Bank of Melbourne LMI Waiver – Medical, Accountants, Lawyers

While some customers may opt to apply for the Bank of Melbourne LMI Waiver directly through the bank, working with an experienced mortgage broker can simplify the process and help you secure the best outcome. At Eden Emerald Mortgages, we offer expert guidance, handle every step of the application process, and answer all your questions. Our brokers also compare multiple lenders to ensure you get the most competitive rates and explore other LMI waiver options if Bank of Melbourne isn’t the right fit for your needs. Best of all, our services are completely FREE for borrowers, as we are compensated by the lender, allowing us to focus solely on helping you achieve your property goals.

By working with an experienced mortgage broker from Eden Emerald Mortgages, you’ll enjoy the following advantages:

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

Bank of Melbourne LMI Waiver: Eligible Professions

Here is a quick table which summarises the industries that Bank of Melbourne 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.  

Medical Professionals

A range of medical professionals are accepted by Bank of Melbourne for LMI Waivers. This is split into two categories, with differing eligibility:

• Hospital-employed doctors (intern, resident, registrar, staff specialist), GPs, medical specialists, dentists
• Audiologists, chiropractors, midwives, occupational therapists, osteopaths, physiotherapists, podiatrists, psychologists, radiographers, registered nurses, sonographers, speech pathologists, optometrists and pharmacists.

If you are a healthcare worker that is not listed above, you may not be eligible for Bank of Melbourne LMI waiver, but you could qualify at other banks with No LMI loans for health professionals. Contact us here for assistance in finding lenders that will waive LMI for healthcare workers.

Here is some key information about Bank of Melbourne LMI Waiver home loans for Doctors, GPs, Specialists and Dentists:

• Borrow up to 95% LVR with No LMI
• Maximum loan amount of $5 million 
• No minimum income requirements
• Must be currently employed in Australia and registered with AHPRA
• Require documents to prove registration and profession

Here is some key information about Bank of Melbourne LMI Waiver home loans for other eligible medical professionals:

• Borrow up to 90% LVR with No LMI
• Maximum loan amount of $5 million
• Minimum income requirement of $90,000 per annum
• Must be currently employed in Australia and registered with AHPRA
• Require documents to prove registration and profession

Legal Professionals

Legal professionals including solicitors, barristers, magistrates and judges are eligible for Bank of Melbourne LMI Waiver. If your specific job title is not listed, but you work in the legal industry, you can check with us if you are eligible, by filling out this form.

Here is some key information about Bank of Melbourne LMI Waiver home loans for Legal Professionals:

• Borrow up to 90% LVR with No LMI
• Minimum income requirement of $120,000 per annum
• Must be currently employed in Australia and hold relevant industry accreditation
• Require documents to prove registration and profession

Accounting Professionals

Accountants and auditors are eligible for Bank of Melbourne LMI Waiver. If you work in the accounting industry but you are not an accountant or auditor, you may still qualify. Message us here so we can check your specific situation for you. Here is some key information about LMI Waiver home loans for eligible accounting professionals:

• Borrow up to 90% LVR with No LMI
• Minimum income requirement of $120,000 per annum
• Must be currently employed in Australia and hold relevant industry accreditation
• Require documents to prove registration and profession

Veterinarians

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

• Borrow up to 90% LVR with No LMI
• Minimum income requirement of $90,000 per annum
• Must be currently employed in Australia and have a current registration with the relevant veterinary board
• Require documents to prove registration and profession

Application Process for LMI Waivers

Applying for an LMI waiver at Bank of Melbourne 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 of Melbourne 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 of Melbourne 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 of Melbourne 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

If you don’t qualify for an LMI waiver with Bank of Melbourne, consider checking if your profession is eligible for LMI waivers through other lenders. You can also explore this comprehensive list of banks and lenders offering No LMI home loans. If you’re still ineligible, here are some alternative strategies to avoid or minimise 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 of Melbourne LMI waivers offer an excellent opportunity for various professionals to purchase property with just a 5% to 10% deposit, saving tens of thousands of dollars by avoiding LMI costs. If you have any questions or are ready to start the application process for a home loan with Bank of Melbourne, simply fill out the form below, and an experienced mortgage broker from EE Mortgages will reach out to assist you.