LMI Calculator for Construction Loans

Lenders Mortgage Insurance protects the lender (not you) if you default. It's required when your LVR exceeds 80%. For construction, property value = land + build cost. The premium is typically capitalised into your loan.

Project Details

For construction: property value = land + build cost

$800,000
$680,000
Deposit: $120,000 (15%)Max 95% LVR

LMI waivers for construction borrowers

Several categories of borrowers can get LMI waived, even above 80% LVR:

  • Healthcare professionals — doctors, nurses, dentists, pharmacists (most major lenders)
  • Legal professionals — solicitors, barristers (selected lenders)
  • Accountants — CPA/CA qualified (selected lenders)
  • High-income earners — some lenders waive at 90% LVR for income above $250,000
  • First Home Guarantee (FHBG) — Government scheme allowing 5% deposit without LMI for eligible first home buyers (income caps apply)
  • Family Home Guarantee — 2% deposit without LMI for single parents

Who provides LMI?

Australia has two main LMI insurers: Helia (formerly Genworth) and QBE LMI. Each lender contracts with one insurer. Premiums are broadly similar but can vary by 10–20%. You pay the LMI premium once — if you refinance to a new lender, a new LMI policy is usually required.

Related calculators

LVR CalculatorTotal Cost of BuildingBorrowing Power

LMI premium estimates based on approximate Helia premium schedules. Actual premiums depend on lender, LMI insurer, state and individual circumstances. Verify with your lender. Government guarantee schemes subject to eligibility criteria and availability.