20.0% of property price
Monthly Repayment
$3,709.93
Fortnightly Repayment
$1,712.27
LVR
Loan Amount
$600,000.00
LMI protects the lender (not you) if you cannot repay your loan. It is usually needed when your deposit is less than 20% of the property price, meaning your LVR is above 80%. LMI can cost thousands of dollars and is typically added to your loan balance. To avoid it, save a deposit of at least 20%.
A fixed rate locks in your repayments for a set period (usually 1-5 years), so you know exactly what you will pay. A variable rate can go up or down with the market. Fixed rates give certainty, but variable rates often have more features like extra repayments and offset accounts. Many borrowers split their loan to get the benefits of both.
A 20% deposit is ideal because it avoids LMI and gives you more loan options. For a $750,000 property, that means $150,000. Some lenders accept deposits as low as 5%, but you will pay more in LMI and have higher repayments. First home buyers may qualify for government schemes that allow a smaller deposit without paying LMI.
Note: LMI estimates are approximate. Actual LMI depends on your lender, loan amount, LVR, and whether you are a first home buyer. Contact your lender for an exact quote.
Disclaimer: This calculator provides estimates based on current ATO rates and thresholds for the 2024–25 financial year. It does not constitute professional tax, financial, or legal advice. Your actual liability may differ depending on your individual circumstances. Always consult a qualified tax agent before making financial decisions. Read our terms
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