Two Game-Changing Lending Updates You Should Know!

Borrowing just became easier for many Australians. Two recent changes in lender policies are creating new opportunities for first home buyers and essential workers.

From saving up on Lenders Mortgage Insurance to using your overtime income, learn how these lending updates can help you borrow more.

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90% No LMI Home Loan

Lenders Mortgage Insurance (LMI) has long been a hurdle for low-deposit borrowers. If your deposit is less than 20% of the property value, LMI usually applies, adding thousands to your upfront costs.

What’s Changed?

A policy change from a lender on our panel means you can borrow up to 90% of the property value without paying LMI.

Key Benefits

• Borrow with as little as 10% deposit (excluding miscellaneous costs)

• Avoid paying thousands extra in LMI premiums

• No restrictions on profession or genuine savings requirements

What This Means For You

These policy changes open the door to better financial planning for you. While avoiding LMI and counting overtime income increases your borrowing capacity, there are other ways to leverage these updates for long-term benefit.

For instance, combining a lower deposit with careful budgeting can free up cash for essential upfront costs, such as stamp duty, legal fees, and moving expenses.

As a first home buyer, you can also allocate more savings towards home improvement instead of LMI. Investors, on the other hand, can stretch their capital further by entering multiple properties sooner and accelerate their wealth-building strategy.

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100% of Your Overtime Can Now Count Towards Your Loan

For essential workers such as teachers, pilots, and public transport operators, overtime and shift penalties form a significant part of the income.

Lenders only considered a portion of part-time income when assessing borrowing capacity, leaving many eligible borrowers with lower-than-expected limits.

What’s Changed?

The latest policy updates now allow 100% of overtime, shift penalties, and allowances to be included in income assessments for eligible professions.

Professions that are eligible include (but are not limited to):

• Veterinarians

• Pilots in commercial aviation

• Teachers and university lecturers

• Public transport operators (bus, train, ferry, tram)

• Medical professionals (nurses, doctors, paramedics)

• Emergency services (firefighters, police, SES, ambulance officers)

Key Benefits

• Increase your borrowing capacity without changing your base salary

• Simplify calculations and annualise your latest payslip to estimate capacity

• Helps essential service workers get approved for the home they need sooner

What This Means for You

If you are an essential worker who relies on overtime and shift penalties, you can now plan your property purchases around realistic income expectations, rather than being constrained by conservative lending assessments.

This means you can look at properties in your preferred locations without compromising on lifestyle or long-term financial goals.

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Don’t Miss Out On These Policy Changes!

Understanding the latest policies and how to apply them to your circumstances can save you thousands and help you borrow more than you thought possible.

Together, these updates can significantly improve your borrowing potential:

• Lower upfront costs: Avoid LMI with a smaller deposit

• Higher borrowing limits: Include overtime and penalty income to boost capacity

• Faster access to property: Enter the market sooner with financial stability intact

But policy updates like these don’t always last long. Lenders may adjust their eligibility criteria as demand increases, so it’s worth getting a pre-assessment now to see where you stand.

So, call us on 1300 889 743 or complete our free online assessment form today and make the most out of these opportunities.