Mortgage Home LoanCalculator

LMI and upfront costs calculator

Work out your deposit, loan-to-value ratio, lenders mortgage insurance, stamp duty and the total cash you need to buy a home.

Rates last checked . See how we calculate.

$
$
I am buying as
Property type
$
$
$

Transfer and mortgage registration. Varies a lot by state and price, so check your state land registry.

Cash you need upfront

-

Deposit
-
Stamp duty
-
Fees and inspections
-
LMI estimate
-
Loan-to-value ratio (LVR)
-
Total loan amount
-

LMI is an indicative estimate. Insurers and lenders price it differently, so ask your lender for a quote.

Quick answer: buying a $750,000 established home in NSW with a 10% deposit, you need about $106,500 in cash: the $75,000 deposit, $27,937 in stamp duty and around $3,600 in fees. Lenders mortgage insurance (LMI) of roughly $14,000 is usually added to the loan. An eligible first home buyer using the 5% Deposit Scheme needs about $41,100 and pays no LMI or stamp duty at that price.

What is lenders mortgage insurance?

LMI is a one-off insurance premium most lenders charge when you borrow more than 80% of a property's value. It protects the lender, not you, if the property has to be sold for less than the loan. You can usually pay it upfront or add it to the loan.

Indicative LMI by deposit size

Deposit on $750,000 LVR Estimated LMI
$150,000 (20%) 80% $0
$112,500 (15%) 85% $6,949
$75,000 (10%) 90% $13,979
$37,500 (5%) 95% $27,182
Our indicative estimates for NSW, including 9% insurance stamp duty. Actual premiums vary by lender, insurer, loan type and borrower profile.

LMI rises steeply as your deposit falls, because both the loan and the premium rate go up. Moving from a 5% to a 10% deposit in this example roughly halves the premium.

How to avoid paying LMI

  • Save a 20% deposit. At 80% LVR or below, standard loans do not need LMI.
  • Use the 5% Deposit Scheme. Eligible first home buyers can buy with a 5% deposit and no LMI, because the government guarantees up to 15% of the loan. Since 1 October 2025 there is no income cap and no limit on places, though property price caps apply by location.
  • Use a family guarantee. A parent can use equity in their home as extra security for part of your loan.
  • Check professional waivers. Some lenders waive LMI up to 85% or 90% LVR for doctors, lawyers, accountants and other eligible professions.

The full list of upfront costs

  1. Deposit. Usually 5% to 20% of the price.
  2. Stamp duty. Often the biggest cost after the deposit. See the stamp duty calculator.
  3. Government registration fees. To register the transfer and the mortgage. In some states these are based on the price and run to over a thousand dollars.
  4. Conveyancing or legal fees. Typically $1,500 to $3,000.
  5. Building and pest inspections. Around $400 to $800.
  6. LMI, if you borrow more than 80% and are not using a guarantee scheme.
  7. Your first repayments. Check the ongoing cost with the mortgage repayment calculator, and how much a lender will approve with the borrowing power calculator.
  8. Moving and setup. Removalists, connections and insurance, which this calculator leaves out.

Frequently asked questions

How much is LMI on a 10% deposit?

On a $750,000 purchase in NSW, our indicative estimate is about $14,000 including stamp duty on the premium. Ask your lender for an exact quote, as premiums vary between insurers.

Is LMI refundable if I sell or refinance?

Generally no. Some policies offer a small partial refund if the loan is repaid within the first year or two, but LMI does not transfer to a new lender when you refinance.

Can I add LMI to my home loan?

Most lenders let you add it, but it increases your loan and the interest you pay over time. Most lenders cap the total, including LMI, at around 95% of the property's value.

Who is eligible for the 5% Deposit Scheme?

Australian citizens and permanent residents buying their first home to live in, below the property price cap for the area, with at least a 5% deposit. There is no income test since 1 October 2025. Check current caps with Housing Australia.

Do I pay stamp duty on LMI?

Yes, in most states. Insurance duty of roughly 9% to 11% applies to the premium, except in the ACT. Our estimate includes it.

Sources

  • Housing Australia, 5% Deposit Scheme (First Home Guarantee) eligibility and property price caps
  • State revenue offices, transfer duty and insurance duty rates
  • Our calculation methods