CBA LMI Waiver – Professionals, Accountants, Lawyers

While it is possible to apply for the CBA LMI Waiver directly through the bank, working with an experienced mortgage broker can offer significant advantages. Mortgage brokers like Eden Emerald Mortgages provide expert guidance, answer all your questions, and handle the application process to ensure everything is submitted correctly and on time. We can also compare other lenders to find the best rates, and find alternative banks with LMI waivers if you’re ineligible with CBA. Most importantly, it’s FREE for you to use a broker from EE Mortgages, as we’re paid by the lender rather than the borrower.

By using a mortgage broker from Eden Emerald Mortgages, you’ll benefit from:

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

CBA LMI Waiver: Eligible Professions

Here is a quick table which summarises the industries that CBA 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

Medical professionals must be currently employed in Australia and actively working in the healthcare industry. Eligible borrowers include doctors, dentists, orthodontists, surgeons, pathologists, pharmacists, interns, residents, registrars and more. If your job is not listed, you can check with us if you are eligible, by filling out the form here.

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

• Borrow up to 95% LVR with No LMI
• Maximum loan amount of $7.2 million 
• Must be currently employed in Australia and registered
• Require documents to prove registration and profession
• Physiotherapists, psychologists and nurses do not qualify for CBA LMI Waiver. Contact us to find which lenders offer LMI waivers for these and other healthcare professions.
• 100% of overtime can be used to calculate borrowing power

Legal Professionals

Legal professionals are university-degree qualified, and include solicitors, barristers, magistrates, judges and partners. 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 the form here.

Here is some key information about CBA LMI Waiver home loans for Legal Professionals:

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

Finance Professionals

Finance professionals such as Chief Financial Officers, Actuaries, Finance Directors, Finance Managers and Financial Controllers are eligible for CBA LMI Waiver.

Here is some key information about CBA LMI Waiver home loans for Finance professionals:

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

Accounting and Auditing Professionals

Accountants and auditors are eligible for CBA LMI Waiver. Here is some key information about LMI Waiver home loans for Accountants and Auditors:

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

Bank Employees

Employees of the following banks are eligible for CBA LMI Waiver: 

• Commonwealth Bank
• Westpac
• ANZ
• NAB
• Bankwest
• St. George
• Bank of Melbourne
• Bank of South Australia
• RAMS
• UBank
• Macquarie Bank
• ING Bank
• Bank of Queensland
• ME Bank
• Bendigo Bank
• Adelaide Bank
• Suncorp
• HSBC
• AMP

If your bank is not listed, contact us to see if you are eligible. Here is some key information about CBA LMI Waiver home loans for bank employees:

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

Veterinarians

Veterinarians must be currently employed in Australia and actively working in the industry. Here is some key information about LMI Waiver home loans for Veterinarians:

• Borrow up to 95% LVR with No LMI
• Maximum loan amount of $7.2 million
• Must be currently employed in Australia and registered
• Require documents to prove registration and profession
• 100% of overtime can be used to calculate borrowing power

Application Process for LMI Waivers

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

1. Check Eligibility: Determine if your profession qualifies for a CBA LMI waiver 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: CBA 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, CBA 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 CBA, 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 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

CBA LMI waivers provide a great opportunity for a range of professionals to buy property with as little as 5% - 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 CBA, fill out the form below and an experienced mortgage broker from EE Mortgages will contact you.