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Lenders Mortgage Insurance (LMI) Calculator

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What is LMI?

Lenders Mortgage Insurance, or LMI is a once-off payment that a borrower can make to increase the amount they are able to borrow from a lender. It acts as a guarantee (or insurance) to lenders that you will be able to pay back the full amount of what you are lending.

In most cases lenders require a 20% deposit of the value of the property, however with LMI you are able to lend up to 90% of the property value- this means you can start off with a smaller deposit.

So for example, if you wanted to purchase a property worth $500,000, you would be required to have a deposit of $100,000. With LMI you can usually lend up to 95% of the property value, depending on your bank. The benefit LMI is that it allows you to borrow more from your lender, the downside is that you usually end up paying extra on top of the life of your loan.

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