BankVic LMI Waivers – Save on Lenders Mortgage Insurance (LMI) for Home Loans
BankVic offers LMI waivers for eligible police officers, healthcare workers, and emergency services employees, 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 |
|---|---|---|
| Emergency Services | 90% | Paramedics, Firefighters |
| Healthcare | 90% | Doctors, Nurses, Optometrists, Pharmacists, Physiotherapists |
| Police | 90% | State Police Officers, Federal Police Officers, Detectives |
Emergency Services Professionals – Up to 90% LVR with No LMI
BankVic provides LMI waivers to emergency services workers such as paramedics and firefighters, recognising their essential contribution to the community.
- Borrow up to 90% LVR with no LMI
- Maximum loan amount: $1.2 million
- Property must be in a metropolitan area in Victoria
- Property must be owner-occupied
- Minimum of 5% in genuine savings required
- Must be currently employed in Australia as an emergency services worker
- Require documents to prove employment
- At least one borrower must be a BankVic Core Member
Healthcare Professionals – Up to 90% LVR with No LMI
BankVic supports healthcare professionals by offering no LMI home loans to those registered with AHPRA.
Eligible Healthcare Professionals
- Doctors
- Registered Nurses
- Radiographers
- Midwives
- Optometrists
- Pharmacists
- Chiropractors
- Physiotherapists
- Podiatrists
- Psychologists
Key Home Loan Details for Healthcare Workers
- Borrow up to 90% LVR with no LMI
- Maximum loan amount: $1.2 million
- Property must be in a metropolitan area in Victoria
- Property must be owner-occupied
- Minimum of 5% in genuine savings required
- Must be currently employed in Australia and registered with AHPRA
- Require documents to prove employer and registration
- At least one borrower must be a BankVic Core Member
Police Officers – Up to 90% LVR with No LMI
BankVic offers LMI waivers to police officers, including state and federal officers, as well as detectives and police force employees.
Eligible Police Professionals
- State Police Officers
- Federal Police Officers
- Detectives
- Employees of an Australian Police Force
- Employees of the Australian Federal Police
- Members of The Police Association of Victoria (TPAV)
- Members of the Australian Federal Police Association (AFPA)
Key Home Loan Details for Police Officers
- Borrow up to 90% LVR with no LMI
- Maximum loan amount: $1.2 million
- Property must be in a metropolitan area in Victoria
- Property must be owner-occupied
- Minimum of 5% in genuine savings required
- Must be a current employee of an Australian police force
- Require documents to prove employment
- At least one borrower must be a BankVic Core Member
Alternatives to LMI Waivers
- Consider lenders offering no LMI home loans.
- Save a larger deposit to avoid LMI.
- Use a guarantor loan to secure your home loan.
- Apply for government schemes like the First Home Guarantee.
Applying for a BankVic LMI Waiver
- Check eligibility based on your profession.
- Consult a BankVic mortgage broker to guide you.
- Submit required documentation (proof of employment, registration, income statements, etc.).
- Wait for lender assessment and approval.
- If approved, your mortgage will be finalized without LMI costs.
Alternatives to LMI Waivers
- Consider lenders offering no LMI home loans.
- Save a larger deposit to avoid LMI.
- Use a guarantor loan to secure your home loan.
- Apply for government schemes like the First Home Guarantee.