LMI Waivers
Updated
by
Caroline Pollard
Medico/Professionals Policies
Please always check with your lender BDM prior to submitting an application, as the policy may have changed.
ANZ
For more info click here
up to 95% No LMI
Eligible professions :
- Medical Practitioners
- Dental Practitioners
- Specialists
up to 90% No LMI
Eligible professions :
- Accountant
- Lawyers/Barristers/Solicitors
- Medical Practitioner
- Dental Practitioner*
- Specialists**
- Chiropractor
- Optometrist
- Physiotherapist
- Veterinarians
* Division MUST be 'Dentist'** Specialists are identified by: Profession: Medical Practitioner: Registration Type: Specialist
The following professions are NOT eligible :
- Provisional registration
- Limited registration
- Non-practising registration***
- Aboriginal and Torres Strait Islander Health Practitioner
- Chinese Medicine Practitioner
- Medical Radiation Practitioner
- Nurse
- Midwife
- Occupational Therapist
- Osteopath
- Pharmacist
- Podiatrist
- Psychologist
- Radiographer
- Dental Therapist
- Dental Prosthesis'
- Oral Health Therapist
No exception can be considered***Note: Non-practising registration may be acceptable where the absence from practise is temporary (eg. on parental leave).
Auswide
up to 90% No LMI
- General Medical Practitioners
- Hospital employed Doctors (Intern, Resident, Registrar, Staff Specialist)
- Medical Specialists
- Dentists
- Veterinarians
- Other Medical Professionals on a case by case basis.
Bank of Melbourne/BankSA/St George
up to 90% No LMI
For the purpose of this the definition of a medical professional (‘Medico’) includes the following:
- Dentists
- General Practitioners
- Hospital employed Doctors (eg Intern, Resident, Registrar, Staff Specialist)
- Medical Specialists – refer to List of Australian Recognised Medical Specialties for the list of acceptable that fall under Medical Specialties
- Optometrists
- Pharmacists
- Veterinary Practitioners.
There is no authority to extend to other occupation types. (Physiotherapists, Psychologists, Nurses and Paramedics do not qualify for Medico Policy.)
Bankwest
Bankwest offer a Medico Policy but it must be submitted in conjunction with their private banking team & will need to be coordinated with your BDM.
CBA
LVR below 90% (ie maximum base LVR is 89.99%) subject to credit approval.
Coronavirus Policy Change - LMI/LDP waivers aren't allowed for all Construction and Investment Home Loans. This includes customer's eligible under the Professionals Offer.
Restrictions: The Medical Professional Offer allows eligible Medical Professionals to apply to have Lender's Mortgage insurance (LMI) and Low Deposit Premium (LDP) to be waived.
Eligible medical professionals :
- Anaesthetist
- Cardiothoracic Surgeon
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dentist
- Dermatologist
- Ear and Throat Surgeon
- Emergency Surgeon
- Endocrinologist
- Gastrointestinal Surgeon
- Gastroenterologist
- General Practitioner (also known as as Medical Practioner)
- Gynaecologist
- Haematologist
- Hepatologist
- Immunologist
- Nephrologist
- Neurosurgeon
- Neurologist
- Obstetrician
- Oncologist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon
- Orthopaedic Consultant
- Otolaryngologist
- Paediatric Surgeon (neonatal and perinatal)
- Pathologist
- Plastic Surgeon
- Podiatrist
- Psychiatrist
- Radiologist (Note: This doesn't include radiographers)
- Reconstructive Surgeon
- Respiratory or Thoracic Surgeon
- Urologist
- Vascular Surgeon
- Veterinarian
This Professionals Offer includes those employed as interns, residents, registrars and supervised doctors in any of the above fields.
- However excludes the following professions: Physiotherapists, Pharmacists, Psychologists and Nurses.
NAB
90% LMI Waiver
Eligible professionals :
- Medical Practitioners
- Dental Practitioners
- Optometrists
- Veterinary Practitioners
- Pharmacists
Eligible Specialists:
- Anaesthetist
- Dermatologist
- GP
- Paediatrician
- Obstetrician
- Gynaecologist
- Physician
- Ophthalmologist
- Pathologist
- Psychiatrist
- Radiation oncology
- Radiologist
- Surgeon
Westpac
90% LMI Waiver
Medico Sector :
- Dentists
- General Practitioners
- Hospital employed Doctors (eg. Intern, Resident, Registrar, Staff Specialist)
- Optometrists
- Pharmacists
- Veterinary Practitioners
- Medical Specialists - refer to List of Australian Recognised Medical Specialties for the list of acceptable Medical Specialties
85% LMI Waiver
Industry Specialisation Sector
- Accountants
- Actuaries/Auditors
- CFO's (Chief Financial Officers)
- Finance Managers
- Barristers
- Judges
- Lawyers
- Solicitors
- Surveyors
- Mine Surveyors
- Quantity Surveyors
- Geologists/Geophysicists
Sports and Entertainment Sector :
- TV / Film
- Theatre
- Music
- Fashion
Role Type :
- DJ
- Actor/Actress
- Musician/Singer/Composer
- Model
- Photographer/Film Maker
- Journalist/Presenter/Commentator
- Producer/Director
- Writer/Author
85% NO LMI
Better Choice
Key Criteria
- Borrowers must be in their current employment for a minimum of 6 months or 12 months continuous employment within the same industry
- For purchases borrowers must disclose the source of funds and provide appropriate evidence (doesn't need to be genuine savings)
- Purchase and refinance available to 85% LVR
- Product can be used for purchase, refinance, debt consolidation & cash out
Restrictions
- Where the security property is located in the ACT or a unit/apartment in VIC the max LVR will be 5% less than the product limit.
- Where the security property is a unit/apartment and located in VIC postcodes 3000 to 3008 the max LVR will be 70%.
- Product is not available for fixed loans
- Not available for non resident borrowers
Product excludes
- Construction of residential property
- Purchase vacant residential land
- Home improvement (minor non-structural improvements permitted)
- Payment of taxation debt (see Resimac Specialist)
- Refinance of private/solicitor loans (see Resimac Specialist)
Citibank
Applicant conditions:
- Satisfactory Veda scores apply for all applicants
- No blemish historical conduct on all accounts
- Applicant must be an Australian Citizen or permanent resident
- All security providers need to be borrowers and mortgagors
- A minimum PAYG / Self Employed “Qualifying Income” per application (excluding rental income) of $180,000 per annum (only applies to Sydney Zone 1A securities)
Security conditions:
- Security must be located in Citi Zone 1A or Zone 1B area (Major Metro)
- No new units, rural residential, construction loans or vacant land are permitted
- Maximum one property per development.
- Any adverse comments in the valuation report requires Risk Management consent and approval to accept the security under this policy
Loan conditions:
- Min loan amount $200k per security property. Min loan size overall $350,000
- Maximum per security loan amount is $1,000,000 in Zone 1A, Sydney and Melbourne, and $800,000 in Zone 1B
- Max loan exposure with Citibank not to exceed $1.5 million
- Minimum $20,000 on variable rate (can't be 100% fixed)
- Cash Out, or Debt Consolidation (refinance of mortgage based debts only) – Citibank to control disbursement of all funds at settlement
- For variations (after six months with good conduct history ), cash out restriction doesn't apply
Resimac
Key Criteria
- Borrowers must be in their current employment for a minimum of 6 months or 12 months continuous employment within the same industry
- For purchases borrowers must disclose the source of funds and provide appropriate evidence (doesn't need to be genuine savings)
- Purchase and refinance available to 85% LVR
- Product can be used for purchase, refinance, debt consolidation & cash out
Restrictions
- Where the security property is located in the ACT or a unit/apartment in VIC the max LVR will be 5% less than the product limit.
- Where the security property is a unit/apartment and located in VIC postcodes 3000 to 3008 the max LVR will be 70%.
- Product is not available for fixed loans
- Not available for non resident borrowers
Product excludes
- Construction of residential property
- Purchase vacant residential land
- Home improvement (minor non-structural improvements permitted)
- Payment of taxation debt (see Resimac Specialist)
- Refinance of private/solicitor loans (see Resimac Specialist)
90% NO LMI
BOQ
DHA Security or via specialist only
See BDM for rates.
