Did You Know Teachers Can Borrow Up to 90% Without Paying LMI?

Many of our clients work in schools as teachers, whether in early childhood, primary, secondary, or even university. When applying for a home loan, teachers often face a long list of questions from banks, only to be offered a lower-than-expected loan amount. This is because many banks don’t fully understand how to assess a teacher’s income properly. However, as a teacher, you may be eligible to borrow up to 90% of the property value without paying LMI (Lenders Mortgage Insurance)! This is a benefit that many teachers are unaware of, so let’s dive into how you can take advantage of this great perk.

What Is LMI, and How Can Teachers Avoid It?

LMI is usually required by the bank when you borrow more than 80% of the property’s value. This insurance can cost thousands, sometimes even tens of thousands of dollars. But the good news is, if you’re a teacher, you may be able to borrow up to 90% without paying this hefty fee. And it’s not limited to just teachers—if you work in a school in another capacity, you might still be eligible.

Get in touch with us for a free loan assessment to see if you qualify.

How Much Can You Save by Avoiding LMI?

The savings from avoiding LMI can be significant. Depending on the value of the property, you could save thousands in upfront costs. Here's how much you could potentially save on different property values:

$600,000 $540,000 $13,500

$700,000 $630,000 $15,200

$800,000 $720,000 $17,000

$900,000 $810,000 $19,300

$1,000,000 $900,000 $21,600

This is money that can go straight into your pocket or be used towards other expenses. Want to know how much you could save? Contact us today for a free loan assessment.

Property Value

Loan Amount (90%)

LMI Savings

Can I Apply for the 90% LMI-Free Loan? What Are the Requirements?

To apply for a 90% LMI-free loan, you need to meet the following conditions:

You are purchasing a residential property.
You have at least $5,000 in savings (rent paid over the last six months may also count as valid savings).
In metropolitan areas, the maximum loan amount is $1.35 million, while in non-metropolitan areas, it is $1 million.

Not sure if you qualify? We offer free loan assessments to help you find out quickly and easily.

Can I Apply Jointly and Still Get the LMI Waiver?

Yes! If you’re applying with a partner, as long as one of you is a teacher, you can still enjoy this LMI waiver benefit.

Feel free to reach out to us to check your eligibility with a free loan assessment.

What About Part-Time or Temporary Teachers? Can They Apply?

Yes! Even if you’re a part-time or temporary teacher, you can still benefit from this offer. The bank will assess your income based on your annual earnings to determine your borrowing capacity.

If you’re unsure whether your situation qualifies, get in touch for a free loan assessment and let our experts help you find the best loan option.