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Which Occupations Are Eligible For An LMI Waiver?
To be eligible, you should be working as one of the following:
- Accountant
- Actuary
- Auditor
- Chief Financial Officer
- Director
- Finance Director
- Finance Manager
- Financial Controller
- Partner (firm)
Minor variations are acceptable, as job titles do not always match the occupations listed above; for example, an applicant with a job title ‘Tax Accountant,’ ‘Chartered Accountant’ or ‘Internal Auditor’ can be accepted.
Will I Get Approved?
- Your occupation must be on the lender’s list of acceptable professionals.
- Most lenders don’t require a minimum income to qualify with them. However, a few exceptions may have minimum earnings requirements, typically ranging from $100,000 a year.*
- You may be required to give evidence of your degree or industry membership.
Tips and Suggestions
- Some lenders have no income threshold for LMI waiver eligibility.
- You’re also eligible for a substantial rate discount.
- Membership and practice in CA, CPA, CFA, & FIAA are required by lenders.
- Lenders might have stricter rules for properties located in high-risk areas.
- Subject to limits on loan amounts.
Don’t believe us, hear from our customers
I have been dealing with the Home Loan Experts team for my mortgages over the last few years and have always found them responsive and honest. I appreciate how they understand your needs and act accordingly. My recent ‘knockdown, rebuild’ loan experience, where the team had to co-ordinate multiple progress payments with a tough bank, was again a good one.
We are so thankful and appreciative of having Home Loan Experts assist us with our loan. They are a real pleasure to deal with – so professional, friendly and kept us up to date at all times of the process. Would give the team a lot more than 5 stars. Definitely recommend.
Originally, we wanted a home loan for an existing home but then we changed our minds and decided to buy land only for the moment. It was no trouble to the team there to re-evaluate our situation and provide us with the best solution. They are transparent and great communicators, and this removes a lot of stress from the process of getting a loan.
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