Lenders mortgage insurance (often called ‘LMI’ for short) is insurance that banks take out – at extra cost to the borrower – to protect themselves in case the borrower ends up not being able to pay what they owe.

As a borrower with ME, you’ll need to pay an extra fee to cover lenders mortgage insurance if you’re borrowing more than 80% of the property’s value.

We’ve partnered with Helia to provide our customers with LMI - you can find out more about their product by reading this LMI Fact Sheet.

A refund of LMI may be applied up to:
  • 40% within one year of the LMI premium being paid
  • up to 20% within two years of the LMI premium being paid
We don't pay an LMI refund if any of these apply:
  • the loan is repaid within one year of the maturity date of the mortgage
  • Helia receive cancellation notice more than three months after repayment of the insured loan
  • the refund amount (net of any rebates paid) is less than $500
  • a loss has eventuated
  • the loan has been reported to have had recent arrears

Find out more by reading the LMI Fact Sheet.

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