Frequently Asked Questions

LMI is capitalised into the mortgage. This means it's added to or 'bundled' into the loan amount. The advantage of this is that you do not have to cover it immediately. Many lenders will let you borrow 90% or 95%, including the LMI.

If you have an adequate deposit to cover the purchase you are looking for, and you are borrowing within your Borrowing Power, you will have a very good chance of borrowing the amount listed in the calculator. To give yourself the best chance, remember to complete the Borrowing Power calculator in full and ensure you have filled in each expense, debt repayment, and income type into the calculator.

No, additional items need to be considered. Important things such as your income and your deposit or equity position, which can affect your overall borrowing position should be calculated to give you an overall buying position.

The results from this calculator are a general and approximate guide only and do not provide you with personal advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

Your next step in getting a better handle on your position should be to build a borrower profile at YouBroker, so we can help you further and then personalise these LMI results to you.

The LMI premium is paid at settlement to the LMI insurer. This is done automatically at settlement. The main ones used in Australia are QBE Insurance and Genworth. A bank or lender will typically use one of these two companies.

Yes. You will need to insure the building (property) itself with building insurance. This is often referred to as home and contents insurance. If you are buying as an investment property, its wise to consider landlord insurance also.