- Nurses, paramedics and police officers are eligible for People's Choice LMI waiver as they are seen as essential workers.
- Other professionals do not qualify at People's Choice for LMI waiver. However, you can check this list of lenders to see which ones will waive LMI for you.
- People's Choice offers essential workers LMI waivers with only 10% deposit.
- To estimate your borrowing capacity, take a look at our useful calculator.
People's Choice offers eligible essential 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 you can apply for the People's Choice LMI Waiver directly through the bank, partnering with an expert mortgage broker, like Eden Emerald Mortgages, ensures a smoother and more efficient process. Their team provides expert guidance, helps determine your eligibility, and manages the entire application process. They also compare lenders to find the best rates and explore alternative LMI waiver options if People's Choice isn’t the right fit for your situation. Best of all, their services are completely free for borrowers, as they are paid by the lender. To get in contact, fill out 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.
People's Choice LMI Waiver: Which Professions are Eligible?
Maximum LVR
90%
Important Information
- Borrow up to $1.2 million
- Can be an owner-occupied or investment property
- There are minimum annual income requirements, which vary depending on whether you are an individual or joint borrower
- Must be currently employed as a fully qualified paramedic in Australia
- Documents required to prove you are a paramedic
- If you are a joint borrower, the other applicant doesn't need to be an essential worker
Maximum LVR
90%
Important Information
- Borrow up to $1.2 million
- Can be an owner-occupied or investment property
- There are minimum annual income requirements, which vary depending on whether you are an individual or joint borrower
- Must be currently employed as a state or federal police officer in Australia
- Documents required to prove you are a police officer
- If you are a joint borrower, the other applicant doesn't need to be an essential worker
How to Apply for LMI Waiver at People's Choice
To apply for a People's Choice 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 People's Choice: If you use a mortgage broker, they will speak to People's Choice on your behalf, so you can skip this step. If you decide to apply for a LMI waiver by yourself, then visit People's Choice 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, People's Choice will waive your LMI, and you can borrow up to 90% LVR without having to pay any LMI costs.
Frequently Asked Questions
Yes, People's Choice waives LMI for essential workers, which include nurses, paramedics and police officers. 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 People's Choice. 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.