Granite Home Loans LMI Waiver

To access Granite Home Loans' LMI waiver products, borrowers must engage with a qualified mortgage broker. Eden Emerald Mortgages is an experienced mortgage broker who works closely with Granite Home Loans; if you would like to get started with your home loan application, or simply want to find out more info about LMI waivers, fill out the form below. Their services are 100% FREE for you (they are paid a commission by the lender) so you can keep more money in your pocket.

Granite Home Loans LMI Waiver: Eligible Professions

Here is a quick table which summarises the industries that Granite Home Loans 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 are university-degree qualified, and include doctors, dentists, optometrists, GPs, specialists, nurses, veterinarians and more. If your profession is not listed, you can check with us if you are eligible, by filling out the form here.

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

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million)
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• No genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Must be a university-degree qualified medical professional

Allied Health Professionals

Allied health professionals are university-degree qualified, and include physiotherapists, psychologists, pharmacists, radiographers and more. If your profession is not listed, you can check with us if you are eligible, by filling out the form here.

Here is some key information about LMI Waiver home loans for Allied Health Professionals:

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million)
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• No genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Must be a university-degree qualified allied health professional

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 LMI Waiver home loans for Legal Professionals:

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million)
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• No genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Must be a university-degree qualified legal professional

Accounting and Auditing Professionals

Accounting and auditing professionals are university-degree qualified and are eligible to borrow up to 95% LVR with no LMI.

Here is some key information about LMI Waiver home loans for Accountants and Auditors:

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million)
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• No genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Must be a university-degree qualified accountant or auditor

Nurses

Nurses are considered an essential worker by Granite Home Loans, and therefore are eligible for No LMI home loans. Here is some key information about LMI Waiver home loans for Nurses:

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million) for Nurses with a university degree
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• Only $5,000 genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Your partner does not need to be an essential worker

Teachers

Teachers are considered an essential worker by Granite Home Loans, and both primary and secondary school teachers are eligible for No LMI home loans. Here is some key information about LMI Waiver home loans for Teachers:

• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• Only $5,000 genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Your partner does not need to be an essential worker

Engineers

Engineers must be university-degree qualified to qualify for LMI Waivers at Granite Home Loans. Here is some key information about LMI Waiver home loans for Engineers:

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million)
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• No genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Must be a university-degree qualified engineer

Emergency Services Workers

Emergency services workers are considered an essential worker by Granite Home Loans, and include state police officers, federal police officers, permanent full-time firefighters and fully qualified paramedics. Here is some key information about LMI Waiver home loans for Emergency Services Workers:

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million) for Paramedics with a university degree
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• Only $5,000 genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Your partner does not need to be an essential worker

Veterinarians

Veterinarians must be university-degree qualified and currently working to be eligible for Granite Home Loans LMI Waiver. Here is some key information about No LMI home loans for Veterinarians:

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million)
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• No genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Must be a university-degree qualified veterinarian

IT Professionals

IT professionals must be university-degree qualified, or have an IT certification, and includes software developers, cloud engineers, systems administrators. Even if your profession is not listed, you can check your eligibility, by filling out the form here.

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

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million)
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• No genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Must hold a university-degree or IT certification

Executives and Senior Managers

Executives and senior managers must be university-degree qualified to be eligible for LMI Waiver home loans at Granite Home Loans. Here is some key information for Executives and Senior Managers:

• Borrow up to 95% LVR with No LMI (maximum loan amount $1 million)
• Borrow up to 90% LVR with No LMI (maximum loan amount $1.5 million)
• Borrow up to 85% LVR with No LMI (maximum loan amount $2 million)
• No minimum income requirements
• No genuine savings required
• Maximum loan term of 28 years (Principal & Interest)
• Owner-occupied residential property (can be established or new property)
• Can be an investment property if you borrow maximum 85% LVR
• Offset account available
• Must be an Australian citizen or permanent resident
• Must be a university-degree qualified executive or senior manager

Application Process for LMI Waivers

Applying for an LMI waiver at Granite Home Loans involves several steps, including working with a broker, since they are not available to the general public. Here’s a quick outline of the process:

1. Check Eligibility: Determine if your profession qualifies for an 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, since you cannot work directly with Granite Home Loans. 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 university degree, 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: Granite Home Loans 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, Granite Home Loans 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 Granite Home Loans, 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

Granite Home Loans LMI waivers provide a great opportunity for a range of professionals and essential workers to buy property with as little as 5% deposit, with no need to spend tens of thousands of dollars on LMI. If you have any unanswered questions, or want to begin the process of applying for a home loan with Granite Home Loans, fill out the form below and an experienced mortgage broker from EE Mortgages will contact you. Remember that you can only access Granite Home Loans with the help of a broker - you won't be able to secure a home loan by contacting them directly.