St George is a lender that provides excellent home loan products in some areas, such as assessed pre-approvals, cash backs, fast refinance and others. However, today, we’ll be focusing our review solely on St George’s Lenders Mortgage Insurance (LMI) waiver home loans.
The bank offers LMI waiver home loans for industry professionals such as doctors, lawyers and accountants that can go up to 90% LVR.
However, the credit policies on their suite of waived LMI home loans are restrictive compared with other major lenders in this space. Some of our best lenders offer up to 100% LVR on waived LMI home loans for eligible professionals without the same restrictions.
How Do St George’s LMI Waiver Home Loans Compare?
They’re great at
- Competitive interest rates
- High maximum loan amount of $4 million
- 85% LVR first-home buyer LMI waiver available
- Branch access
But they’ve got some drawbacks…
- Maximum LVR for waived LMI loans is 90%
- Minimum income requirement of $90,000 (gross) a year for doctors
- Minimum income requirement of $120,000 for accountants
- Mining, energy, and resources industries’ professionals are not eligible
- Applicants on 457 visas are not eligible
- High turnaround times
- Won’t consider alternate income verification methods for self-employed professionals
Who Qualifies For St George Bank’s LMI Waiver?
To qualify for St George’s LMI waiver home loans, you need to meet the requirements in four categories: industry, occupation, qualification and income. This policy enables the bank to target a specific group of professions and industries with a strong risk profile. Only professionals from the medical, accounting and legal industries are eligible.
Essentially, you need to be employed in one of the eligible industries as a professional with relevant qualifications.
In addition, all eligible applicants must meet a minimum income threshold, which varies by profession. The income must be solely from the eligible applicant’s qualification. Spousal or rental income does not count towards the minimum threshold.
In each case, applicants must be Australian citizens or approved permanent visa holders. Applicants on 457 visas are not eligible.
What Are The Eligibility Requirements for St George’s LMI Waiver For Doctors?
Medical professionals must be:- Dentists
- General practitioners
- Hospital-employed doctors ( Intern, resident, registrar, staff specialist)
- Medical specialists
- Optometrists
- Pharmacists
- Veterinary practitioners
Physiotherapists and psychologists were recently added to the bank’s list of acceptable medical professionals. Nurses and paramedics, however, do not qualify.
All medical professionals must be earning a minimum income of $90,000 (gross) a year.
What Are The Eligibility Requirements for St George’s LMI Waiver For Accountants?
Accounting professionals must be:
- Accountants
- Finance managers
- Auditors
- Actuaries
- CFOs (chief financial officers)
Accounting professionals must be registered to practise as a CA, CPA, CFA or FIAA in Australia, and verified through evidence from the relevant industry organisation, such as CPA Australia or CAANZ.
For accountants, the minimum income requirement is $120,000 a year.
What Are The Eligibility Requirements for St George’s LMI Waiver For Lawyers?
Legal professionals must be employed in one of the qualified occupations:
- Lawyers
- Solicitors
- Barristers
- Judges
To be eligible, applicants must provide evidence of a current Practising Certificate authorising them to practise as a lawyer, solicitor or barrister in the Australian state or territory where they work.
However, as employees of the Australian Government Solicitor and judges have the right to practise law but are not required to hold a Practising Certificate, these applicants qualify for the St George’s LMI waiver home loans but do not require evidence of a current Practising Certificate.
For lawyers, the minimum annual income requirement is $120,000.
St George Bank LMI Waiver – Getting The Best Deal
VIC
Goal
To purchase their first home and get the best deal on their home loan.
Situation
The couple were both medical practitioners with general registration.
Solution
They had a 10% deposit and were eager to purchase their first home. Given that the couple had strong serviceability, good saving patterns and stable employment as doctors, they qualified for the LMI waiver with St George. They were saving approximately $32,000 on LMI fees alone.
At the time, St George’s lowest advertised annual interest rate was 2.14%p.a. Our Home Loan Experts mortgage broker knew that given their strong financial situation and a robust application, we could ask for an interest rate lower than the advertised rate, through what’s known as a pricing request.
When our mortgage broker got the loan formally approved, the customer received an interest rate of 1.89% p.a., a discount of 25 basis points on the lowest advertised interest rate.
If you’re looking for the best deal on your home loan, it is almost always a good idea to shop around and compare lenders. A mortgage broker can help you do this easily with multiple lenders.
Compare St George’s LMI Waiver Home Loans To Other Lenders
Not sure which lender is right for you? Our Home Loan Experts can help!
Talk to one of our award-winning mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.
