BankSA LMI Waivers – Save on Lenders Mortgage Insurance (LMI) for Home Loans
BankSA, part of The Westpac Group (which includes Westpac, St. George Bank, and Bank of Melbourne), offers LMI waivers for eligible professionals, allowing them to secure home loans with up to 95% LVR while avoiding costly lenders mortgage insurance.
Eligible Industries and LVR Limits
| Industry | Maximum LVR | Examples of Eligible Professionals |
|---|---|---|
| Accounting | 90% | Accountants, Auditors |
| Legal | 90% | Solicitors, Barristers, Judges, Magistrates, Partners |
| Medical | 90 - 95% | Doctors, Dentists, Optometrists, Physiotherapists, Chiropractors |
| Veterinary | 90% | Veterinarians, Specialists, Surgeons |
Accounting Professionals – Up to 90% LVR with No LMI
Accounting professionals, including accountants and auditors, qualify for BankSA's LMI waiver program.
- Borrow up to 90% LVR with no LMI
- Minimum income requirement: $120,000 per annum
- Must hold an accredited accounting certification
Legal Professionals – Up to 90% LVR with No LMI
BankSA offers mortgage loans with no LMI for eligible legal professionals, including solicitors, barristers, magistrates, and judges.
- Borrow up to 90% LVR with no LMI
- Minimum income requirement: $120,000 per annum
- Must be registered with the appropriate legal accreditation body
Medical Professionals – Up to 95% LVR with No LMI
BankSA provides no LMI home loan options for a range of medical professionals, split into two categories:
Doctors, Dentists, General Practitioners, and Specialists
- Borrow up to 95% LVR with no LMI
- Maximum loan amount of $5 million
- No minimum income requirement
- Must be employed in Australia and registered with AHPRA
Other Medical Professionals
- Borrow up to 90% LVR with no LMI
- Minimum income requirement of $90,000 per annum
- Eligible professions include physiotherapists, podiatrists, pharmacists, psychologists, and more
Veterinary Professionals – Up to 90% LVR with No LMI
Veterinarians and veterinary specialists can take advantage of BankSA’s no LMI home loan options.
- Borrow up to 90% LVR with no LMI
- Minimum income requirement: $90,000 per annum
- Must be registered with the relevant veterinary board
Applying for a BankSA LMI Waiver
- Check eligibility based on your profession.
- Consult a BankSA mortgage broker to guide you.
- Submit required documentation (proof of employment, income, etc.).
- Wait for lender assessment and approval.
- If approved, your mortgage will be finalized without LMI costs.
Alternatives to LMI Waivers
- Consider lenders offering no LMI home loans.
- Save a larger deposit to avoid LMI.
- Use a guarantor loan to secure your home loan.
- Apply for government schemes like the First Home Guarantee.