Commonwealth Bank recently announced a limited-time offer to waive the costs of Lenders Mortgage Insurance (LMI) or Low Deposit Premium (LDP) for frontline emergency professionals. This initiative recognises the significant contributions made by healthcare and emergency service workers and aims to help them enter the property market with greater ease.
Who is eligible?
This offer specifically targets professionals working as registered and enrolled nurses, midwives, nurse practitioners, paramedics and ambulance officers, police officers, and firefighters. Eligibility does not depend on income levels, which broadens the accessibility of this initiative to a wide range of emergency workers.
Key Eligibility Criteria
Eligible borrowers must intend to use the property as their principal place of residence – meaning the home loan must be owner-occupied and set up with principal and interest repayments. Acceptable loan types include Standard Variable Rate (SVR), Fixed, or Extra home loans. Importantly, this offer covers new property purchases and refinances. For off-the-plan purchases, the settlement must occur within 90 days.
How does this work?
Purchase Scenario:
- Property Value: $500,000
- Base Loan: $460,000
- LMI normally payable: $17,000 (approx.)
Under this offer: $0 payable
Refinance Scenario:
- Property Value: $1,000,000
- Base Loan: $880,000
- LMI normally payable: $15,000 (approx.)
Under this offer: $0 payable
Note: The maximum LVR to qualify for this benefit is 95% for property purchases and 90% for refinances.
Exclusions to be aware of
This offer does not extend to investment properties, bridging finance, construction or land-only loans, or Home Seeker loans. Internal refinancing of existing CommBank loans, loan top-ups, and property share arrangements are also excluded. However, external refinancing with debt consolidation (excluding CommBank debts) is acceptable.
Verification Process – How to Apply
Police officers and firefighters simply need to provide evidence of employment through a current payslip or official employment letter. Nursing professionals and paramedics will be required to confirm their registration through the Australian Health Practitioner Regulation Agency (AHPRA) website. Entourage brokers will verify registration and submit confirmation during the application process, ensuring a straightforward experience for borrowers.
At Entourage, we love helping those on the frontline who provide for everyone every day. We’re here to help you take advantage of this opportunity. Our expert brokers are available to guide you through every step of the application, ensuring you meet the criteria and can enjoy the benefits of this exclusive CommBank offer.
Reach out today and find out how we can make your home ownership goals achievable sooner, without the added stress of LMI or LDP costs.