We spoke to resident finance journalist Denise Raward on the benefits and drawbacks of lenders mortgage insurance, or LMI. It's a necessary evil if you have less than a 20% deposit for a home loan. As Denise explains, however, you'll have to weigh up the cost versus waiting longer outside the market to save up the 20%.

00:00 - Intro and savings tip, learn how to cook

01:35 - LMI costs explained

03:44 - LMI waivers

08:27 - Better to wait to save or just pay LMI

12:00 - Outro