iscover 
A range of new professionals will be able to access a lenders mortgage insurance (LMI) waiver from digital lender Bankwest, as it expands its policy to more professionals.
While LMI is typically charged to home loan borrowers who do not have a 20 per cent deposit, lenders, including Bankwest, may offer waivers to professionals in certain industries.
Bankwest had previously offered an LMI waiver to a range of medical professionals, enabling them to access a mortgage with just a 10 per cent deposit without paying LMI.
However, the bank told brokers last week (18 June) that it was expanding the offerings to “help more eligible customers access the benefits of this popular proposition”.
As such, eligible professionals now include accountants, lawyers, employees of large technology companies, banking professionals, and some government roles (mostly those in “select professional and managerial government roles”).
Speaking to Broker Daily, a Bankwest spokesperson said: “Bankwest recently announced an expansion of its LMI waiver offering to a broader range of eligible industry professionals, creating opportunities to support more customers into homes while helping them reduce upfront borrowing costs.
“We work closely with brokers and customers to offer home lending solutions that consider a range of borrowing circumstances, and we regularly review our credit policies, with a focus on responsible lending, to help more Australians into home ownership.”
[Related: CBA’s new LMI waivers helping remove hurdles]
Want to see more stories from trusted news sources?Make Broker Daily a preferred news source on Google.
