Home Loans for Police, Paramedics and Firefighters: LMI Waivers

Which lenders waive LMI?

Lenders' own published policies, checked 29 September 2026. A policy is not an approval: each lender assesses your application and can change or withdraw an offer.

How much LMI does a waiver save?

A waiver removes the whole premium. At 90% LVR, published lender figures put the LMI you would otherwise pay at about:

NSW, where there is no duty on LMI. Other states add 9% to 11% to the premium. Built from LMI figures Australian lenders publish.

Which roles each lender names

BankVic names employers and sectors rather than roles, so check that your employer counts. Checked 29 September 2026.

Why Westpac is not on the waiver list

Westpac and St.George headline their healthcare page as a waiver for “healthcare & emergency service professionals”, but no emergency service role appears on either named waiver list. Police, ambulance and fire officers appear only in a separate policy that counts 100% of overtime and allowances as income. That can lift how much you can borrow, and LMI still applies above 80%, so we do not count it as a waiver.

Applying direct, not through a broker

BCU Bank and P&N Bank exclude broker-referred loans from their essential services waiver: you apply through the website, contact centre, a home lender or a branch. The same BCU offer advertises cashback, but BCU says the cashback is not available when LMI is waived. People First Bank says only one applicant on a joint loan needs to hold an eligible role.

How lenders assess police, paramedic and firefighter income

Overtime and allowances are non-base income, and each lender decides how much of them to count. Three publish that they count overtime in full (lender pages read 29 September 2026):

• Westpac group: front-line police officers, ambulance officers or paramedics, and fire officers or firefighters can have 100% of overtime and allowances assessed as income. St.George's terms set the conditions: your income evidence must be with the same employer for at least 6 months (applications that fall short may still be referred), and office-based emergency services staff and the self-employed are excluded. Casual employees and PAYG contractors can still use it. Hospital-employed nurses and midwives are on the same overtime list: see home loans for nurses.
• BCU Bank: says it takes “100% of your overtime into consideration” and recognises “shift work, rosters, and overtime income” for the essential workers its offer names.
• BankVic: its police home loans list “100% overtime considered”.

Your overtime needs to show on your payslips. For allowances and other non-base income, Westpac asks for a year-to-date payslip covering at least 3 months, or a payslip plus a year-to-date income statement. None of these lenders says on its public pages whether shift penalties count in full, and we found no published overtime rule for these roles at CommBank, NAB or ANZ, so ask how your roster pay will be treated before you apply.

What if you are not eligible?

If your role or state is not covered, first home buyers can use the 5% Deposit Scheme, which removes LMI with a 5% deposit under a price cap. ubank charges no LMI up to 90% for any occupation on purchases repaying principal and interest.

Defence force members will not find a waiver: NAB's Defence Force Home Loan and Defence Bank both charge LMI above 80%. Their benefit is the DHOAS interest subsidy, which Defence Bank puts at up to $1,166 a month for eligible members.

Compare every route in how to avoid LMI, or see all professions in LMI waiver rules.

Frequently asked questions

Sources