Bank First LMI Waivers – Save on Lenders Mortgage Insurance (LMI) for Home Loans
Bank First offers LMI waivers for healthcare and education professionals, allowing them to secure home loans with up to 90% LVR while avoiding costly lenders mortgage insurance.
Eligible Industries and LVR Limits
| Industry | Maximum LVR | Examples of Eligible Professionals |
|---|---|---|
| Education | 90% | Teachers, Trainers, Tutors, University Staff, Child Care Workers |
| Healthcare | 90% | Dentists, Optometrists, Physiotherapists, Chiropractors |
| Paramedics | 90% | Paramedics |
| Veterinary | 90% | Veterinarians, Specialists, Surgeons |
Education Professionals – Up to 90% LVR with No LMI
Bank First supports educators by offering **no LMI home loans** to a wide range of education professionals.
Eligible Education Employers
- Government and Non-Government Schools
- Catholic Schools
- Universities and TAFEs
- Preschools, Kindergartens, and Child Care Centers
- Private Colleges and Education Unions
Key Loan Features
- Borrow up to 90% LVR with no LMI
- Loan must be principal & interest
- Property must be owner-occupied
- Must be employed in Australia with proof of employment
Healthcare Professionals – Up to 90% LVR with No LMI
Bank First offers LMI waivers for a wide range of healthcare professionals, helping them save thousands on lenders mortgage insurance.
Eligible Healthcare Professionals
- Dentists, Optometrists, Chiropractors, Physiotherapists
- Registered Nurses, Midwives, Nurse Educators
- Occupational Therapists, Speech Pathologists, Audiologists
- Dieticians, Pharmacists, Podiatrists
- Medical Imaging Professionals, Psychologists, Social Workers
Key Loan Features
- Borrow up to 90% LVR with no LMI
- Loan must be principal & interest
- Property must be owner-occupied
- Must be employed in Australia with proof of employment
Paramedics – Up to 90% LVR with No LMI
Bank First recognizes the vital role of paramedics and extends **LMI waivers** to eligible professionals.
Key Loan Features
- Borrow up to 90% LVR with no LMI
- Loan must be principal & interest
- Property must be owner-occupied
- Must be employed in Australia with proof of employment
Veterinary Professionals – Up to 90% LVR with No LMI
Veterinarians and veterinary specialists qualify for Bank First’s **no LMI home loan** options.
Key Loan Features
- Borrow up to 90% LVR with no LMI
- Loan must be principal & interest
- Property must be owner-occupied
- Must be registered with the relevant veterinary board
Applying for a Bank First LMI Waiver
- Check Eligibility – Determine if your profession qualifies for the **LMI waiver**.
- Consult a Bank First mortgage broker – A broker can guide you through the application.
- Gather Documentation – Provide proof of employment, income, and professional registration.
- Submit Application – Apply for a mortgage loan, including the **LMI waiver request**.
- Lender Assessment & Approval – Bank First will assess eligibility and approve the home loan if criteria are met.
Alternatives to Bank First’s LMI Waiver
- Explore no LMI home loans with other lenders.
- Save a 20% deposit to avoid LMI.
- Use a guarantor home loan to bypass LMI fees.
- First Home Guarantee (FHBG) – A government scheme allowing first-time buyers to secure a home loan with 5% deposit and no LMI.