How much is LMI in Ocean Grove?

On the Ocean Grove median ($980,000) with a 5% deposit, LMI is approximately $35,378. At 10% deposit it falls to roughly $19,404.

Can I avoid LMI buying in Ocean Grove?

Yes — the federal Home Guarantee Scheme lets eligible VIC first home buyers purchase in Ocean Grove 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 Ocean Grove 2026

LMI costs in Ocean Grove on the $980,000 median. 5%, 10%, 15% deposit scenarios calculated. VIC Home Guarantee Scheme rules. Free Ocean Grove LMI calculator for