- Medical professionals including doctors, dentists, pharmacists, optometrists and veterinarians are eligible for CBA LMI waiver (see full list of professions here).
- Nurses are not included in the CBA Medico Policy, but they can still access CBA LMI waiver (see more info here).
- You can borrow up to 95% LVR with No LMI.
- Maximum loan amount of $2.375 million with 95% LVR.
- Maximum loan amount of $9 million with 90% LVR.
- No minimum income required (except pharmacists - $150,000 per year).
- To estimate your borrowing capacity, take a look at our useful calculator.
Commonwealth Bank (CBA) has a Medico Policy which enables eligible medical professionals (eg: doctors, pharmacists, optometrists, dentists and more) to waive LMI on 95% LVR home loans.
While some choose to apply for the CBA Medico Policy directly with Commonwealth Bank, we have found that many people prefer working with an expert mortgage broker, like Eden Emerald Mortgages, since they make the process much more efficient. Their team understands the eligibility criteria, ensures your application is correctly submitted, and explores alternative lenders if CBA Medico Policy isn’t the best option for you. Plus, their services are completely free for borrowers, as they’re paid by the lender. To get in contact, fill out the form below and they will call you about your situation.
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, we recommend speaking to Shaun by filling out the form below.
Shaun is an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call him on (02) 9188 9398.
CBA Medico Policy LMI Waiver: Which Professions are Eligible?
Maximum LVR
95%
Eligible Professions
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $2.375 million
- No minimum annual income requirements
- Variable or fixed rate loans
- Principal & Interest loans only
- Must be currently employed in Australia and registered with relevant veterinary board
- Documents required to prove your profession
- 100% of overtime accounted for when calculating borrowing power
How to Apply for CBA Medico Policy LMI Waiver
To apply for a CBA Medico Policy, 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 CBA: If you use a mortgage broker, they will speak to CBA on your behalf, so you can skip this step. If you decide to apply for the Medico Policy by yourself, then visit CBA and tell them you want to apply for an LMI waiver 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, CBA will waive your LMI, and you can borrow up to 95% LVR without having to pay any LMI fees.
Frequently Asked Questions
Yes, CBA waives LMI for a range of medical professionals including doctors, veterinarians, nurses, dentists, optometrists and pharmacists. Check the list above to see if you qualify.
There are several banks and lenders that waive LMI for medical professionals, including ANZ, BOQ, CBA, Granite Home Loans, Macquarie Bank, NAB, St. George and Westpac. To see the full list, read this article.
Yes, nurses can avoid LMI when borrowing up to 95% LVR at Commonwealth Bank. Nurses are not covered by the CBA Medico Policy, but they are part of the CBA LMI Waiver Expansion.
If you are medical professional (eg: doctor, dentist, optometrist, pharmacist, veterinarian) you will be able to waive LMI at CBA with only 5% deposit. Alternatively, if you are a first-home buyer you can avoid LMI with 5% deposit.
Use a Mortgage Broker to Apply for CBA Medico Policy
The simplest way to access the CBA Medico Policy 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 an Expert and Waive Your LMI
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, we recommend speaking to Shaun by filling out the form below.
Shaun is an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call him on (02) 9188 9398.