Lenders Mortgage Insurance or LMI is one of those home-buying costs that surprises people when they first see it. In simple terms: LMI is an insurance premium the lender takes out to protect itself if a borrower with a small deposit can’t meet repayments and the sale of the property does not cover the outstanding loan.

Choosing the right home loan is a significant decision in your home-buying journey. With various loan types, interest rates, and lenders to consider, it's essential to make an informed choice that aligns with your financial situation and long-term goals.