Smarter loan structure
Remove Lender's Mortgage Insurance
Below 80% LVR? Ditch LMI.
Lenders Mortgage Insurance is a one-off cost that only benefits the lender. If your property has grown in value (or you've paid the loan down) so that your LVR is now comfortably below 80%, refinancing can put you into products with sharper rates and no further LMI drag.
Things to consider
- LMI paid at purchase is typically non-refundable when you refinance — it's about avoiding future LMI, not clawing back past LMI.
- A lender's valuation drives the LVR — not your Realestate.com.au estimate. A conservative valuation can leave you still above 80%.
- Under-80% LVR often unlocks a meaningfully sharper rate — compare the total cost, not just the switch fee.
- Some lenders will match a competitor's LMI-free rate if you ask — repricing before switching is worth trying.
Related equity uses
Three more ways homeowners commonly put usable equity to work.
Explore whether remove lender's mortgage insurance could work for you — complimentary, no obligation.
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