LMI Calculator
Check postcode restrictions, see the maximum LVR and loan limits from QBE and Helia side by side, and get an instant LMI premium estimate — before you lodge.
Disclaimer: LMI premium estimates are approximate based on indicative rate tables and may vary. Actual premiums depend on lender, borrower profile, and LMI provider. QBE data: Location Guide (Dec 2025). Helia data: Underwriting Standards (Jan 2026). Always verify with the LMI provider before submitting a proposal.
What Is Lenders Mortgage Insurance?
Lenders Mortgage Insurance (LMI) is a one-off insurance premium that protects the lender — not the borrower — if a home loan defaults and the sale of the property doesn’t cover the outstanding debt. Despite only protecting the lender, it’s the borrower who pays for it.
LMI is required whenever the Loan-to-Value Ratio (LVR) exceeds 80%. In practical terms, if your client has less than a 20% deposit, they’ll be paying LMI. And it’s not cheap. On a $700,000 property with a 10% deposit, LMI can run anywhere from $12,000 to $18,000 depending on the lender and the LMI provider.
In Australia, two companies underwrite the vast majority of lenders mortgage insurance: QBE Lenders’ Mortgage Insurance and Helia (formerly Genworth Financial). Most banks and non-bank lenders have panel arrangements with one or both. The critical thing to understand is that the amount they’ll insure — and the maximum LVR they’ll accept — changes based on the property’s postcode.
That’s what makes an LMI calculator with postcode lookup so important. A deal that works perfectly in one postcode can be flat-out declined in another, and the difference might only be one suburb over.
How Postcode Restrictions Affect LMI and Borrowing Limits
LMI providers assess risk at a location level. They look at how liquid the property market is, how many sales occur per year, the size of the population, the diversity of the local economy, and how volatile prices have been historically. Based on that assessment, every Australian postcode gets classified into a location category — and that category determines the maximum amount they’ll insure.
The difference between categories is significant. A property in QBE’s top tier — Metropolitan A — can be insured for up to $2.5 million at 95% LVR. Drop down to National (their lowest tier) and you’re capped at $650,000. Same borrower, same income, same credit history — but the postcode changes the entire deal.
This is why postcode restrictions are one of the first things experienced brokers check. You can run serviceability, pull credit files, structure the loan perfectly — but if the property’s postcode is in a restricted category, you’ll hit a wall at lodgement. Using an LMI postcode calculator before you go too far down the path saves hours of wasted work and awkward conversations with clients.
How this calculator helps: Enter any of Australia’s 3,100+ postcodes or start typing a suburb name. You’ll instantly see the QBE location category, dollar limits at 90% and 95% LVR, Helia’s product limits, and any special restrictions — all in one view, before you pick up the phone to the lender.
QBE LMI Location Categories Explained
QBE’s Location Guide is the reference document that classifies every Australian postcode into one of four categories: Metropolitan A, Metropolitan, Regional, and National. Each category has specific maximum loan amounts for both dwellings and vacant land, at 90% and 95% LVR.
In the broker world, these are commonly referred to as Cat 1, Cat 2, Cat 3, and Cat 4. Lender BDMs, credit teams, and brokers all use this shorthand daily — though individual lenders sometimes apply slightly different category mappings in their own systems (more on that below).
Metropolitan A
Prime capital city CBDs, inner-ring suburbs, and select high-demand coastal postcodes. Sydney Eastern Suburbs, Melbourne inner ring, Brisbane CBD, inner Perth, Canberra, select Gold Coast and Sunshine Coast areas.
Metropolitan
Broader capital city areas, outer suburbs, established satellite cities. Think Newcastle, Wollongong, Geelong, Gold Coast, Sunshine Coast outer, and the larger Darwin and Hobart areas.
Regional
Established regional centres with active property markets and reasonable sales volume. Ballarat, Bendigo, Wagga, Townsville, Cairns, Bundaberg, Launceston, and similar-sized towns.
National
Everything else. Remote, rural, very small towns, and any postcode not specifically listed. Assessed on application by QBE’s underwriting team. Lowest standard limits apply.
Maximum Loan Amounts by QBE Category
The table below shows QBE’s published maximum insurable loan amounts by category, LVR, and security type. These apply to standard residential purchases, construction, and refinances for both owner-occupied and investment properties.
| Category | Security | Max Loan at 90% LVR | Max Loan at 95% LVR |
|---|---|---|---|
| Metro A | Dwelling | $2,500,000 | $2,500,000 |
| Metro A | Vacant Land | $900,000 | $900,000 |
| Metro | Dwelling | $1,500,000 | $1,500,000 |
| Metro | Vacant Land | $800,000 | $800,000 |
| Regional | Dwelling | $1,000,000 | $1,000,000 |
| Regional | Vacant Land | $650,000 | Not available |
| National | Dwelling | $650,000 | $650,000 |
| National | Vacant Land | $350,000 | Not available |
Source: QBE LMI Location Guide, December 2025. Applications above these limits may be referred to QBE’s underwriting team for individual assessment.
QBE Postcode Restrictions You Need to Know About
Beyond the standard category limits, QBE applies two additional restriction layers that regularly trip up brokers who don’t check in advance:
High-Density Apartment Restrictions. In around 31 postcodes across Sydney, Parramatta, Melbourne CBD, Docklands, Southbank, Brisbane, Surfers Paradise, Adelaide, Perth, and Darwin, QBE caps the maximum LVR for new and off-the-plan apartments in high-density complexes at 90%. This applies even if the postcode is classified as Metropolitan A. It doesn’t affect established apartments or houses in those same postcodes — only new and OTP stock in high-density buildings.
lmiInvest™ Restricted Postcodes. In approximately 36 postcodes across Queensland, South Australia, and Western Australia — mostly mining and single-industry towns — QBE caps the maximum LVR for investment properties at just 70%. Owner-occupied purchases in these postcodes can still go up to the standard category limit, but investors need 30% deposit. This is a deal-killer for many investors looking at regional resource towns.
The calculator flags both of these automatically. If a yellow warning appears on the QBE result card, read it carefully before proceeding — it could mean the difference between a 95% approval and a 70% cap.
Helia LMI: Products, Limits, and How It Differs From QBE
Helia (rebranded from Genworth in 2023) takes a fundamentally different approach to QBE. Where QBE publishes hard dollar limits by postcode category, Helia assesses each LMI application on its individual merits — no published per-postcode dollar caps. Their main constraint is a maximum total exposure of $5,000,000 per borrower across all insured loans.
This difference matters in practice. If your client’s loan exceeds QBE’s published limit for their postcode, it doesn’t necessarily mean LMI is off the table — Helia may still have capacity. That’s why this calculator shows both providers side by side: so you can immediately see whether an alternative exists.
Helia offers three main products:
Standard LMI
The core product. Available to owner-occupiers and investors, including first home buyers. Max 40-year term. Genuine savings of 5% required above 90% LVR. Most lender panels use this.
Business Select
For self-employed borrowers without current financials. Max loan $1,000,000. Requires ABN active 2+ years and GST registration 12+ months. Fills a gap that QBE’s standard product doesn’t cover.
Family Pledge
Guarantor-backed with no deposit from the borrower. Max loan $750,000. Guarantee from parent, child, or sibling. Ideal for first home buyers with strong income but no savings.
Helia Single Industry Postcodes
Helia’s equivalent of QBE’s postcode restrictions is their single industry postcode list — around 57 postcodes across mining-dependent and resource towns in NSW, Queensland, South Australia, Western Australia, and Tasmania. In these postcodes, the maximum LVR (including capitalised LMI premium) is capped at 90% for all products and all borrower types.
The calculator automatically detects single industry postcodes and flags them with a warning on the Helia result card.
QBE vs Helia: Key Differences for Brokers
Understanding where the two providers diverge helps you structure deals more effectively and find solutions when one provider says no:
Dollar limits. QBE publishes hard caps by category. Helia doesn’t. For high-value loans in metro areas, Helia often provides more headroom.
Location classification. QBE uses four tiers (Metro A, Metro, Regional, National). Helia’s main location restriction is the single industry postcode list — a narrower concept focused specifically on economic concentration risk.
Product breadth. Helia’s Business Select and Family Pledge products serve borrower profiles that QBE’s standard product range doesn’t accommodate. If a self-employed client can’t provide financials, or a first home buyer has income but no deposit, Helia’s product suite may be the answer.
Broker tip: Always check both providers. A postcode restricted with QBE might be standard with Helia. A loan amount that exceeds QBE’s category limit might still be insurable through Helia on merit. That’s the whole point of seeing them side by side.
How Is LMI Calculated?
LMI premiums are determined by two primary factors: the Loan-to-Value Ratio (LVR) and the loan amount. The relationship isn’t linear — premiums increase steeply as LVR rises, especially above 90%.
To give you a rough sense of scale:
| LVR Band | $400K Loan | $600K Loan | $800K Loan |
|---|---|---|---|
| 80.01% – 85% | ~$3,800 | ~$6,300 | ~$9,200 |
| 85.01% – 90% | ~$7,600 | ~$10,900 | ~$16,000 |
| 90.01% – 95% | ~$12,400 | ~$22,500 | ~$32,800 |
Estimates based on approximate industry rate tables. Actual premiums vary by lender and LMI provider.
As you can see, the jump from 85% to 90% roughly doubles the premium, and from 90% to 95% it nearly triples. This is why even a small increase in deposit can make a big difference to the total cost — and it’s the most common conversation brokers have with clients who are weighing up whether to wait and save more or buy now with LMI.
How Is LMI Paid?
The borrower can pay LMI in two ways: as a lump sum upfront at settlement, or capitalised into the loan (added to the loan balance). When capitalised, the total LVR including the LMI premium cannot exceed 100%. Most borrowers choose to capitalise because it avoids a large upfront cash outlay, though they’ll pay interest on the LMI amount over the life of the loan.
On top of the base premium, most states charge stamp duty on the LMI premium itself — typically around 10%. This is a separate cost from the stamp duty on the property purchase, and it’s easy to overlook when quoting clients.
The LMI premium estimator built into the calculator above uses approximate rate tables across six LVR bands and seven loan tiers to give you a quick ballpark. It’s designed for early conversations — always use your lender’s actual premium calculator when providing formal quotes to clients.
How to Reduce or Avoid LMI
There are several strategies to reduce or eliminate LMI costs:
Save a 20% deposit. The simplest way — if LVR is at or below 80%, LMI isn’t required. Even getting from 90% to 85% LVR can halve the premium.
Professional LMI waivers. Many lenders waive LMI for borrowers in certain professions — typically doctors, dentists, specialists, lawyers, accountants, engineers, and some other qualified professionals. Waivers can apply for LVRs up to 90% or even 95% depending on the lender. This is a lender-level policy (not an LMI provider policy), so it won’t show in postcode-based tools.
First Home Buyer discounts. Both QBE (lmiFirst Home™) and Helia (First Home package) offer reduced LMI premiums for eligible first home buyers. The discount varies by lender arrangement but can be meaningful.
First Home Guarantee. The federal government’s First Home Guarantee (formerly First Home Loan Deposit Scheme) allows eligible FHBs to purchase with just 5% deposit and no LMI, with the government guaranteeing the difference. Check the National Housing Finance and Investment Corporation for current eligibility criteria and available places.
Use a guarantor. A family guarantee (using a parent’s or relative’s property as additional security) can eliminate or reduce LMI entirely. Helia’s Family Pledge product is specifically designed for this structure.
What Do Postcode Categories (Cat 1, Cat 2, Cat 3) Mean?
If you’ve been in broking for any time at all, you’ll have heard postcodes referred to as “Cat 1,” “Category 2,” or “Cat 3” — by BDMs, credit assessors, aggregator training, and other brokers. It’s universal industry shorthand, but there’s an important nuance to understand.
The Cat 1/2/3/4 numbering is not an official QBE or Helia designation. It’s a mapping system that each individual lender creates internally, translating the underlying LMI provider classifications into their own simplified numbering. The broad convention most lenders follow:
Cat 1
Maps to QBE’s Metropolitan A. Prime metro, highest limits, lowest risk.
Cat 2
Maps to QBE’s Metropolitan. Broader capital city and satellite areas.
Cat 3
Maps to QBE’s Regional. Established country towns with active markets.
Cat 4
Maps to QBE’s National. Remote, rural, or unclassified postcodes.
Don’t assume categories are identical across lenders. CBA’s Cat 1 postcodes won’t match ANZ’s exactly, and the dollar limits each lender attaches to their categories can differ too — they depend on the lender’s specific arrangement with their LMI provider. This calculator shows the underlying LMI provider classification — the source data that drives every lender’s category system.
LMI Frequently Asked Questions
Any postcode not specifically listed in QBE’s Metro A, Metropolitan, or Regional categories defaults to National. Standard limits are $650K for dwellings and $350K for land at 90% LVR. This doesn’t mean the deal is dead — QBE’s underwriting team reviews above-limit applications on merit, and Helia doesn’t publish per-postcode dollar limits at all, so they may have capacity where QBE doesn’t. Always check both providers.
The borrower pays, despite the fact that LMI protects the lender. The cost can be paid as a lump sum at settlement or capitalised into the loan. When capitalised, the total LVR including the LMI premium must not exceed 100%. Most borrowers opt to capitalise to avoid the large upfront hit.
Helia offers partial refunds: 40% if the loan is fully repaid within 12 months, 20% if repaid between 12 and 24 months. No refund after two years, or if the loan has had any arrears. QBE’s refund policy varies by lender arrangement. Refunds under $500 are generally not paid by either provider. Refinancing to a new lender typically means paying LMI again if the LVR is still above 80%.
Yes. Both QBE (lmiFirst Home™) and Helia (First Home package) offer discounted premiums for eligible first home buyers. All borrowers on the application must be genuine FHBs. The discount percentage varies by lender. On top of that, the federal First Home Guarantee scheme can eliminate LMI entirely for eligible buyers purchasing with as little as 5% deposit.
This is an important distinction. “95% LVR” means the base loan (before adding LMI) is up to 95% of the property value. “95% including LMI capitalisation” means the total — loan plus capitalised LMI premium — must stay at or below 95%. The second is a tighter restriction because the LMI premium eats into the available loan room. This comes up most often with investment properties and single industry postcodes.
Yes. If the postcode falls within QBE’s high-density restricted list, a warning appears on the QBE result card noting the 90% LVR cap for new and off-the-plan apartments. The restriction applies to the property type within those postcodes — established apartments and houses in the same postcodes are not affected.
Different underwriting philosophies. QBE publishes explicit dollar caps by location category — it’s transparent and easy to reference. Helia assesses each proposal individually with no published per-postcode dollar limits, up to a $5M total exposure cap per borrower. For high-value loans, Helia’s approach can offer more flexibility. The calculator shows both so you can immediately see whether one provider has capacity where the other doesn’t.
The estimates use approximate industry rate tables and are designed for initial conversations — not formal quotes. Actual premiums depend on the lender’s specific LMI agreement, borrower profile, loan purpose, FHB eligibility, profession-based discounts, and the lender’s own premium loading or discount. Always use your lender’s actual premium calculator before providing written quotes to clients.
Yes. Many lenders offer LMI waivers for borrowers in certain professions — most commonly medical doctors, dentists, specialists, veterinarians, lawyers, barristers, chartered accountants, and engineers. Some lenders extend waivers to pharmacists, physiotherapists, and other qualified professionals. The waiver typically allows borrowing up to 90% (sometimes 95%) without LMI. This is a lender-level policy and won’t appear in postcode-based tools — speak to your lender directly.
For investment properties, yes — the LMI premium is generally tax deductible as a borrowing cost, amortised over five years (or the loan term, whichever is shorter). For owner-occupied properties, LMI is not deductible. Always recommend clients confirm with their accountant, as individual circumstances vary.
Need Suburb-Level Data or Direct Support?
This calculator works at postcode level. For suburb-level classification (where different suburbs within the same postcode may have different categories), use QBE’s Location Wizard on LMI Connect. For Helia-specific underwriting queries, contact their team on 1300 661 118 or email underwritingsupport@helia.com.au.
Data in this calculator is sourced from the QBE LMI Location Guide (December 2025) and Helia Underwriting Standards & Guidelines (January 2026).