Bank of Melbourne LMI Waivers – Avoid Lenders Mortgage Insurance (LMI) on Home Loans
Bank of Melbourne, part of The Westpac Group (including Westpac, St. George Bank, and BankSA), offers LMI waivers to 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 Bank of Melbourne'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
Bank of Melbourne offers mortgage loans with no LMI for eligible legal professionals, including solicitors, barristers, magistrates, and judges.
- Borrow up to 90% LVR with no LMI
- Maximum loan amount of $5 million
- 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
Bank of Melbourne 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 Bank of Melbourne’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 Bank of Melbourne LMI Waiver
- Check Eligibility: Determine if your profession qualifies for a Bank of Melbourne LMI waiver.
- Consult a Mortgage Broker: A Bank of Melbourne mortgage broker can guide you through the process.
- Gather Documentation: Collect required documents, including proof of professional registration, employment history, and income statements.
- Submit Application: Apply for the mortgage loan, including a request for an LMI waiver.
- Approval & Settlement: If approved, Bank of Melbourne will finalize the mortgage without requiring LMI, reducing your upfront costs.
Alternatives to LMI Waivers
If you don’t qualify for an LMI waiver with Bank of Melbourne, consider:
- Other lenders that offer no LMI home loans
- Saving a larger deposit (20%) to avoid LMI
- Guarantor loans, where a family member helps secure the loan
- The First Home Guarantee (FHBG) for first-time buyers, allowing them to purchase with a 5% deposit and no LMI