LMI Calculator — Victoria (VIC)
Calculate your Lenders Mortgage Insurance (LMI) cost for properties in Victoria. LMI applies when you borrow more than 80% of the property value. This calculator shows you exactly what you'll pay.
🏠 Victoria first home buyers: You may qualify for the First Home Owner Grant ($10,000) and stamp duty concessions. Use our Stamp Duty Calculator to see your savings.
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How LMI works in Victoria
Lenders Mortgage Insurance (LMI) protects the lender (not you) if you default on your loan. In Victoria, LMI is charged when you borrow more than 80% of the property value.
Victoria-specific considerations
- First Home Owner Grant: $10,000 for new homes or substantially renovated properties
- Stamp duty concessions: VIC offers duty exemptions for first home buyers (properties up to $600k)
- First Home Loan Deposit Scheme: Buy with 5% deposit and no LMI (limited spots)
- Average property price (Melbourne): ~$880,000 (March 2026)
How much is LMI in Victoria?
LMI costs depend on your deposit size and loan amount:
- 5% deposit: $15,000-$30,000+ LMI
- 10% deposit: $8,000-$15,000 LMI
- 15% deposit: $3,000-$8,000 LMI
- 20% deposit: $0 LMI
How to avoid LMI in Victoria
- Save a 20% deposit — No LMI if you borrow 80% or less
- First Home Loan Deposit Scheme — Buy with 5% deposit, no LMI (government-backed)
- Family guarantee — Parents use their property as security
- Professional LMI waivers — Doctors, lawyers, accountants may qualify