Property Deposit Calculator Tool Notes & Limitations:

✅Understanding Lenders Mortgage Insurance (LMI) for Property Investors: As a property investor / buyer, it's important to know that Lenders Mortgage Insurance (LMI) is typically required if your deposit is less than 20% of the property's value. This insurance protects the lender, but it adds to your overall buying costs.

✅Potential LMI Waivers for Certain Professions: If you work in specific fields such as healthcare, law, or finance, you may qualify for an LMI waiver. This means you could avoid these additional costs, potentially saving you thousands of dollars. Be sure to consult your mortgage broker or preferred bank to see if you’re eligible for this significant benefit.

✅Estimating Stamp Duty Costs: When investing in property, remember that stamp duty costs are just estimates and can vary based on the location. Our tool provides estimates based on properties in Queensland. Since each state has its own calculations for stamp duty, we recommend checking with your solicitor for the most accurate figures.

✅LMI Costs May Vary by Lender: Keep in mind that the LMI costs provided are estimates for Queensland properties. Different lenders and states may have varying methods for calculating LMI. For the most precise information, reach out to your mortgage broker or bank.

✅Understanding Loan-to-Value Ratio (LVR): LVR, or Loan-to-Value Ratio, is a crucial metric for property investors. It measures how much you are borrowing compared to the value of the property. You can calculate it by dividing your loan amount by the property value, which helps you understand your investment's financing level.

✅Importance of Contingency Funds: Finally, always consider setting aside contingency funds. Unexpected expenses can arise when investing in property, so having extra money available for emergencies is a smart move to protect your investment.