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Astute East Brisbane's Finance Insights

Drawing on his industry experience, Tony Duncan shares his thoughts on industry changes, home loan requirements and a number of important areas to consider when planning your first home purchase or your next property investment. 

  • Writer's pictureSteve Dart

An LMI waiver? Your job could be the answer

Updated: Oct 31, 2022

With lending criteria seemingly continuing to tighten up, there have been some recent announcements that will come as great news to home buyers, and it all has to do with the type of job you have.

When buying a house, if the deposit contribution you’re making to the purchase is less than 20% of the purchase price there’s a good chance you’ll be required to pay a premium for doing so. This premium is called Lenders Mortgage Insurance & is a one-off payment made by the borrower at the time of loan settlement. The cost of this premium can add many thousands of dollars to the cost of the loan.

There are, however, certain situations that warrant a waiver of the need to pay this premium. Firstly, you may be eligible for a First Home Buyer Scheme, a government initiative to help first-home buyers with a reduced deposit. Secondly, you may fall into the category of ‘Industry Specialist’. This term has been around for some time; however, the perception has been that this is assigned only to doctors, accountants, and lawyers. The good news is that list has recently expanded considerably.

We thought it might be helpful for you to know a list of what those include. You can click here to browse the full list.

Key considerations

It’s worth noting that each lender will have their own evaluation criteria to overlay this eligibility which will take into consideration:

● Australian residency

● Time in profession

● Income

● Deposit being contributed

● Acceptable property location & type

How a Mortgage Broker can help

In working with you as our client, we’ll talk through your situation to get the full picture. With our up-to-the-minute understanding of lending requirements, we’ll be well placed to advise you on your suitability for this waiver.

You might find it’s a conversation that opens up opportunities for you and saves you literally thousands of dollars over the lifetime of your loan.

Reach out today to see if we can assist. We’ll be happy to help.

Simple solutions, straight up.


Astute Financial Management Pty Ltd | ACN 093 587 010 | Australian Credit Licence 364253 | Davgan Insurance & Wealth Pty. Ltd. T/As Astute East Brisbane Corporate Authorised Representative (425641) of Alliance Wealth Pty Ltd | ABN 93 161 647 007 | AFSL 449221. | General Insurance provided by Astute Insurance Pty Ltd | ABN 59 622 582 236 | Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433. Health Insurance products are underwritten by St Luke’s Medical and Hospital Benefits Association ACN 009 479 618 (St.LukesHealth), a registered private health insurer, [trading as Astute Simplicity Health] and members are introduced by Astute Financial Management Pty Ltd or related entities (collectively known as Astute) for which Astute receives a commission. General Advice Warning: This communication contains general information only and in no way constitutes the provision of professional advice, nor should it be relied on as a substitute for financial, credit, accounting, legal or other professional advice. We have not taken into account your financial situation, investment objectives or particular needs. Before making an investment or financial decision, a person must seek appropriate independent professional advice and also consider whether this information is appropriate to their needs, objectives and circumstances. The author as well as their representatives, agents and employees give no guarantees and make no representations, express or implied, as to the accuracy, currency, completeness or suitability of the information contained in this document. Nor do they accept any liability whatsoever as a result of any information herein being incorrect, incomplete or unsuitable or as a result of a person in any way using or relying on the information herein.

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