People’s Choice LMI Waiver – Nurses, Police, Paramedics

While some customers may choose to apply for the People's Choice LMI Waiver directly through the lender, partnering with an experienced mortgage broker can make the process easier and more efficient. At Eden Emerald Mortgages, we provide expert advice, guide you through every step of the application process, and address any questions you may have. Our brokers also compare multiple lenders to secure the most competitive rates and explore other LMI waiver options if People's Choice isn’t the right fit for your needs. Best of all, our services are 100% FREE for borrowers, as we are compensated by the lender, ensuring our focus is 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 People's Choice on your behalf.
• Tailored Advice: Our experienced team understand the LMI Waiver criteria at People's Choice and can help you determine eligibility.
• Access to Multiple Options: If you are ineligible for LMI waiver at People's Choice, or the interest rates are too high, we can find you the best alternatives from other lenders.
• Advocacy: We actively negotiate with People's Choice and other lenders to secure the best terms and rates for you.

People's Choice LMI Waiver: Eligible Professions

Here is a quick table which summarises the industries that People's Choice 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.  

Nurses

Nurses are considered an essential worker by People's Choice and therefore are eligible for No LMI home loans. Here is some key information about LMI Waiver home loans for Nurses:

• Borrow up to 90% LVR with No LMI
• Maximum loan amount $1.2 million
• Owner-occupied or investment property
• Minimum income requirements will vary depending on joint or sole application
• Must be currently employed as a registered nurse in Australia
• Require documents to prove registration and profession
• Your partner does not need to be an essential worker

Paramedics

Paramedics are considered an essential worker by People's Choice, and are eligible for No LMI home loans. Here is some key information about LMI Waiver home loans for Paramedics:

• Borrow up to 90% LVR with No LMI
• Maximum loan amount $1.2 million
• Owner-occupied or investment property
• Minimum income requirements will vary depending on joint or sole application
• Must be currently employed as a fully qualified paramedic in Australia
• Require documents to confirm you are a paramedic
• Your partner does not need to be an essential worker

Police Officers

State and federal police officers are considered essential workers by People's Choice, and here is some key information about LMI Waiver home loans for police:

• Borrow up to 90% LVR with No LMI
• Maximum loan amount $1.2 million
• Owner-occupied or investment property
• Minimum income requirements will vary depending on joint or sole application
• Must be currently employed as a sworn in state or federal police officer in Australia
• Require documents to confirm you are a police officer
• Your partner does not need to be an essential worker

Application Process for LMI Waivers

Applying for an LMI waiver at People's Choice involves several steps, and here’s a quick outline of the process:

1. Check Eligibility: Determine if your profession qualifies for an LMI waiver at People's Choice 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: People's Choice 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, People's Choice 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 People's Choice, check if your profession is able to access LMI waivers elsewhere, or see this list of 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

People's Choice LMI waivers provide a great opportunity for a range of professionals and essential workers 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 unanswered questions, or want to begin the process of applying for a home loan with People's Choice, fill out the form below and an experienced mortgage broker from EE Mortgages will contact you.