Working in these professions can save thousands on your mortgage

Workers in the medical, legal and education fields are among a growing list of professionals who can save thousands of dollars when applying for a mortgage with a deposit of less than 20 per cent.

Sometimes, the waivers are advertised by the lender, but sometimes you have to ask. Sally Tindall, research director at RateCity, says while some banks actively promote these professional waivers, others are “documented in the backwaters of bank websites”. Those who have a deposit of less than 20 per cent are considered to be at higher risk than those who have more equity in their properties.

“Nurses and midwives provide an incredible service to our communities, so we are delighted to help them buy a home sooner by waiving thousands of dollars in LMI,” says Chris de Bruin, consumer and business banking chief executive at Westpac. Tindall says while banks waive the LMI cost for low-risk professions, they may still “slug these borrowers with higher interest rates for having a wafer-thin deposit”.

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