NAB LMI Waivers – Save on Lenders Mortgage Insurance (LMI) for Home Loans
NAB offers LMI waivers for eligible medical and veterinary professionals, allowing them to secure home loans with up to 95% LVR while avoiding costly lenders mortgage insurance.
Eligible Industries and LVR Limits
| Industry | Maximum LVR | Examples of Eligible Professionals |
|---|---|---|
| Medical | 95% | Doctors, Dentists, Optometrists, Pharmacists |
| Veterinary | 95% | Veterinarians, Specialists, Surgeons |
Medical Professionals – Up to 95% LVR with No LMI
NAB provides no LMI home loan options for various medical professionals, making homeownership more accessible with lower deposit requirements.
Eligible Medical Professions
- Doctors
- General Practitioners (GPs)
- Medical Specialists
- Dentists
- Optometrists
- Pharmacists
Key Features of NAB LMI Waiver for Medical Professionals
- Borrow up to 95% LVR with no LMI
- Maximum loan amount of $4.5 million
- No minimum income requirement
- Must be currently employed in Australia and registered with AHPRA
- 100% of overtime considered when calculating borrowing power
Veterinary Professionals – Up to 95% LVR with No LMI
NAB offers no LMI home loan options for veterinarians, allowing them to purchase property with as little as a 5% deposit.
Eligible Veterinary Professions
- Veterinarians
- Veterinary Specialists
- Veterinary Surgeons
Key Features of NAB LMI Waiver for Veterinary Professionals
- Borrow up to 95% LVR with no LMI
- Maximum loan amount of $4.5 million
- No minimum income requirement
- Must be currently employed in Australia and registered with the relevant veterinary board
- 100% of overtime considered when calculating borrowing power
Applying for a NAB LMI Waiver
Applying for an LMI waiver at NAB is a straightforward process, but working with a NAB mortgage broker can make it even easier.
Step-by-Step Application Process
- Check Eligibility: Determine if your profession qualifies for a NAB LMI waiver and whether you meet the other eligibility criteria.
- Consult a NAB Mortgage Broker: A mortgage broker will guide you through the required documents and submit the application on your behalf.
- Gather Documentation: Collect necessary documents such as proof of professional registration, employment history, income statements, and other financial details.
- Submit Application: Apply for a home loan, including a request for an LMI waiver. Provide all required documentation.
- Lender Assessment: NAB will review your application, including your eligibility for the LMI waiver. This may involve verifying your profession, financial stability, and employment history.
- Approval and Settlement: If approved, NAB will process your mortgage without requiring you to pay LMI, reducing your upfront costs.
Alternatives to NAB LMI Waivers
If you are not eligible for a NAB LMI waiver, consider the following alternatives:
- Other banks with LMI waivers: Some lenders offer LMI waivers for accountants, lawyers, and other professionals.
- Saving a larger deposit: A 20% deposit eliminates the need for LMI.
- Guarantor loans: Having a family member act as a guarantor can help you secure a loan without paying LMI.
- First Home Guarantee (FHBG): The Australian Government’s FHBG allows first-time buyers to purchase a home with a 5% deposit without paying LMI.