People's Choice LMI Waivers – Secure a Home Loan with No LMI
People's Choice offers LMI waivers for eligible essential workers, 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 |
|---|---|---|
| Nursing | 90% | Registered Nurses |
| Paramedics | 90% | Fully Qualified Paramedics |
| Policing | 90% | State Police Officers, Federal Police Officers |
Nurses – Up to 90% LVR with No LMI
People's Choice recognizes nurses as essential workers, making them eligible for LMI waivers on their mortgage loans. This is a great opportunity for nurses looking to enter the property market without the burden of LMI costs.
- Borrow up to 90% LVR with no LMI
- Maximum loan amount: $1.2 million
- Available for owner-occupied and investment properties
- Minimum income requirements depend on sole or joint applications
- Must be currently employed as a registered nurse in Australia
- Documents required to prove registration and profession
- Your partner does not need to be an essential worker to qualify
Paramedics – Up to 90% LVR with No LMI
Fully qualified paramedics can take advantage of People's Choice LMI waiver, allowing them to buy a home with as little as a 10% deposit while avoiding the cost of lenders mortgage insurance.
- Borrow up to 90% LVR with no LMI
- Maximum loan amount: $1.2 million
- Available for owner-occupied and investment properties
- Minimum income requirements depend on sole or joint applications
- Must be currently employed as a fully qualified paramedic in Australia
- Documents required to confirm employment status
- Your partner does not need to be an essential worker to qualify
Police Officers – Up to 90% LVR with No LMI
People's Choice extends LMI waivers to both state and federal police officers, ensuring they can purchase a home with minimal upfront costs.
- Borrow up to 90% LVR with no LMI
- Maximum loan amount: $1.2 million
- Available for owner-occupied and investment properties
- Minimum income requirements depend on sole or joint applications
- Must be currently employed as a sworn-in state or federal police officer in Australia
- Documents required to confirm employment status
- Your partner does not need to be an essential worker to qualify
Applying for a People's Choice LMI Waiver
- Check eligibility based on your profession.
- Consult a People's Choice 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
- Explore lenders that offer no LMI home loans for other professions.
- Save a larger deposit (20%) to eliminate the need for LMI.
- Use a guarantor loan to reduce LMI costs.
- Apply for the First Home Guarantee (FHBG) program.