BOQ LMI Waivers – No Lenders Mortgage Insurance for Medical and Veterinary Professionals
BOQ offers LMI waivers for eligible medical and veterinary professionals, allowing them to secure home loans with up to 90% LVR while avoiding costly lenders mortgage insurance.
Eligible Industries and LVR Limits
| Industry | Maximum LVR | Examples of Eligible Professionals |
|---|---|---|
| Medical | 90% | Doctors, Dentists, Physiotherapists, Optometrists, Pharmacists |
| Veterinary | 90% | Veterinarians, Specialists, Surgeons |
Medical Professionals – Up to 90% LVR with No LMI
BOQ provides no LMI home loan options for a range of medical professionals, recognizing their **high earning potential and job stability**.
Eligible Medical Professionals
- Doctors
- General Practitioners (GPs)
- Medical Specialists
- Surgeons
- Dentists
- Physiotherapists
- Optometrists
- Pharmacists
- Podiatrists
- Chiropractors
Key BOQ LMI Waiver Home Loan Details for Medical Professionals
- Borrow up to 90% LVR with no LMI
- Must be currently employed in Australia and registered with AHPRA
- Documents required: Proof of professional registration and employment
BOQ home loans for medical professionals provide an excellent opportunity for doctors and healthcare workers to **enter the property market with a lower deposit while saving thousands on lenders mortgage insurance**.
Veterinary Professionals – Up to 90% LVR with No LMI
Veterinarians, specialists, and surgeons in the veterinary field can benefit from **BOQ’s LMI waiver program**, making it easier to secure a mortgage loan without the burden of lenders mortgage insurance.
Eligible Veterinary Professionals
- Veterinarians
- Veterinary Specialists
- Veterinary Surgeons
Key BOQ LMI Waiver Home Loan Details for Veterinary Professionals
- Borrow up to 90% LVR with no LMI
- Must be currently employed in Australia and registered with the relevant veterinary board
- Documents required: Proof of professional registration and employment
Applying for a BOQ LMI Waiver – Step-by-Step Process
- Check Eligibility: Determine if your profession qualifies for an LMI waiver at BOQ.
- Consult a BOQ Mortgage Broker: A mortgage broker can guide you through documentation and loan applications.
- Gather Documentation: Required documents include proof of professional registration, employment history, and income statements.
- Submit Application: Apply for a mortgage loan, including the LMI waiver request.
- Lender Assessment: BOQ will assess eligibility, verify income, and review your profession.
- Approval & Settlement: If approved, BOQ finalizes the mortgage with no LMI, significantly reducing upfront costs.
Alternatives to BOQ LMI Waivers
If you are not eligible for a BOQ LMI waiver, consider the following options:
- Other Lenders with No LMI Home Loans: Some banks offer no LMI home loans for additional professions.
- Save a Larger Deposit: A deposit of at least 20% eliminates the need for LMI.
- Guarantor Loans: A family member can act as a guarantor to avoid LMI costs.
- First Home Guarantee (FHBG): The Australian Government's First Home Guarantee allows first-time buyers to purchase with just a 5% deposit and no LMI.