What is Lender's Mortgage Insurance or 'LMI?'
LMI is designed to protect the lender should you not continue to meet your repayments.
It protects the lender against a short-fall in the event your security property needs to be sold to clear the loan balance.
LMI is only typically required where your deposit is less than 20% of the purchase price (Varies with some property types such as Rural) and is paid for by the borrower as a one-off premium payment to an insurer normally from loan proceeds.