Lenders Mortgage Insurance Calculator (Australia)
Lenders Mortgage Insurance Calculator (Australia): a planned Super Calculator tool. Stub page: the tool, its formula and a worked example are not published yet.
Lenders Mortgage Insurance Calculator (Australia) is a planned calculator in the real estate section of Super Calculator, covering country mortgage regimes.
What this calculator will compute
Inputs: property value (AUD), loan amount (AUD), LVR (%), state and first home buyer guarantee eligible (yes or no).
Outputs: LMI premium (AUD), capitalized loan amount (AUD), interest cost of capitalizing over the term (AUD) and deposit needed to avoid LMI (AUD).
Formula, recorded as scope and not yet verified against a primary source: LMI is a one-off premium charged when the loan-to-value ratio exceeds 80%, priced from a matrix of LVR band by loan size, commonly capitalized into the loan so the borrower pays interest on it. Stamp duty on the LMI premium applies in some states. It insures the lender, not the borrower.
Status
This page is a stub. The calculator is not built, no figure on this page has been verified against the authority that sets it, and nothing here should be used to make a decision. The page exists so that the site structure is complete and so that articles can link this concept on first mention.
The stub carries noindex, nofollow and is excluded from the sitemap.