Waiving LMI premiums for teachers
The education sector is such an important pillar of the Australian economy. And we want to support it.
We know that buying a home in the current market may be difficult for some, but as hard as it may be, it can be one of the best long-term investments you can make.
Not only for your own financial future, but for the future of your family. It's something you can hand down to the next generation - something that you can build and make your own.
That's exactly why we've created an offer to help those in the education sector get into their homes sooner.
Bank First offers home loans that help those in the education sector avoid Lenders Mortgage Insurance. By not having to pay that little bit extra, you can start paying down your mortgage sooner - and ultimately, build wealth for the long term.
Here's how it works:
- Normally, LMI is required if a home loan exceeds 80% of the property's value. But for those in the education sector, we raise that up to 85%. (When approval conditions are met. Loans over 80% carry a higher interest rate.)
- There are some other terms and conditions too: the home needs to be an owner occupied property, with no equity release with refinanced loans.
- We also don't waive premiums for off the plan or construction loans.
This is just a little something extra that can help those in the education sector get into a home sooner. If you work as a teacher or in education, why not read more about what we offer?
Read up on our home loans and decide whether one is good for you. And if you have any questions, just give us a call - remember, we're here to help.