How much is LMI on a typical Mackay home?

On the Mackay median ($510,000) with a 5% deposit, LMI is approximately $18,411. With a 10% deposit it falls to roughly $10,098.

Can Mackay first-home buyers avoid LMI?

Yes — the federal Home Guarantee Scheme allows eligible QLD buyers to settle with a 5% deposit and no LMI, subject to property price caps that change each July.

Is LMI tax-deductible in Mackay?

For owner-occupiers, no. Investors purchasing in Mackay can usually claim LMI as a borrowing expense, deducted over five years or the loan term, whichever is shorter.

LMI in Mackay 2026: how much it costs & how to avoid it

Estimate Lender's Mortgage Insurance for a Mackay home loan in 2026. See LMI on the $510,000 QLD median at 5%, 10% and 15% deposits. Includes ways Mackay first-