Bank First LMI Waiver – Health and Education Employees

While some customers may opt to apply for the Bank First LMI Waiver directly through the bank, partnering with an experienced mortgage broker can streamline the process and make it stress-free. At Eden Emerald Mortgages, we offer personalised advice, answer all your questions, and manage every step of the application process for you. Our brokers also compare multiple lenders to secure the best rates and explore alternative LMI waiver options if Bank First isn’t the right fit for your needs. Best of all, our services are entirely FREE for borrowers, as we are compensated by the lender.

When you use the services of an expert mortgage broker from Eden Emerald Mortgages, you’ll benefit from:

• Time Savings: Let us handle the paperwork and liaise with Bank First on your behalf.
• Tailored Advice: Our experienced team understand the LMI Waiver criteria at Bank First and can help you determine eligibility.
• Access to Multiple Options: If you are ineligible for LMI waiver at Bank First, or the interest rates are too high, we can find you the best alternatives from other lenders.
• Advocacy: We actively negotiate with Bank First and other lenders to secure the best terms and rates for you.

Bank First LMI Waiver: Eligible Professions

Here is a quick table which summarises the industries that Bank First accepts for LMI waivers. Click on the industry or profession to find out specific information for your job, including maximum loan amounts and eligibility requirements.  

Healthcare Sector Employees

Bank First is quite inclusive of healthcare professionals, and any of the following are eligible for LMI waivers:

• Dentists
• Dental Nurses
• Registered Nurses
• Nurse Educators and Researchers
• Nurse Managers
• Midwifery and Nursing Professionals
• Midwives
• Nursing Support and Personal Care Workers
• Enrolled and Mothercraft Nurses
• Health and Welfare Service Managers
• Dieticians
• Occupational Therapists and Environmental Health Professionals
• Optometrists
• Orthoptists
• Pharmacists
• Chiropractors
• Osteopaths
• Physiotherapists
• Podiatrists
• Speech Professionals
• Audiologists
• Medical Imaging Professionals
• Diversional Therapists
• Social/Welfare Workers & Professionals
• Counsellors
• Psychologists
• Aged and Disabled Carers
• Carers, Aides and Special Care Workers
• Massage Therapists

If you are a healthcare worker that is not listed above, you may still be eligible for Bank First's LMI waiver, or you may also qualify at other banks with LMI waivers for health professionals. Contact us for assistance in finding lenders that will waive LMI for your profession.

Here is some key information about Bank First LMI Waiver home loans for eligible Healthcare Sector Employees:

• Borrow up to 90% LVR with No LMI
• Loan must be Principal & Interest
• Property must be owner-occupied
• Must be currently employed in Australia
• Require documents to prove their employer

Education Sector Employees

While many banks offering LMI waivers to the education industry limit eligibility to teachers, Bank First takes a more inclusive approach by extending their No LMI loans to any employee of an eligible educational employer, as listed below:

• Government Schools
• Non-government Schools
• Catholic Schools
• Universities
• TAFEs
• Preschools
• Kindergartens
• Child Care Centres
• Family Day Care Australia
• Education Unions
• Department of Education and Training
• Private Colleges

Additionally, teachers, tutors, trainers and students studying teaching are eligible for the LMI waiver at Bank First. Here is some important information for those working in the Education Sector:

• Borrow up to 90% LVR with No LMI
• Loan must be Principal & Interest
• Property must be owner-occupied
• Must be currently employed in Australia
• Require documents to prove their employer

Veterinarians

Veterinarians are eligible for No LMI home loans at Bank First, and here is some key information about these loans:

• Borrow up to 90% LVR with No LMI
• Loan must be Principal & Interest
• Property must be owner-occupied
• Must be currently employed in Australia and registered with relevant veterinary board
• Require documents to prove registration and profession

Paramedics

Paramedics are another group that qualifies for LMI waivers at Bank First, and here is some important information about these loans:

• Borrow up to 90% LVR with No LMI
• Loan must be Principal & Interest
• Property must be owner-occupied
• Must be currently employed in Australia
• Require documents to prove their profession

Application Process for LMI Waivers

Applying for an LMI waiver at Bank First involves several steps, and here is a quick outline of the process:

1. Check Eligibility: Determine if your profession qualifies for a LMI waiver at Bank First and if you meet the other eligibility criteria.
2. Consult a Mortgage Broker: A mortgage broker will guide you through the necessary documents required, and complete the application for you. Speak to a free mortgage broker now (free to you as a client, as the broker is paid a commission by the lender) to begin the process.
3. Gather Documentation: Collect necessary documents as advised by the broker, such as proof of professional registration, employment history, income statements, and any other required paperwork.
4. Submit Application: Apply for the mortgage, including a request for an LMI waiver. Provide all necessary documentation and information.
5. Lender Assessment: Bank First will assess your application, including your eligibility for the LMI waiver. This may involve verifying your professional industry, spending habits, and employment history.
6. Approval and Settlement: If approved, Bank First will proceed with the mortgage process without requiring you to pay LMI. This will significantly reduce your upfront costs and overall mortgage amount.

Contact a Mortgage Broker to Waive Your LMI

Speak to an expert at Eden Emerald Mortgages to begin the process, or even to ask any questions you have about eligibility. Leave your details below and we will call you back as soon as possible. Alternatively, you can call us directly on (02) 9188 9398.

Alternatives to LMI Waivers

For Australians who are not eligible for an LMI waiver with Bank First, check if your profession is able to access LMI waivers elsewhere, or see this list of banks and lenders that offer No LMI home loans. If you don't qualify with any lender, here are some ways you can reduce or avoid LMI costs:

• Saving a Larger Deposit: Increasing your deposit to at least 20% of the property’s purchase price 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): For first-time homebuyers, the Australian government’s First Home Guarantee allows eligible buyers to purchase a home with a 5% deposit without paying LMI.

Conclusion

Bank First LMI waivers provide a great opportunity for education and healthcare employees to purchase a property with only 10% deposit, and save tens of thousands of dollars on LMI. If you have any more questions, or want to begin the process of applying for a home loan with Bank First, fill out the form below and an experienced mortgage broker from EE Mortgages will contact you.