- At least 18 years of age.
- A permanent resident of Australia.
- Applying for yourself or as a married/de facto couple.
- Buying an existing property or refinancing.
This is a one-off insurance payment which protects your mortgage lender if you default on the loan. LMI is commonly paid when borrowers have less than a 20% deposit.
The amount paid can vary depending on the lender, the loan amount and your deposit size. Most lenders let you to choose to pay LMI upfront or add this to your loan amount and include it in your repayments.