10% deposit first home buyer LMI waiver

Question: 10% deposit first home buyer LMI waiver

Answer: Some first home buyers may be able to buy with a 10 percent deposit and avoid Lenders Mortgage Insurance, but it depends on the pathway available to them. LMI waivers are not universal across all banks, and eligibility can be narrow.

Common pathways may include certain government schemes, lender-specific first home buyer policies or profession-based waivers for selected occupations. The details can depend on income limits, property type, purchase price caps, location, occupation, credit conduct, loan purpose and whether the lender is participating in a particular scheme.

The value of checking this early is that LMI can be a significant cost. A waiver may improve the cash needed to buy, but the loan still needs to pass lender assessment and responsible lending requirements. The rate, fees and policy settings also need to be compared, not just the waiver.

A broker can help identify which current options may be worth exploring for your deposit and borrower profile. This is general information only and lender criteria can change. For guidance tailored to your situation, speak with TwoFold Lending on 1300 100 019 or book an appointment.

Important: This answer is general information only and does not consider your objectives, financial situation or needs.