Have a good income and credit history, but your deposit doesn’t come to 20%? Lenders Mortgage Insurance (LMI) allows you to finance your home sooner! As the name states, LMI covers the lender if in the unlikely event you default on repayments and is a one-off fee that applies to loans where the customer borrows more than 80% of the purchase price. Perfect for first home buyers wanting to get their foot in the door.