BOQ LMI Waiver – Doctors, Dentists, Veterinarians

While some customers may choose to apply for the BOQ LMI Waiver directly through the bank, working with an experienced mortgage broker can simplify the process and ensure you get the best outcome. At Eden Emerald Mortgages, we provide tailored guidance, handle every step of the application process, and answer any questions you may have. Our brokers also compare multiple lenders to secure the most competitive rates and explore other LMI waiver options if BOQ 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, ensuring our sole focus is helping you achieve your property goals.

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

BOQ LMI Waiver: Eligible Professions

Here is a quick table which summarises the industries that BOQ 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 number of medical professionals are accepted by BOQ for LMI Waivers, including:

• Doctors 
• GPs
• Medical specialists
• Surgeons
• Dentists
• Physiotherapists
• Optometrists
• Pharmacists
• Podiatrists
• Chiropractors

If you are a healthcare worker that is not listed above, you may not be eligible for BOQ LMI waiver, but you could qualify at other banks with LMI waivers for health professionals. Contact us here for assistance in finding lenders that will waive LMI for your medical profession.

Here is some key information about BOQ LMI Waiver home loans for eligible Medical Professionals:

• Borrow up to 90% LVR with No LMI
• Must be currently employed in Australia and registered with AHPRA
• Require documents to prove registration and profession

Veterinarians

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

• Borrow up to 90% LVR with No LMI
• Must be currently employed in Australia and registered with relevant veterinary board
• Require documents to prove registration and profession

Application Process for LMI Waivers

Applying for an LMI waiver at BOQ 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 BOQ 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: BOQ 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, BOQ 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 BOQ, 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 don't qualify with other lenders, here are some other ways to avoid or reduce 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

BOQ LMI waivers provide a great opportunity for medical and veterinary professionals to buy property with as little as 10% deposit, with no need to spend 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 BOQ, fill out the form below and an experienced mortgage broker from EE Mortgages will contact you.