.997% | 1.817% | 1.817% | 2.292% |
Stamp duty on the LMI premium
Depending on the state in which your property is located, you may also have stamp duty added to your premium.
- NSW: 9.0% of the premium
- VIC: 10.0% of the premium
- QLD: 9.0% of the premium
- SA: 11.0% of the premium
- WA: 10.0% of the premium
- ACT: 6% of the premium (abolished)
- NT: 10.0% of the premium
- TAS: 10.0% of the premium
This is not the same as the stamp duty charged on the purchase of a property.
How to use these tables
These tables are the premium tables used by one of our lenders.
They are an example only as LMI premiums vary between lenders and mortgage insurers.
- If you’re applying for a normal loan use the first table. If you’re applying for a low doc loan then use the second table.
- Work out what percentage of the property value you’re borrowing, known as the Loan to Value Ratio (LVR). For example, if you were borrowing $90,000 secured by a property worth $100,000 then your LVR is 90%.
- Use the table to find the applicable LMI rate for your LVR (listed on the left-hand side of the table) and loan amount (listed at the top of the table).
- To calculate your LMI premium just multiply your LMI rate by your loan amount. For example $90,000 x 1.463% = $1,316.70.
- Then add the stamp duty on LMI that is applicable for the state that the property is in. For example, $1,316.70 + $118.50 (9% in NSW) = $1,435.20.
- The Reduced Input Tax Credit (RITC) has not been taken into account because the effect is less than 10% of the premium.
