- A range of professionals including accountants, lawyers and doctors are eligible for Bankwest LMI waiver (see full list here).
- You can borrow up to $2 million with 90% LVR, or $3 million with 85% LVR.
- To estimate your borrowing capacity, take a look at our useful calculator.
Bankwest offers eligible professionals an LMI Waiver, allowing them to secure a home loan with a smaller deposit while avoiding the high cost of LMI. This waiver is available to certain medical, legal, and accounting professionals, as well as Government employees, bank employees and tech sector employees. It makes it easier to enter the property market without the need to save a full 20% deposit—potentially saving tens of thousands of dollars.
While you can apply for the Bankwest LMI Waiver directly, working with a mortgage broker can simplify the process and improve your chances of approval. The experts at Eden Emerald Mortgages provide tailored advice, ensure your application is submitted correctly, and compare multiple lenders to find the best deal—especially if you don’t qualify with Bankwest. Best of all, their services come at no cost to you, as they are paid by the lender, not the borrower.
Speak to an Expert and Waive Your LMI
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, you can speak to Shaun by filling out the form below.
Shaun is an experienced mortgage broker from Eden Emerald Mortgages who will call you to discuss your situation free of charge. You can also call him on (02) 9188 9398.
Bankwest LMI Waiver: Which Professions are Eligible?
Maximum LVR
90%
Eligible Professions
Optometrists, Pharmacists
Important Information
- Borrow up to $3 million with 85% LVR
- Borrow up to $2 million with 90% LVR
- Must have evidence of profession and registration
- Must be currently employed in Australia
Maximum LVR
90%
Eligible Professions
Solicitors, Barristers, Lawyers, Partners
Important Information
- Borrow up to $3 million with 85% LVR
- Borrow up to $2 million with 90% LVR
- Must have evidence of current Practising Certificate in Australia
- Must be currently employed in Australia
Maximum LVR
90%
Eligible Professions
Chartered Accountants, Certified Practicing Accountants
Important Information
- Borrow up to $3 million with 85% LVR
- Borrow up to $2 million with 90% LVR
- Full-time and part-time (PAYG) applicants only
- Must be registered to practise as a CA, or CPA in Australia
- Must be currently employed in Australia
Maximum LVR
90%
Eligible Professions
Chartered Financial Analysts, Actuaries
Important Information
- Borrow up to $3 million with 85% LVR
- Borrow up to $2 million with 90% LVR
- Full-time and part-time (PAYG) applicants only
- Must be registered to practise as a IAA or CFA in Australia
- Must be currently employed in Australia
Maximum LVR
90%
Eligible Professions
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $3 million with 85% LVR
- Borrow up to $2 million with 85% LVR
- Must be currently employed in Australia and have a current registration with relevant veterinary board
Maximum LVR
90%
Eligible Banks
ANZ (including Suncorp), CBA (including Bankwest, ASB, Aussie Home Loans, Unloan), NAB (including Citibank, Ubank, BNZ), Westpac (including Bank of Melbourne, St. George, BankSA), Macquarie Bank, ING, Bank of Queensland (including ME Bank), Bendigo Bank, Adelaide Bank (including Nightcliff Community Bank, Rural Bank, Up, Delphi Bank, Alliance Bank), HSBC, AMP
Important Information
- Borrow up to $3 million with 85% LVR
- Borrow up to $2 million with 90% LVR
- Full-time and part-time (PAYG) applicants only
- Must be employed directly by the bank (i.e. not contracted via agency)
- Must have a minimum of 6 months continuous employment with the eligible banks
Maximum LVR
90%
Eligible Employers
Adobe, Alphabet, Amazon, Apple, Atlassian, Meta, Microsoft, Salesforce, Xero
Important Information
- Borrow up to $3 million with 85% LVR
- Borrow up to $2 million with 90% LVR
- Full-time and part-time (PAYG) applicants only
- Must be employed directly by the company (i.e. not contracted via agency)
- Must have a minimum of 6 months continuous employment with an eligible employer
Maximum LVR
90%
Eligible Departments
Department of Attorney-General, Department of Agriculture, Fisheries and Forestry, Department of Climate Change, Energy, the Environment and Water, Department of Defence, Department of Education, Department of Employment and Workplace Relations, Department of Finance, Department of Foreign Affairs and Trade, Department of Health, Disability and Ageing, Department of Home Affairs, Department of Industry, Science and Resources, Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts, Department of the Prime Minister and Cabinet, Department of Social Services, Department of the Treasury, Department of Veterans' Affairs
Eligible Employment Bands
Australian Public Service Employment Band APS6, Executive Level 1, Executive Level 2, Senior Executive Service
Important Information
- Borrow up to $3 million with 85% LVR
- Borrow up to $2 million with 90% LVR
- Full-time and part-time (PAYG) applicants only
- Must be employed directly by the Government Department (i.e. not contracted via agency)
How to Apply for LMI Waiver at Bankwest
To apply for a Bankwest 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 Bankwest: If you use a mortgage broker, they will speak to Bankwest on your behalf, so you can skip this step. If you decide to apply for a LMI waiver by yourself, then visit Bankwest 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, Bankwest will waive your LMI, and you can borrow more than 80% LVR without having to pay any LMI costs.
Frequently Asked Questions
Yes, Bankwest waives LMI for a range of professionals including accountants, lawyers, doctors, and veterinarians. 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.
Yes, accountants can avoid LMI when borrowing up to 90% LVR at Bankwest.
If you are a first-home buyer you can avoid LMI with 5% deposit.
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.
You can speak to Eden Emerald 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 an Expert and Waive Your LMI
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, you can speak to Shaun by filling out the form below.
Shaun is an experienced mortgage broker from Eden Emerald Mortgages who will call you to discuss your situation free of charge. You can also call him on (02) 9188 9398.