How much is LMI in Cheltenham?

On the Cheltenham median ($1,120,000) with a 5% deposit, LMI is approximately $40,432. At 10% deposit it falls to roughly $22,176.

Can I avoid LMI buying in Cheltenham?

Yes — the federal Home Guarantee Scheme lets eligible VIC first home buyers purchase in Cheltenham with a 5% deposit and no LMI. Professional waivers and guarantor loans are also common.

Is LMI refundable in VIC?

LMI is generally non-refundable, but some lenders offer a partial refund if the loan is refinanced or paid out within the first 1–2 years. Check the specific policy with the lender at application.

LMI Calculator Cheltenham 2026

LMI costs in Cheltenham on the $1,120,000 median. 5%, 10%, 15% deposit scenarios calculated. VIC Home Guarantee Scheme rules. Free Cheltenham LMI calculator for