What is LMI?
Lenders Mortgage Insurance is insurance the borrower pays to protect the lender (not the borrower) when the deposit is under 20% of the purchase price. If you default, LMI covers the lender's loss — but you're still legally liable.
Why it matters for you
LMI can range from $5,000 to $45,000+ depending on loan size and LVR. Under Wity's medico policy, qualifying medical and allied health professionals can borrow up to 90% LVR with no LMI — saving $15K–$45K on a typical purchase. Non-medicos can sometimes access First Home Guarantee to achieve similar outcomes.
Last updated: April 2026