LMI Calculator FY2026-27
This calculator estimates Lenders Mortgage Insurance (LMI) — the upfront premium, your loan-to-value ratio (LVR), and the effective rate on your loan — from your property value and deposit, using Helia's own published indicative premium rates.
LMI is a one-off insurance premium most lenders require when your deposit is below 20% of the property's value (an LVR above 80%). It protects the LENDER, not you, against the risk of you defaulting — but it's charged to you, the borrower, either upfront or capitalised into your loan.
Premiums below are Helia's published indicative rates as at 2026-07-11. Your own lender may use Helia, a different insurer such as QBE, or self-insure — your actual premium may differ. This is general information, not a quote.
Estimate your LMI premium
Loan amount $540,000 — 90% LVR.
No LMI needed — a deposit of 20% or more (80% LVR or below) doesn't typically require Lenders Mortgage Insurance at all.
Outside Helia's insurable range. A deposit this small (LVR above 95%) is outside the scenarios Helia's own estimator will quote — speak to your lender or a mortgage broker about your options.
This is general information, not financial advice, and is not intended to be relied on for making decisions about a financial product. Consider advice from a licensed financial adviser or mortgage broker — and your lender's formal quote — before making any financial decisions.
Estimates for general information — not financial or tax advice. Method, rates and sources are published below.
LMI premium by deposit size, on a $600,000 property
The smaller the deposit, the higher the LVR, and the more steeply LMI is priced — figures below are computed from the engine above, on a fixed $600,000 property.
| Deposit | Loan amount | LVR | Estimated LMI premium |
|---|---|---|---|
| 19% ($114,000) | $486,000 | 81% | $2,536 |
| 15% ($90,000) | $510,000 | 85% | $5,323 |
| 10% ($60,000) | $540,000 | 90% | $9,862 |
| 5% ($30,000) | $570,000 | 95% | $16,837 |
How this is calculated
Helia (one of Australia's main LMI insurers) publishes no static rate-card table — its own LMI fee estimator is an interactive tool. This calculator's rate table is a full capture of that tool's own live output: the premium rate (as a percentage of your loan amount) for every whole-percentage-point LVR from 81% to 95%, crossed with four loan-size bands, holding the scenario to an owner-occupier who isn't a first home buyer on a loan of up to 30 years — Helia's own modal case. Your exact LVR is rounded UP to the next whole percentage point for the lookup (e.g. 82.4% is priced as 83%) — a deliberately conservative choice: Helia's true bands can sit at finer resolution than whole percentage points, so rounding up never understates the premium, even if it can occasionally overstate it slightly.
| LVR | $300,000 or less | $300,001 - $600,000 | $600,001 - $1,000,000 | Over $1,000,000 |
|---|---|---|---|---|
| Up to 81% | 0.4% | 0.5% | 0.8% | 0.9% |
| Up to 85% | 0.8% | 1% | 1.2% | 1.3% |
| Up to 90% | 1.4% | 1.8% | 2.3% | 2.6% |
| Up to 95% | 2.3% | 3% | 4% | 4.4% |
The premium is a straight percentage of your LOAN amount (not the property value) — e.g. a 90% LVR loan in the $300,001 - $600,000 band prices at 1.8%, so a $540,000 loan at that LVR costs roughly $9,862. Helia's own copy states the premium "can either be paid upfront or capitalised into the loan" — this page shows the upfront figure only (see the FAQs above for what capitalising it means).
Sources
- MoneySmart — Lenders mortgage insurance (LMI) glossary entry (what LMI is, who it protects, the 80% LVR threshold) — verified 2026-07-11
- Helia — LMI fee estimator (this page's rate table is a full capture of this tool's own live output) — verified 2026-07-11
Assumptions used here follow the same general approach as ASIC's MoneySmart calculators and may not reflect every personal circumstance — see "What this doesn't model" for specifics.
What this doesn't model
- First home buyer discount. Helia's own estimator applies a meaningfully lower premium for first home buyers — checked at one point (a $450,000 loan at 90% LVR), the first-home-buyer premium was about 10% lower than the standard figure this calculator shows. This calculator always assumes a non-first-home-buyer.
- Investment property loading. The same check found an investment-property premium about 10% HIGHER than the owner-occupier figure this calculator shows, for an identical loan and LVR. This calculator always assumes an owner-occupied property.
- Loan terms beyond 30 years. A longer loan term raises the premium — checked at one point, a 35-year term priced about 3% higher and a 40-year term about 6% higher than the "up to 30 years" figure this calculator uses throughout.
- A minimum premium on small loans. For a loan under roughly $250,000 in the cheapest ($300,000 or less) band, Helia's estimator appears to charge a flat minimum premium (around $1,100, found identical at two very different LVRs) rather than this table's proportional rate — this calculator does not model that floor, so its estimate for a small loan in that band can UNDERSTATE Helia's real premium.
- Stamp duty on the LMI premium itself. Helia's own results explicitly label the premium figure "excluding stamp duty" — several states charge duty on the LMI premium (in addition to, and separate from, transfer duty on the property itself), and this varies by state. This calculator doesn't add that duty; the figure it shows is the premium only.
- Other insurers and lender-specific rates. Some lenders use a different insurer (such as QBE) with its own rate table, self-insure certain loans without LMI at all, or negotiate their own rates — none of that is reflected here.
- Profession waivers and family guarantees. Some lenders waive LMI up to a higher LVR for certain professions, or let a family member's equity substitute for an LMI premium via a family guarantee — neither is modelled; both depend on your specific lender's own policy, not a published rate table.
If any of these apply to you, the premium you're actually quoted will differ from the figures above.
Frequently asked questions
How much is LMI on a $600,000 property with a 10% deposit?
On a $600,000 property with a $60,000 deposit (a $540,000 loan, 90% LVR), Helia's own published rates put the estimated upfront LMI premium at $9,862 — an effective rate of 1.8% of the loan amount. Put down a 15% deposit instead (85% LVR) and it drops sharply; put down less than 5% and Helia's own estimator won't quote a premium at all — see the next question for why LVR matters so much.
What is LVR and why does it move the premium so much?
LVR (loan-to-value ratio) is your loan amount as a percentage of the property's value — a $540,000 loan on a $600,000 property is 90% LVR. LMI exists to protect the LENDER (not you) against the risk of you defaulting with a small deposit, so insurers price it steeply against LVR: the higher the LVR, the more of the property's value the lender stands to lose if it has to repossess and sell, so the premium rate climbs fast as your deposit shrinks — Helia's own published rates on this page roughly quadruple between an 81% and a 95% LVR on the same loan size.
Can I avoid LMI altogether?
The most direct way is a deposit of 20% or more (80% LVR or below), which is why this calculator doesn't price anything at or under that threshold. Below 20% deposit, some borrowers avoid LMI through a family guarantee (a family member offers equity in their own property as additional security instead of you paying an LMI premium) or, for certain professions some lenders treat as lower-risk (e.g. some medical or legal professionals), a lender-specific LMI waiver up to a higher LVR than usual. Neither is modelled on this page — both depend on your specific lender's own policy, not a published rate table, so speak to your lender or a mortgage broker about whether you qualify.
Can I add LMI to my loan instead of paying it upfront?
Usually, yes — Helia's own guidance states LMI "can either be paid upfront or capitalised into the loan". Capitalising it means the premium is added to your loan balance and repaid (with interest) over the life of the loan, rather than paid as a lump sum at settlement, which is more convenient but costs more in total once you count the extra interest. This calculator shows the upfront premium figure only — it doesn't model the extra interest cost of capitalising it; the offset account and negative gearing calculators' amortisation engine could be adapted to that comparison if you want to work it out for your own loan and rate.
Why might my lender's LMI quote differ from this estimate?
This calculator uses Helia's own published premium-rate table, but Helia is only one of Australia's LMI insurers — your lender might use a different insurer (such as QBE) with its own rate table, or self-insure some loans without LMI at all. Even with Helia, the actual premium considers factors this estimator doesn't, including whether you're a first home buyer (Helia's own tool applies a discount), an investor (a loading applies), your loan term, and details only revealed at formal application. This page's figure also excludes state stamp duty that may apply to the LMI premium itself, which some states charge on top — see "What this doesn't model" below.