- BankVic offers Lenders Mortgage Insurance (LMI) waivers to police officers, healthcare workers, and emergency services employees because they want to support these important sectors which are important to the Australian economy.
- Healthcare employees such as doctors, nurses, dentists, optometrists and pharmacists qualify for 90% LVR home loans with No LMI at BankVic. For a full list of eligible professions, click here.
- Police officers and other emergency services workers like firefighters and paramedics qualify for 90% LVR home loans with No LMI at BankVic.
- LMI waivers potentially save you tens of thousands of dollars when buying a property.
BankVic offers eligible customers a Lenders Mortgage Insurance (LMI) Waiver on home loans, presenting a valuable opportunity for police officers, healthcare workers, and emergency services employees to enter the property market with a 10% deposit while avoiding the costly expense of LMI. This waiver can save buyers thousands of dollars in LMI fees, making it more affordable to achieve their homeownership dreams sooner.

While some borrowers may choose to apply for the BankVic LMI Waiver directly, working with a knowledgeable mortgage broker can simplify the process and ensure a stress-free experience. At Eden Emerald Mortgages, we provide tailored advice, guide you through the entire application, and compare offers from various lenders to secure the most competitive rates. If BankVic isn’t the best option for you, we’ll explore other lenders with LMI waivers to find a solution that works for you. And as always, our services are completely FREE for borrowers, as compensation is provided 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 the lender on your behalf.
- Tailored Advice: Our experienced team understand the LMI Waiver criteria at BankVic and can help you determine eligibility.
- Access to Multiple Options: If you are ineligible for LMI waiver at BankVic, or the interest rates are too high, we can find you the best alternatives from other lenders.
- Advocacy: We actively negotiate with lenders to secure the best terms and rates for you.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
BankVic LMI Waiver: Eligible Professions
Here is a quick table which summarises the industries that BankVic 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.
Industry | Maximum LVR | Examples of Eligible Professionals |
---|---|---|
90% | ||
90% | ||
90% |
Healthcare Workers
BankVic is quite inclusive of healthcare workers, and any profession registered with AHPRA is eligible for LMI waivers. Some of the most common ones are listed here:
- Doctors
- Registered Nurses
- Radiographers
- Midwifes
- Optometrists
- Pharmacists
- Chiropractors
- Physiotherapists
- Podiatrists
- Psychologists
If you are a healthcare worker that is not listed above, you may be eligible at other lenders that offer LMI waivers for health professionals. Speak to us for free assistance in finding lenders offering No LMI home loans for your profession.
Here is some key information about BankVic LMI Waiver home loans for eligible 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 their employer and registration
- At least one borrower must be a BankVic Core Member

Police Officers
Police officers are eligible for LMI waivers at BankVic, and this includes all of the following:
- State police officers
- Federal police officers
- Detectives
- Any employee of an Australian police force
- Any employee of the Australian Federal Police
- Any member of The Police Association of Victoria (TPAV)
- Any member of Australian Federal Police Association (AFPA)
Here is some important information regarding LMI waiver home loans 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 their employment
- At least one borrower must be a BankVic Core Member

Emergency Services
Emergency Services workers such as paramedics and firefighters are eligible for LMI waivers at BankVic, and here is some important information about these loans:
- 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 their employment
- At least one borrower must be a BankVic Core Member

Application Process for LMI Waivers
Applying for an LMI waiver at BankVic involves several steps, and here is a quick outline of the process:
- Check Eligibility: Determine if your profession qualifies for a LMI waiver at BankVic and if you meet the other eligibility criteria.
- 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.
- 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.
- Submit Application: Apply for the mortgage, including a request for an LMI waiver. Provide all necessary documentation and information.
- Lender Assessment: BankVic will assess your application, including your eligibility for the LMI waiver. This may involve verifying your professional industry, spending habits, and employment history.
- Approval and Settlement: If approved, BankVic 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 BankVic, check if your profession qualifies for LMI waivers elsewhere, or see this list of banks and lenders that offer No LMI home loans. If you are not eligible 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
BankVic LMI waivers provide a great opportunity for police, emergency services workers and healthcare professionals 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 BankVic, fill out the form below and an experienced mortgage broker from EE Mortgages will contact you.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.