Firefighter home loans: LMI waivers and deposit options

Your firefighting job may help with some lender policies, but I'd check your deposit, property and payslips before relying on an LMI waiver. A steady base salary and a payslip that changes with your roster need different checks.

I'd compare a general no LMI purchase loan with the government scheme if you're eligible. BankVic also advertises a narrower emergency services waiver for qualifying purchases in metropolitan Melbourne, including Geelong. We can explain those differences and compare the loans we can arrange.

For the broader options, see our LMI Waivers hub and general 90% no LMI guide. Use the LMI calculator as a starting estimate, then confirm the actual premium for the loan you're comparing.

Allow for the contribution to the price and the costs of buying. Stamp duty, transfer and mortgage registration, conveyancing, inspections and lender fees can change the cash you need. First home grants and duty concessions have separate rules.

This hypothetical example uses an $800k established Queensland home, the same bank valuation and $180k starting savings. Allow $30k for buying costs: $21,850 transfer duty under the ordinary home concession plus an assumed $8,150 for other costs. It assumes the buyer qualifies for that concession, with no foreign buyer surcharge or other exemption. The 90% option is a general no LMI purchase loan, not the BankVic location specific waiver.

On the same $800k home, $80k deposit and $720k base loan, our LMI calculator estimated $12,960 on 11 September 2026. That's about $13k you could avoid with an eligible no LMI loan. The cards assume LMI is paid upfront and exclude buying costs; premiums vary.

The 10% option needs $110k including costs and leaves $70k in savings. The 20% option needs $190k, leaving this buyer $10k short. Reducing the deposit by $80k also adds $80k to the loan. At an assumed 6% a year over 30 years with monthly principal and interest repayments, that costs about $480 more per month. The calculation excludes ongoing fees and assumes the same rate for comparison; actual offers may differ.

I'd check that larger repayment against a quieter roster, then decide how much cash you need to keep. The $80k difference is retained savings, not the LMI premium saved.

I'd separate your base pay, regular roster allowances and overtime before estimating a buying budget. Payslips from a busy period may not show what you earn through the whole year. Include quieter periods and tell us if your roster is about to change.

Westpac and St George list eligible frontline fire officers and firefighters for possible assessment of 100% of overtime and allowances. The bank may count more of your shift pay and still charge LMI, so I'd check both before choosing a loan.

St George's published PAYG Plus conditions exclude office based emergency services staff and self employed applicants. It generally requires income evidence with the same employer for at least 6 months; if you've been with the employer for less time, we can ask whether the lender will consider your income.

We can compare Firefighters Mutual Bank with other suitable lenders and arrange an application if it fits. I'd consider it when regular overtime and shift allowances make up a meaningful part of your pay.

For eligible borrowers, its policy allows 100% of regular overtime and regular shift allowances to be assessed with evidence over 3 months. Irregular overtime is not counted. Bring payslips, your contract or tax records that show what you receive consistently; we'll confirm the current requirements for your application.

Counting that overtime and shift pay doesn't mean the bank will waive LMI because you're a firefighter. Standard borrowing above 80% may still attract LMI; government scheme eligibility is a separate check. Read our Firefighters Mutual Bank home loan review for its membership rules, products, fees and lending restrictions. We can compare it with other suitable lenders.

Using all the overtime adds $4k to the income used in this comparison. We'd then check what difference it makes to your borrowing limit, allowing for your living costs and debts.

For recruits, probation, casual or fixed term work, send your contract and employment history. A lender may accept a different arrangement from another bank. Don't assume a minimum time in the fire service applies to every home loan.

If you're a volunteer firefighter, we'd use income from your paid job or other sources the lender accepts. For paid on call or retained work, show your wages and allowances separately from reimbursements and tell us how often you're paid.

Include your HECS or HELP debt and any credit cards, car finance or other commitments. Income accepted by the bank and the amount it will lend are separate figures.

If you already own a property, our refinancing guide explains the comparison. A higher valuation or smaller outstanding loan may give you enough equity to refinance without an occupation based offer.

The Australian Government 5% Deposit Scheme can suit eligible buyers with a minimum 5% deposit plus costs. You must be an Australian citizen or permanent resident aged 18 or older, and either buying your first home or returning to ownership after at least 10 years without owning Australian property or land.

There is no income cap, but the local purchase price cap applies. You must live in the home and take a principal and interest loan through a participating lender. It is not an investment property option.

Retained savings are the money left after your deposit and buying costs. Participating lenders assess that buffer differently: some use a flat limit, while others look at living costs, repayments and the reason you need the funds. Some lenders may let you keep up to 6 months of living expenses, with loan repayments included under some policies. The lender still checks how much of your savings must go into the purchase.

I'd check what you want to retain for moving, furniture, renovations or emergencies and compare the relevant lender policies. The scheme requires you to contribute as much of your savings as possible, subject to the lender's credit policy. A permitted buffer is not a free choice to keep any amount. You can't use this scheme if you have a 20% deposit available after buying costs.

Our 5% Deposit Scheme guide explains retained savings. Confirm your address with the official scheme eligibility and price cap guidance before relying on the 5% route.

A family guarantor loan may help where savings are the barrier. The family member puts property at risk, so compare the guarantee amount and release plan and get independent advice. It doesn't replace the income you need to repay the loan.

Paying LMI can also be worth comparing if it gives you a suitable property, employment policy or loan structure. Use an actual premium quote and total cost comparison before deciding that every no LMI offer is better.

The lender pays us commission, which we disclose before you proceed. Hunter Galloway is independently owned and must put your interests first. We compare suitable loans from the lenders we can arrange. We can't arrange BankVic loans. Its offer is included here for comparison using publicly available information.