- Healthcare workers, paramedics, veterinarians and teachers qualify for Bank First LMI waiver.
- Bank First offers eligible workers LMI waivers with only 10% deposit.
- Bank First is quite inclusive to those in the education sector, offering LMI waivers for any employees of eligible educational institutions, even if you are not a teacher.
- To estimate your borrowing capacity, take a look at our useful calculator.
Bank First offers eligible workers an exclusive LMI Waiver, allowing them to enter the property market with only 10% deposit while avoiding costly LMI fees. This waiver can save borrowers tens of thousands of dollars, making homeownership more accessible.
While some Australians choose to apply for the Bank First LMI Waiver directly through the bank, we recommend partnering with an experienced mortgage broker, such as Eden Emerald Mortgages. They make the entire process easy for you, with their expert guidance, and give you the best chance of home loan approval. They will compare over 40+ lenders to find you the lowest interest rates and explore other options if Bank First isn’t the right lender for your needs. The best thing is they are 100% free of charge for you, as they are paid a commission by the lender. To get in touch, complete the form below and receive a callback about your situation.
Speak to Me and
Get Your LMI Waived
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, fill out the form below to speak to me.
I'm Shaun, an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call me on (02) 9188 9398.
Bank First LMI Waiver: Which Professions are Eligible?
Maximum LVR
90%
Eligible Borrowers
Teachers, Tutors, Trainers, Students studying teaching, Employees of an eligible educational employer, as listed: Government Schools, Non-Government Schools, Catholic Schools, Universities, TAFEs, Preschools, Kindergartens, Child Care Centres, Family Day Care Australia, Education Unions, Department of Education and Training, Private Colleges
Important Information
- Principal & Interest loans only
- Must be owner-occupied
- Must be currently employed in Australia
- Documents required to prove your employer
Maximum LVR
90%
Eligible Professions
Veterinarians, GPs, Specialists, Surgeons, Locums, Residents
Important Information
- Principal & Interest loans only
- Must be owner-occupied
- Must be currently employed in Australia and registered with relevant veterinary board
- Documents required to prove your registration and profession
Maximum LVR
90%
Important Information
- Principal & Interest loans only
- Must be owner-occupied
- Must be currently employed in Australia
- Documents required to prove your profession
How to Apply for LMI Waiver at Bank First
To apply for a Bank First LMI waiver, simply follow these steps:
- Check Eligibility: Find out if you are eligible, based on your profession, deposit amount, and desired loan amount. It is a good idea to speak to a mortgage broker who can help you determine eligibility, as well as guide you through the entire process.
- Speak to Bank First: If you use a mortgage broker, they will speak to Bank First on your behalf, so you can skip this step. If you decide to apply for a LMI waiver by yourself, then visit Bank First and tell them you want to apply for a No LMI home loan.
- Submit Documents: Provide any documents that are requested, such as proof or employment, relevant certification or registration for your profession, pay slips, bank statements and tax returns.
- Receive Confirmation: If you are approved, Bank First will waive your LMI, and you can borrow up to 90% LVR without having to pay any LMI costs.
Frequently Asked Questions
Yes, Bank First waives LMI for healthcare workers, teachers, education employees, paramedics and vets. Check the list above to see if you qualify.
There are several banks and lenders that waive LMI, including ANZ, BOQ, CBA, Granite Home Loans, Macquarie Bank, NAB, St. George and Westpac. To see the full list, read this article.
Accountants can avoid LMI, but not at Bank First. Accountants can borrow up to 90% LVR at Commonwealth Bank.
If you are a first-home buyer you can avoid LMI with 5% deposit. Alternatively, if you are a medical professional, you may be able to get a loan with 5% deposit. Check this article to see if you qualify.
Use a Mortgage Broker to Waive LMI
The simplest way to secure a home loan with an LMI waiver is by working with a mortgage broker. Their services come at no cost to you (as they are compensated by the lender), and they’ll assist you through the entire home loan and LMI waiver process. A broker can help you find the lowest possible interest rates while maximising your borrowing power.
We highly recommend EE Mortgages, a specialist mortgage broker in LMI waivers. To get started or even just to answer some questions, fill out the form below or call them on (02) 9188 9398.
Speak to Me and
Get Your LMI Waived
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, fill out the form below to speak to me.
I'm Shaun, an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call me on (02) 9188 9398.