If you work for a bank, I’d compare your staff home loan with the waivers available through other lenders. You may be able to buy with just over a 10% deposit and avoid LMI, even if your own employer doesn’t offer that benefit.
Your legal employer and work history matter more than your job title. The useful detail for someone who recently changed banks is that one option can count earlier Australian banking experience. You may not need to wait until you’ve been in the new role for 6 months.
Changed banks recently? Check your earlier experience
One offer accepts either 6 consecutive months with your current listed employer by settlement, or at least 24 months of Australian banking experience across your roles if you won’t reach 6 months by then.
Say you worked at one bank for 3 years, moved to another listed bank and started 4 months ago. I’d check the earlier employment and expected settlement date before telling you to wait. The previous 3 years may give you a way to meet the work-history requirement.
I’d still check who employs you, whether you meet the account requirement and whether the loan suits your purchase. Your start dates and employment records help us work through that.
Which banks are on the employer list?
These banking groups appear on the two lenders’ employer lists. Check the employer name on your payslip or contract, especially if you work for a subsidiary or franchise.
| Banking group | Names on the employer lists |
|---|---|
| CommBank | CommBank, Bankwest, ASB and Unloan |
| Westpac | Westpac, St George, Bank of Melbourne and BankSA |
| ANZ | ANZ and Suncorp Bank |
| NAB | NAB, ubank, Citibank and BNZ |
| Bank of Queensland | Bank of Queensland and ME Bank |
| Bendigo and Adelaide | Bendigo and Adelaide Bank, Rural Bank, Up, Delphi Bank and Alliance Bank |
Banking employers to check
- Names on the employer lists
- CommBank, Bankwest, ASB and Unloan
- Names on the employer lists
- Westpac, St George, Bank of Melbourne and BankSA
- Names on the employer lists
- ANZ and Suncorp Bank
- Names on the employer lists
- NAB, ubank, Citibank and BNZ
- Names on the employer lists
- Bank of Queensland and ME Bank
- Names on the employer lists
- Bendigo and Adelaide Bank, Rural Bank, Up, Delphi Bank and Alliance Bank
Other names on the lists include Macquarie Bank, ING Bank Australia, HSBC Bank Australia and AMP Bank.
The two lenders’ detailed lists differ. One includes direct RAMS employees but excludes authorised representatives, individual brokers and their staff. An employer list can still use an older name after a business changes its brand or owner. I’d check the business that employs you against the lender’s current list.
Working in finance or mortgage broking elsewhere doesn’t automatically qualify. If your employer isn’t on the list, we’ll compare other ways to avoid LMI instead.
How do the two employer-based options differ?
| What matters | Option that can count earlier experience | Option based on your current role |
|---|---|---|
| Time in the industry | 6 months with your current employer by settlement, or 24 months of Australian banking experience across your roles. | At least 6 months continuous employment with your current listed employer. |
| Employment type | Direct full time, part time or contract employment. | Direct full time or part time PAYG employment. Agency employment is excluded. |
| Account requirement | An existing qualifying credit facility or income account, or opening the required transaction account before settlement. | No existing customer requirement under the waiver policy. |
| Minimum income for the waiver | No minimum income for the waiver. | No minimum income for the waiver. |
| Deposit before buying costs | Just over 10% within the offer’s loan and property limits. | Just over 10%, or just over 15% for the higher loan tier. |
The differences that can decide which offer fits
Time in the industry
- Option that can count earlier experience
- 6 months with your current employer by settlement, or 24 months of Australian banking experience across your roles.
- Option based on your current role
- At least 6 months continuous employment with your current listed employer.
Employment type
- Option that can count earlier experience
- Direct full time, part time or contract employment.
- Option based on your current role
- Direct full time or part time PAYG employment. Agency employment is excluded.
Account requirement
- Option that can count earlier experience
- An existing qualifying credit facility or income account, or opening the required transaction account before settlement.
- Option based on your current role
- No existing customer requirement under the waiver policy.
Minimum income for the waiver
- Option that can count earlier experience
- No minimum income for the waiver.
- Option based on your current role
- No minimum income for the waiver.
Deposit before buying costs
- Option that can count earlier experience
- Just over 10% within the offer’s loan and property limits.
- Option based on your current role
- Just over 10%, or just over 15% for the higher loan tier.
You don’t need to reach a separate salary threshold to qualify for these waivers. You still need enough income for the repayments. If part of your pay comes from a bonus, we’ll check how much the lender can use. Our job and income requirements guide explains why that can change your borrowing limit.
Check whether your earlier banking experience counts
Do you already need an account with the lender?
For the option that can count earlier industry experience, there are 3 ways to meet the account requirement:
An existing credit facility
A personal or business credit facility with the lender or its related banking brand, held for more than 6 months.
An account receiving income
A personal or business transaction account with the lender or related brand, receiving salary or business income for more than 3 months.
Open the required account
If neither applies, you can agree to open the required transaction account before settlement. We record that in the application.
Opening an account only addresses this part of the offer. I’d check the employer and work-history rules first, so you’re opening it for a loan that could suit you.
What does the waiver save?
The waiver removes the LMI premium you would otherwise pay on an eligible loan. It can also let you buy with less saved than a standard 20% deposit. Those are two different benefits. On a $1m home, here’s how the deposit compares before buying costs.
- $200k
With a 20% deposit
An $800k loan before fees.
- About $100k less
With an eligible waiver
$100,100 deposit and $899,900 loan before fees. The eligible LMI premium is removed.
The precise difference is $99,900: that’s extra borrowing instead of cash towards the price. You still need buying costs, and your repayments are based on the larger loan.
For the premium saving itself, enter your purchase price and loan amount in our LMI calculator. We’ll compare that estimate with the actual premium and waiver options. I’d also compare your employer’s staff rate, any ongoing fees and the offset account before recommending a switch.
What could change your options?
Who employs you
Direct employment, agency work and franchise arrangements are treated differently. Your payslip or employment contract should identify the business.
When you settle
Your start date and settlement date can determine whether you reach 6 months. Check the dates before relying on the offer.
The property and loan
Building, buying land, interest only repayments and higher loan amounts need a separate check. The standard offer may not cover your plans.
Changing jobs again
Tell us before a further job change during the application. We need to check whether the new employer and work history still fit.
Other help with a smaller deposit
If you’re buying a home to live in, compare the Australian Government 5% Deposit Scheme. Eligible first home buyers can buy with a deposit from 5%, and eligible single parents or legal guardians from 2%, without LMI. There are no income caps, but buyer rules, property price caps and the lender’s loan assessment apply.
A general no-LMI loan may work without an employer waiver. A family guarantee is another option if your family wants to help and understands the risk. Paying LMI can also be worth comparing if the total loan cost or borrowing limit works better for your purchase.
If you work in technology or for a government department instead of a listed bank, check the technology employee guide or Federal government employee guide. Those offers have different employer rules.
Your questions answered
Experience and sources
Sources and policy checks
We checked this guide on 17 September 2026 against the lenders’ August 2026 employment, account and loan conditions. Before you apply, we check your employer and the current offer again.
Sources
- Banking-employer waiver policies held by Hunter Galloway
- Australian Government 5% Deposit Scheme
- MoneySmart: lenders mortgage insurance
- How we compare lenders
Let’s check your options
Send us your employer name, current start date and earlier banking roles. We’ll check the waiver options alongside your staff loan and show you the deposit and repayments.
or call 1300 088 065
Your options depend on your circumstances and lender approval.
This guide provides general information. Your loan options depend on your circumstances and the lender’s assessment. We explain the costs and any commission before you proceed. Read how we review lenders for more about our approach.