Banks offering special deals to certain professions

Good news if you’re an essential worker – some lenders offer LMI waivers to professions such as police officers, teachers, firefighters, nurses, midwives and paramedics.

Lender’s mortgage insurance, or LMI, is an insurance premium you generally get charged when you provide a deposit of less than 20%. For example, if you were a first home buyer and wanted to buy a $600,000 property with a 10% deposit, you would generally have to pay an LMI premium of about $13,000.

However, depending on your profession and choice of lender, you may be able to take out a low-deposit home loan without needing to pay LMI.

This LMI waiver is not something that all lenders offer to all essential workers; rather, it’s something that some lenders offer to some essential workers.

As your broker, I know the credit policies of a range of lenders, so if you’re an essential worker, get in touch to discuss your options. Depending on your circumstances, I might be able to find you a better home loan deal than you realised was possible.

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