Lenders mortgage insurance is usually charged as a once-only premium, taken out at the same time as your home loan. The amount charged is dependant upon the size of the deposit and the total loan amount.
In most cases, the LMI premium is charged as an upfront lump sum, however some lenders will allow borrowers to remit the premium in instalments with the loan repayments.
LMI also attracts GST, which is included in the total premium quoted. Stamp duty may also be payable, depending on the Government regulations in the State or Territory you are applying in. Any stamp duty will also be included in the quoted premium.
There are also cases where you don’t have to pay LMI upfront but the interest rate is loaded higher.