LMI Providers Australia — QBE vs Helia (2026)
Australia has two main lenders mortgage insurance (LMI) providers: QBE LMI and Helia (formerly known as Genworth Financial). As a borrower, you typically do not choose your LMI provider — your lender has an established relationship with one or both. However, understanding how the two providers differ can explain why different lenders may quote different LMI amounts.
Who Are the Two LMI Providers?
| Provider | Background |
|---|---|
| Helia Group | Formerly Genworth Financial Mortgage Insurance. Rebranded to Helia in 2022. Listed on the ASX (HLI). |
| QBE LMI | Subsidiary of QBE Insurance Group. Has provided LMI in Australia for decades. |
Both providers are regulated by APRA (Australian Prudential Regulation Authority) as mortgage insurance providers.
Which Lenders Use Which LMI Provider?
Lenders typically use either one provider exclusively or have accreditation with both:
| Lender | Primary LMI Provider |
|---|---|
| Commonwealth Bank (CBA) | Helia |
| ANZ | Helia |
| Westpac | Helia |
| NAB | Helia |
| Macquarie Bank | QBE LMI |
| ING | QBE LMI |
| St.George | Helia |
| BankWest | Helia |
| Suncorp | QBE LMI |
| Bank of Queensland | QBE LMI |
Lender arrangements change. Confirm with your lender or broker at time of application.
Mortgage brokers know which LMI provider each lender uses — this can occasionally be relevant when comparing loan options where LMI cost is a meaningful difference.
Do QBE and Helia Charge Different Amounts?
The LMI premium is set by the LMI provider (not the lender), but lenders may pass on the cost with slight variations or mark-ups. In practice, LMI premiums from QBE and Helia are broadly similar at comparable LVRs.
What affects your LMI premium:
- LVR (loan-to-value ratio) — the dominant factor. Higher LVR = higher premium
- Loan size — larger loans attract higher premiums
- Property type — standard residential is cheapest; high-density apartments, vacant land or non-standard properties may attract higher premiums
- Location — remote or high-density postcode areas may be rated differently
- Borrower employment type — PAYG employees vs self-employed may have different premium schedules
Indicative LMI Premium Comparison
Both providers use risk-based pricing, so exact premiums depend on the specific loan. These are illustrative ranges:
| LVR | Loan Amount | Helia (approx) | QBE (approx) |
|---|---|---|---|
| 85.01–90% | $500,000 | $7,500–$9,000 | $7,200–$8,800 |
| 85.01–90% | $700,000 | $10,500–$12,600 | $10,000–$12,250 |
| 90.01–95% | $500,000 | $17,500–$22,500 | $17,000–$22,000 |
| 90.01–95% | $700,000 | $24,500–$31,500 | $24,000–$31,000 |
These are indicative only — the actual premium is calculated by the LMI insurer based on the specific loan application.
Self-Employed Borrowers and LMI
For self-employed borrowers using alternative income documentation (e.g., low-doc or alt-doc loans), LMI premiums are typically higher. This reflects the additional risk profile from non-standard income verification.
Both Helia and QBE insure low-doc loans, but coverage may require higher deposits or attract loading on the standard premium.
Professional Exemptions — LMI Waiver
Some lenders offer LMI waivers for specific high-income professions. This is often enabled by lender-specific agreements with their LMI provider, where the lender takes on more of the risk.
Professions that may qualify (lender-specific):
- Medical and dental practitioners (doctors, dentists, specialists)
- Lawyers and barristers
- Chartered accountants (CPA, CA)
- Veterinarians
- Some senior engineers and other designated professions
Eligibility, LVR limits and loan size limits vary significantly by lender. Confirm with your broker.
What Happens If You Default?
If a borrower with LMI defaults on their loan:
- The lender takes steps to recover the debt (including property sale)
- If the property sale proceeds are insufficient to cover the outstanding loan, the lender makes a claim on the LMI policy
- The LMI insurer (Helia or QBE) pays the lender’s shortfall
- The LMI insurer may then pursue the borrower for the amount paid — LMI does not eliminate the borrower’s liability
This is a key misunderstanding: LMI does not protect the borrower from personal liability. The insurer can pursue you for recovery of the claim amount.
LMI Portability — Can You Transfer Your LMI to a New Loan?
When you refinance, the LMI policy associated with your original loan does not transfer to the new lender. If your LVR is still above 80% when you refinance, the new lender will require a new LMI policy — meaning you may pay LMI again.
Strategies to avoid paying LMI twice:
- Reduce your loan balance before refinancing to get LVR below 80%
- Only refinance once your property has appreciated sufficiently to reduce LVR below 80%
- Choose your lender carefully at the outset if LMI is involved
Frequently Asked Questions
Can I choose my LMI provider? Generally no — the lender selects their LMI provider. You can choose a lender that uses a specific provider, but this is rarely the primary basis for lender selection.
Is LMI the same as mortgage protection insurance? No — LMI protects the lender. Mortgage protection insurance protects you (the borrower) if you cannot make repayments. → See Mortgage Insurance vs Life Insurance
What happened to Genworth? Genworth Financial Mortgage Insurance Pty Ltd rebranded to Helia Group in 2022. It is still the same underlying company and APRA-regulated mortgage insurer — the name changed, not the business.
Related Guides
- LMI Explained — What Is It and How Much Does It Cost?
- Mortgage Insurance vs Life Insurance
- Total Cost of Buying a House
- Home Guarantee Scheme — Buy With 5% Deposit Without LMI
- Costs and Fees Hub
This article provides general comparison information about LMI providers. LMI premiums are set by LMI providers based on risk factors and change regularly. Always obtain the exact LMI amount from your lender or broker at application. This page references LMI providers for general educational purposes — Peakifi does not endorse or recommend any specific provider. For advice tailored to your situation, speak with a licensed mortgage broker or financial adviser. Find one through MoneySmart.