Avoid LMI at ubank

What is LMI and why won’t I pay it with ubank?

Lenders Mortgage Insurance (otherwise known as LMI) is a one-off insurance payment that is added to your loan based on the size of your deposit and how much you want to borrow. LMI is usually charged on loans with over 80% LVR, meaning you would need a deposit or equity that’s at least 20% of your property value to avoid paying LMI.

With ubank, you can apply for an owner occupied home loan repaying principal and interest (P&I) without paying LMI even if you have a deposit or equity as low as 15%.

Depending on the size of your loan, not having to pay LMI could save you thousands.

Interest rates with 85% LVR

Here’s all our interest rates for loans up to 85% LVR

VariablePrincipal and interest (P&I)

Variable P&I interest rates up to 85% LVR
Home loanInterest rate p.a.Comparison rate p.a. from1
Neat variable
4.44%
4.46%
Own variable
4.59%
4.84%

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Compare our home loan options

Home loans, like homes, aren’t one-size fits all

Key home loan fees
Neat variable
Take it back to basics with no annual fee and low variable rates
Own variable
Pay off your loan faster with 100% interest offset on your ubank accounts
Own fixed
Lock in your rate for up to 5 years and budget with confidence
Redraw
Take back any additional payments at no extra cost
up to $20K during fixed term
Additional payments
Pay back more than your minimum repayments for free
up to $20K during fixed term
Split option
You can split your loan with a fixed rate and a variable rate
Offset account(s)
Reduce the amount of interest you pay each month with multiple offset accounts
Annual fee
To manage accounts and any changes across up to 5 Own split loans
$0
$250 p.a.
$250 p.a.

Compare all our interest rates and fees

FAQs

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