Which Banks Waive LMI for Accountants?
Some banks may classify accountants as being low-risk borrowers and therefore waive LMI fees for accountants that are taking out a loan to purchase a home. Yes, that means even if an accountant does not place a deposit of 20% or more they would still be exempt from LMI.
Not all banks allow waived LMI fees for accountants, so we have created a list below to assist any potential buyers in need!
Bank of Queensland
Bank of Melbourne
These banks are not the only banks in Australia that waive LMI for accountants, and a potential buyer should always call their local or preferred banks to inquire about this service. Additional professionals are allowed to have LMI fees waived, like surgeons, doctors, engineers, dentists, veterinarians, and more.
Specialized lenders may also offer to waive LMI fees for accountants and other professionals, but this will largely depend on the individual lender and their policies. A potential buyer will have to verify that they meet all requirements to qualify for a waived LMI fee.
At Mortgage House we are specialized lenders and experienced professionals who maintain client satisfaction and success. We strive to assist all potential owners to navigate the home buying process, and potential owners can contact us to see if they are eligible for waived LMI due to their profession.
Bank Waived LMI Conclusion
There are countless banks that offer waived LMI fees to accountants that meet specific qualifications. Specialized lenders can also waive the LMI fee, but is largely dependent on the individual lenders and their policies.