How much is LMI on a typical Mornington Peninsula home?

On the Mornington Peninsula median ($985,000) with a 5% deposit, LMI is approximately $35,559. With a 10% deposit it falls to roughly $19,503.

Can Mornington Peninsula first-home buyers avoid LMI?

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

Is LMI tax-deductible in Mornington Peninsula?

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

LMI in Mornington Peninsula 2026: how much it costs & how to avoid it

Estimate Lender's Mortgage Insurance for a Mornington Peninsula home loan in 2026. See LMI on the $985,000 VIC median at 5%, 10% and 15% deposits. Includes ways