Lenders' Mortgage Insurance
Creating more opportunities for home ownership in Australia.
Why QBE for LMI?
QBE LMI has helped borrowers realise their property goals for over 50 years. By working closely with our lenders since 1965, we’ve helped home buyers get on the housing ladder sooner.
What is LMI?
In Australia, lenders’ mortgage insurance (LMI) is a type of insurance that protects lenders in the event that a borrower defaults on their home loan and the proceeds from the sale of the property are not sufficient to cover the outstanding mortgage balance.
LMI is typically required by lenders when a borrower has a deposit of less than 20% of the property’s purchase price. It’s important to note that LMI primarily protects the lender, not the borrower, even though the borrower pays the premium for the insurance.
While LMI primarily protects the lender, it also offers significant benefits to borrowers. It allows them to secure home loans sooner, even without the typical 20% deposit, helping them break the rental cycle.
Tools and resources
We offer online tools, including our downloadable forms, to help lenders simplify the application process and make working with us easier. Access our online portal, LMI Connect®, and learn about mortgage insurance for securitisation trusts.
Clean energy LMI discount
Clean energy home loans are becoming more popular as households increasingly make energy-saving choices.
Homes that have a Bank Australia Clean Energy Home Loan qualify for a clean energy LMI discount of 5% on their LMI premium.1
Credit reporting
Credit checks are essential when buying a home because they provide an insight into your financial history and ability to manage debt.
As part of the home loan application process, your lender and QBE may seek a credit check. It helps assess the risk of lending you money for a mortgage, determining whether you’re likely to make timely payments.
You might also be interested in…
How LMI can be used for investment properties
Discover how lenders’ mortgage insurance can be used as a tool for property investors to grow their portfolio.
Lenders’ mortgage insurance (LMI) – everything you need to know
Lenders’ mortgage insurance (LMI) provides security to a lender, for home loans issued with less than 20% deposit.
Four lenders’ mortgage insurance myths exposed
Lenders’ mortgage insurance protects the lender, so how can it help borrowers buy a home? We dispel the myths and explain how LMI works.
1 That meet Bank Australia and QBE LMI’s eligibility criteria. Subject to QBE LMI approval and minimum LMI premiums.