No LMI up to 90% LVR

Buy or refinance with just a 10% deposit plus upfront costs and pay a higher interest rate instead of Lenders Mortgage Insurance (LMI).

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Live-in: 6.64% p.a. variable rate, 6.55% p.a. comparison rate*

6.64% per annum variable rate

Variable rate^

6.55% per annum comparison rate

Comparison rate*

^Incl 0.01% p.a. loyalty discount to the applicable variable rate in year 1. For new loans, up to 90% LVR.

  • Canstar Outstanding Value Variable Home Lender 2023-2026
  • Money Magazine Best-value flexible home loan 2025
  • Finder awards 2025 Value Home loan

What is LMI and how can I not pay it?

LMI is an insurance premium that protects the lender, not you, if you can’t repay your loan. With Unloan you won’t pay LMI, meaning you could pay less upfront and reduce the total amount you borrow, but you’ll pay a higher interest rate.

How does LMI work?

LMI is a one-off insurance premium usually charged above an 80% Loan to Value ratio (LVR). Meaning you’d usually need at least a 20% deposit or equity to avoid paying LMI.

Not paying LMI between 80 to 90% LVR removes this upfront cost and reduces the total amount you borrow.

How much does LMI cost?

LMI costs can vary but it’s calculated based on your loan size. So the bigger the loan, the higher the premium. Typically lenders will add it to your loan balance, meaning you also pay interest on it over the life of the loan.

As an example, on a $695,000 loan over a 30-year term at 6.0% p.a., a $10,000 LMI premium capitalised onto the loan could cost you an extra $11,500 in interest. That makes the true cost closer to $21,500.

Unloan character holding a sign reading “with no LMI”

How does a higher rate compare with LMI?

Both a higher rate and LMI have a cost. Which one works out better depends on the interest rates, total LMI cost and how long you think you’ll hold the loan.

Here’s how you can compare options.

Paying Lenders Mortgage Insurance compared with a higher interest rate up to 90% LVR
With LMIUp to 90% LVR with no LMI but a higher rate
Extra cost when you settleOne-off premium paid upfront, or capitalised onto the loanNone
Ongoing costIf the premium was capitalised into the loan, interest on the premium otherwise noneHigher interest rate for as long as you remain on this loan and rate
If you refinance earlyPremium is already spent or is part of the loan that you refinanceYou only paid the higher rate for the years you held the loan
If you sell in a few yearsPremium is already spentYou only paid the higher rate for the years you held the loan

Also consider any other fees or upfront costs, what features you’ll get and how long you think it’d take you to save for a 20% deposit. With Unloan we won’t charge you any fees plus you’ll get features like unlimited free redraw and a loyalty discount to help you save on interest. Eligibility criteria and income type restrictions apply when borrowing above 80% LVR.

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Crunch the numbers

6.05% p.a. comparison rate*
$
% p.a.
Example rate only. Enter your current interest rate.

Estimated savings based on your inputs

$45,597

Variable rate

6.14 % p.a.

Comparison rate*

6.05 % p.a.

Over the life of your 30 year loan, based on the current variable rate, including a loyalty discount that increases by 0.01% p.a. each year up to a maximum of 0.30% p.a. in year 30. Assumes variable rates remain unchanged over the selected loan term, except for the Unloan loyalty discount increasing by 0.01% p.a. each year (up to a maximum of 0.30% p.a.). Variable rates may change.

Estimated loan breakdown

Minimum monthly repayments

Current
$3,437
Unloan
$3,347

Unloan repayments include a 0.01% p.a. loyalty discount in year 1, increasing to 0.30% p.a. loyalty discount in year 30.

Total loan repayments

Current
$1,237,206
Unloan
$1,191,609

Principal and interest repayments over the life of your loan.

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Buying with a 10% deposit and no LMI

Whether you are a first home buyer or looking at your next property you can buy with Unloan with just a 10% deposit and pay no LMI. You can check your borrowing power or learn more about what buying with a 10% deposit is like.

Learn more about deposits, LMI and LVR

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In case you missed anything

You can get a home loan at 90% LVR without paying lenders mortgage insurance (LMI), but you’ll need to either choose a lender that offers this, use a guarantor or a government scheme. At Unloan, we don’t charge LMI for loans up to 90% LVR (without the need for government schemes or guarantors) but a higher interest rate applies. Eligibility criteria and income type restrictions apply.

You don’t need a 20% deposit to avoid LMI. Most lenders charge LMI when your LVR is above 80%, but there are several options that let you avoid the premium with a smaller deposit.

There are 4 main paths to avoid LMI with a smaller deposit:

  • 90% LVR and no LMI policies: At Unloan we don’t charge LMI above 80% LVR at all. Instead of a one-off premium, a higher interest rate applies.
  • Professional waivers: Many lenders waive LMI for doctors, dentists, lawyers, accountants, and engineers at up to 90% or 95% LVR.
  • Government schemes: The Australian Government 5% Deposit Scheme lets eligible first home buyers borrow with a 5% deposit without paying LMI, subject to eligibility criteria.
  • Guarantor loans: A family member guarantees part of the loan, which removes the LMI requirement entirely.

Please note that Unloan doesn’t support government schemes, guarantor loans or offer LMI waivers for certain professions.

With Unloan you can refinance at 90% LVR and not pay LMI, but you will pay a higher rate. If your current loan balance is 90% or less of your property’s value, some lenders, including Unloan may let you refinance without requiring LMI.

This matters most if your property value has not grown much since you purchased, or if you have not yet paid your loan down much. In those cases, your LVR may still sit above 80% after switching lenders. Choosing a lender like Unloan with a no LMI 90% policy can help you avoid LMI on the refinance. Eligibility criteria and income type restrictions apply.

First home buyers can access 90% LVR and no LMI loans with Unloan, without needing a government scheme or a guarantor, but you will pay a higher rate. Eligibility criteria and income restrictions apply.

If you’re a first home buyer, you can also use the Australian Government 5% Deposit Scheme, which allows a 5% deposit without LMI through a government guarantee. There are no income caps for this scheme, but eligibility criteria and property price caps apply.

Please note that Unloan doesn’t participate in the Australian Government 5% Deposit Scheme, shared equity or other government-supported home buyer assistance schemes.

No LMI doesn’t make the loan riskier for you compared to having LMI at 90% LVR. LMI protects the lender, not you, if you default. Waiving LMI simply means you are not paying that premium, but you will pay a higher rate.

Borrowing more money, such as with a 90% LVR loan does mean that your repayments and interest charged over the loan will be higher than if you borrowed less. Your overall obligations as a borrower, making repayments on time, remain the same regardless of whether LMI applies.

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General

Calculations are estimates provided as a guide only. They are calculated based on our current advertised variable rate, and assume this rate continues for the life of the loan. Interest rates may change at any time. Your actual repayments and savings will change if our variable reference rates change.

Should you take out a home loan with Unloan, discounts applied during the life of the loan will be applied to the relevant reference rate at that time.

Fees and charges are payable. The calculations do not take into account fees, charges or other amounts that may be charged to your loan (such as stamp duty or government fees). Any of these additional amounts may impact how much you can borrow and will increase repayments under the loan.

Calculations are not a loan approval. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Full terms and conditions will be set out in our loan offer, if an offer is made.

*Comparison rate is calculated on a $150,000 secured loan over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

^Rate shown is for up to 80% LVR and principal and interest repayments. All rates are for new loans only and may differ for existing loans. Rates shown are inclusive of a 0.01% p.a. loyalty discount off our variable reference rate. On each anniversary of your loan’s settlement date, you will receive an additional discount of 0.01% per annum on your current variable rate, up to a maximum discount of 0.30% per annum in year 30. The loyalty discount is applied to your variable rate at the relevant time, and this rate may increase or decrease over your loan term. For more information view our rates and features.

Borrowing power calculator

The Borrowing Power calculations are intended as a guide only and are estimates based on the information you input. For loans with a Loan-to-Value ratio (LVR) between 80.01% and 90%, a higher interest rate applies. In some cases, depending on the property’s location or type, we may only be able to lend you up to 70% of the property’s value.

Stamp duty calculator

The Upfront Costs are intended as a guide only and are an estimate based on the information you input. The calculations do not constitute an offer of credit or quote. Stamp duty exemptions/concessions may have been applied based on information provided. You should check with your solicitor, conveyancer or revenue office to confirm you are eligible. Upfront costs may be payable before, on or after settlement and some costs may be able to be financed. To find out more about your upfront costs you should speak to us. Other fees and charges may also apply.

Depending on the size of your deposit, security, applicant and loan attributes a higher interest rate may apply. Where this higher interest rate is shown is indicative only.