How a police LMI waiver works
Eligible sworn state and federal police officers may be able to buy with about a 10% deposit plus costs and no LMI. The waiver compared below can cover loans up to $1.2m at 90% of the value the lender accepts.
I'd start with your employment and the income the lender can use, then compare the deposit, repayments and cash left after buying. The loan needs to work when your roster is quieter too.
- 01
Police LMI waiver
About 10% deposit plus costs through People First Bank for eligible sworn officers. Income and employment requirements apply; the loan limit is $1.2m.
- 02
ubank no LMI loan
About 10% deposit plus costs for eligible home or investment purchases. You don't need an essential services occupation. Principal and interest repayments are required.
- 03
5% Deposit Scheme
Minimum 5% plus costs for eligible buyers. You need to live in the home and meet buyer and local property price rules. The lender may ask for a larger contribution.
Our LMI waivers guide covers other professions and options. You can also estimate the premium with our LMI calculator before comparing the total cost of the loans.
What deposit would you need?
For an $800k purchase valued at $800k by the lender, a 90% loan would be $720k. Your contribution towards the price would be $80k. You also need transfer duty, where payable, conveyancing, inspections, registration charges, lender fees and any moving costs.
- About $13k LMI
Standard loan with LMI
About $93k upfront: $80k deposit plus estimated LMI. Buying costs are extra.
- Save about $13k
With an eligible LMI waiver
$80k upfront for your deposit. Buying costs are extra.
With an $80k deposit and the $20k buying cost allowance, the waiver needs $100k upfront, plus any cash buffer. A standard loan with the estimated LMI paid upfront needs about $113k. Your actual duty, legal fees, inspections and other costs will depend on the purchase.
If that same home is valued at $780k, a 90% loan would be $702k. You would need $98k towards the $800k price, plus buying costs. That valuation gap adds $18k to your contribution.
For the same $800k home, $80k deposit and $720k loan, our LMI calculator estimate dated 11 September 2026 is $12,960, rounded to about $13k. The comparison assumes you pay the premium upfront; the amount varies by lender. Adding it to the loan increases the debt and interest. A 10% deposit also keeps $80k more cash than a 20% deposit, but means borrowing $80k more.
Work out your deposit and buying costs
Put your savings and buying plans into the calculator for a starting estimate. I'd then check the buying costs, income and valuation with you before treating that figure as your budget.
An estimate only. The lender’s valuation, income assessment and eligibility rules still apply.
Who may qualify?
People First's police waiver is for sworn state and federal officers. Civilian and administrative employment doesn't fit that category. I'd check your employer and employment status before relying on the offer.
Only 1 joint applicant needs to be a registered nurse, fully qualified paramedic or sworn state or federal police officer. Your partner can work in another occupation; the joint income test still applies.
| Check | What it means for your application |
|---|---|
| Sworn status | Provide evidence of your police role and employer. Don't assume a related law enforcement role qualifies. |
| Income | At least $80k a year from your primary employment if you apply alone. For a joint application, at least $150k combined, including $75k or more from the eligible worker's primary employment. These figures exclude super. |
| Employment | Permanent or fixed term employment, full time or part time. Casual work and probation are excluded. |
| Residency | Applicants must be Australian citizens or permanent residents. |
| Property and loan purpose | Eligible home and investment purchases and refinances, with principal and interest repayments. Construction and vacant land are excluded. |
| Maximum borrowing | 90% of the accepted property value, up to $1.2m borrowed against each property. Buying costs are extra. |
People First Bank Essential Services Package: core requirements
Sworn status
- What it means for your application
- Provide evidence of your police role and employer. Don't assume a related law enforcement role qualifies.
Income
- What it means for your application
- At least $80k a year from your primary employment if you apply alone. For a joint application, at least $150k combined, including $75k or more from the eligible worker's primary employment. These figures exclude super.
Employment
- What it means for your application
- Permanent or fixed term employment, full time or part time. Casual work and probation are excluded.
Residency
- What it means for your application
- Applicants must be Australian citizens or permanent residents.
Property and loan purpose
- What it means for your application
- Eligible home and investment purchases and refinances, with principal and interest repayments. Construction and vacant land are excluded.
Maximum borrowing
- What it means for your application
- 90% of the accepted property value, up to $1.2m borrowed against each property. Buying costs are extra.
How much of your police income can count?
We use your payslips for 2 checks: whether you meet the waiver's minimum income, and how much you can afford to borrow.
If you need overtime, penalties or allowances to reach People First's minimum, we'd confirm which payments it accepts for that test. Separately, a lender may average those payments or use only part of them when assessing repayments.
Bring recent payslips and year to date earnings with base pay and extra payments shown separately. Tell us if your roster has changed, so we can assess a repayment you can manage on the income you expect to keep earning.
Some lenders may count 100% of eligible frontline police overtime and allowances. They may use more of your shift pay and still charge LMI, so I'd compare the borrowing amount and insurance cost together.
Let's work out how much of your police pay counts
Compare the police waiver and other loans
| Option | Deposit and income starting point | Main restriction |
|---|---|---|
| People First Bank police waiver | About 10% plus costs. $80k single, or $150k combined with at least $75k from the eligible worker. Primary employment rules apply. | Sworn police in eligible permanent or fixed term work. Up to $1.2m borrowed; principal and interest. No casual work, probation, construction or vacant land. |
| ubank no LMI purchase loan | About 10% plus costs. No profession specific income minimum; you still need sufficient accepted income. | Eligible home or investment purchases with principal and interest. Loan size, property and income rules apply. |
| Australian Government 5% Deposit Scheme | Minimum 5% plus costs. No scheme income cap; participating lender approval is still needed. | Eligible buyers purchasing a home to live in, within the location price cap. The lender may require more than the minimum contribution. |
Compare the police waiver with other deposit options
- Deposit and income starting point
- About 10% plus costs. $80k single, or $150k combined with at least $75k from the eligible worker. Primary employment rules apply.
- Main restriction
- Sworn police in eligible permanent or fixed term work. Up to $1.2m borrowed; principal and interest. No casual work, probation, construction or vacant land.
- Deposit and income starting point
- About 10% plus costs. No profession specific income minimum; you still need sufficient accepted income.
- Main restriction
- Eligible home or investment purchases with principal and interest. Loan size, property and income rules apply.
- Deposit and income starting point
- Minimum 5% plus costs. No scheme income cap; participating lender approval is still needed.
- Main restriction
- Eligible buyers purchasing a home to live in, within the location price cap. The lender may require more than the minimum contribution.
What I'd check with each lender
What could change your options?
A loan cap is not a property price cap
The $1.2m limit caps the loan. A more expensive property needs a larger contribution, and other property limits may apply.
Casual work and probation are excluded
The police waiver requires eligible permanent or fixed term employment, full time or part time. Another loan may accept an arrangement that this waiver does not.
Principal and interest repayments are required
This applies to investment loans as well as homes you live in. If you need interest only repayments, compare another loan.
No LMI doesn't mean no fees
We'll compare establishment, valuation, package or account fees, settlement and discharge costs, and any fixed rate break costs for the loans that fit you.
A lower valuation needs more cash
The value the lender accepts for your property affects the maximum loan. Leave room in your budget for a valuation shortfall and purchase costs.
Some property and loan types are excluded
Tell us if you're building, buying land, using a family guarantee or need bridging finance. We'd compare another loan because those plans fall outside this waiver.
5% Deposit Scheme or police LMI waiver?
If you qualify for both, a smaller deposit can leave more cash for buying costs and emergencies. It also means taking on a larger loan. We compare the cash you would keep with the extra repayments, as well as the deposit required.
| Compare | 5% Deposit Scheme | Police LMI waiver |
|---|---|---|
| Starting deposit | Minimum 5%; the participating lender may ask you to contribute more. Buying costs are extra. | Generally about 10% plus buying costs. |
| Who can use it? | Eligible first home buyers, or people who have not owned Australian property or land in the last 10 years. | Eligible sworn police who meet the role, income, employment and lending requirements. |
| Property | A home to live in, within the location’s price cap. | Eligible home or investment loans within the policy’s loan and property limits. |
| Income and repayments | No scheme income cap. A participating lender still assesses affordability; principal and interest repayments are required. | Minimum income rules apply for single and joint applicants. Principal and interest repayments are required. |
| Main trade off | Can keep more of your savings available, but a larger loan means higher repayments and more interest. | Uses more deposit, but starts with a smaller loan and may suit a purchase outside the scheme rules. |
5% Deposit Scheme or police LMI waiver?
Starting deposit
- 5% Deposit Scheme
- Minimum 5%; the participating lender may ask you to contribute more. Buying costs are extra.
- Police LMI waiver
- Generally about 10% plus buying costs.
Who can use it?
- 5% Deposit Scheme
- Eligible first home buyers, or people who have not owned Australian property or land in the last 10 years.
- Police LMI waiver
- Eligible sworn police who meet the role, income, employment and lending requirements.
Property
- 5% Deposit Scheme
- A home to live in, within the location’s price cap.
- Police LMI waiver
- Eligible home or investment loans within the policy’s loan and property limits.
Income and repayments
- 5% Deposit Scheme
- No scheme income cap. A participating lender still assesses affordability; principal and interest repayments are required.
- Police LMI waiver
- Minimum income rules apply for single and joint applicants. Principal and interest repayments are required.
Main trade off
- 5% Deposit Scheme
- Can keep more of your savings available, but a larger loan means higher repayments and more interest.
- Police LMI waiver
- Uses more deposit, but starts with a smaller loan and may suit a purchase outside the scheme rules.
The scheme requires Australian citizenship or permanent residency and age 18 or older. You must meet the buyer, property and loan rules, as well as the participating lender's credit assessment.
On the same $800k purchase, a 5% contribution is $40k and a 10% contribution is $80k. If the scheme lender accepts the minimum contribution, you could keep $40k more of your savings and borrow $40k more. At an illustrative 6% over 30 years, that adds about $240 a month in principal and interest repayments, excluding fees and assuming no offset or extra repayments.
We'll check the property price cap for the area you want to buy in. The minimum deposit is a starting point, not a promise that you can keep all your other savings.
Other options if the waiver doesn't fit
A profession waiver is one way to avoid LMI. You may also compare a general no LMI product, a family guarantee, a standard loan with LMI, or saving a larger deposit. With a family guarantee, the guarantor’s property is at risk, so the obligations and a realistic release plan matter.
If you want to buy an investment while renting where you live, our rentvesting guide explains that approach. The government scheme requires you to live in the property.
What to prepare before applying
- Recent payslips and year to date income, showing base pay, overtime, penalties and allowances separately.
- Your employment contract or an employer letter confirming your sworn role, status and any probation.
- Identification and evidence of Australian citizenship or permanent residency.
- Savings statements, existing debts and the property price or address.
- An explanation of any recent change in roster, overtime or employment.
For a joint purchase, confirm who will be on the loan and title. If a trust, company or non borrowing owner is involved, have that structure assessed before choosing the loan. Temporary residents don't meet this waiver’s citizenship or permanent residency requirement.
How we work through your application
- We check your employment, income and price range before you choose a lender.
- We compare the deposit, buying costs, repayments and cash remaining.
- We prepare the application, then work through the valuation, approval conditions and settlement with you.
Common questions from police officers
Experience and sources
How this guide was checked
I compare the waiver's eligibility rules and the income used to calculate repayments separately. The deposit example includes a $20k buying cost allowance; your actual duty, fees and costs will depend on the purchase.
Jayden has worked in finance since 2006 and joined Hunter Galloway in 2018 after working in private and commercial banking. He holds a Bachelor of Business and a Certificate IV in Finance & Mortgage Broking.
Hunter Galloway Finance Pty Ltd is Credit Representative 476903, authorised under Australian Credit Licence 389328.
Sources
- Australian Government 5% Deposit Scheme eligibility and loan requirements
- MoneySmart explanation of Lenders Mortgage Insurance
- How Hunter Galloway reviews lenders
- People First Essential Services Package policy, 8 September 2026
- People First Bank public Essential Services Package
- ubank no LMI purchase and refinance options
- Westpac eligible overtime and allowances
- St George profession and income options
- ubank rates and fees
- Hunter Galloway LMI calculator: $800k home and $80k deposit
Public offers checked 11 September 2026. Detailed People First policy checked 8 September 2026 against lending guidelines dated 28 April 2026. Requirements can change.
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