Federal government employee home loans and LMI waivers

Direct employees of named federal ministerial departments at APS6, EL1, EL2 or SES may qualify with just over a 10% deposit plus costs. Check the employer on your payslip and your current classification first. A separate agency in the same portfolio may not qualify.

The same lender has similar employer lists for bank employees and technology employees.

Compare the rate, repayments and all applicable fees: application, valuation, settlement, account, offset and package charges. For a refinance, add your existing lender’s discharge costs and any fixed rate break cost. Our Bankwest home loan review explains its products, fees, offset options and income assessment in more detail.

I'd start with the legal employer on your payslip. The named department pathway below requires direct full time or part time PAYG employment.

Services Australia and the Australian Taxation Office are excluded, as are state departments. Contractors, consultants and labour hire workers can't use this direct employer pathway, even if they work inside a listed department.

The Australian Government Directory helps identify departments and separate entities. It's not a lender eligibility list. Department names and responsibilities can change, so match the employment record to the lender’s current schedule.

The APS classification guide explains the classification framework. If you're on higher duties, send us the letter confirming your classification and the dates it applies. An expected promotion alone won't meet the requirement.

This offer uses employer and classification evidence, not a professional licence. It has no separate minimum salary, but your income must support the loan. If you also qualify as a health professional, police officer or lawyer, compare that profession offer separately.

On a $900k home valued at the purchase price, this is how much you would borrow and contribute. The lender’s limits on each property and your total borrowing still apply, along with its income and credit checks.

An 89.99% loan uses $89,910 less cash towards the price and adds $89,910 to your debt. Your LMI saving depends on what the lender would have charged for that loan. Compared with a rounded 90% loan, you need another $90 towards the price.

At 84.99% on the same value, the loan would be $764,910 and your contribution $135,090 before costs. Confirm which tier applies before setting the deposit target.

Budget separately for stamp duty after any concessions, government registration fees, conveyancing, inspections and lender or settlement fees. Keep a cash buffer. Use our deposit calculator and LMI calculator to start the comparison; the lender confirms the final premium and cash required.

I'd list your base salary, overtime, allowances and higher duties separately, because a lender can treat each one differently. If a pay rise is temporary, send the letter showing when it starts and ends. Include contract dates, probation details and employment history if you recently changed departments or have a non-ongoing role.

Lenders pay us upfront and ongoing commissions when we arrange eligible loans. The initial assessment is free. If we charge a fee for helping with your application, we'll explain it before you proceed.

For an initial check, send your employer, classification, income and buying budget. Once an option fits, we will explain which application documents to provide and how to send them securely.

The Australian Government 5% Deposit Scheme is a separate buyer support scheme, not an employment benefit. Eligible Australian citizens and permanent residents aged 18 or over may qualify if they are first home buyers or have not owned property or land in Australia in the past 10 years. There is currently no income cap.

You must buy an eligible owner occupied home within the local price cap and meet the participating lender’s requirements, including principal and interest repayments. Buying costs are extra. Check the official scheme rules; don't assume a specialist lender waiver also gives access to a scheme loan.

Choosing the smaller contribution adds $45,090 to your loan. How much cash you'd keep depends on your savings and the scheme lender's contribution rules; it may require more than the minimum 5%. The buyer, property and lender still need to qualify.

A general no-LMI loan may avoid an employer test. A family guarantee may also help, but the guarantor takes on a financial obligation and needs a release plan. We’d compare it as a separate option, rather than combine it with the employer waiver.

Contractors can read our contractor income home loan guide. A larger deposit or a standard loan with LMI can still be worth comparing if it suits your employment, property and total costs better.