Australian teacher exploring home ownership options
Teaching Professionals — Up to 90% LVR

Teachers Can Save $10,000–$20,000 on Their Home Loan

Qualified teachers are recognised by select Australian lenders as essential professionals with stable employment and strong career demand. Bank First — an education-focused bank — and Granite Home Loans offer LMI waivers that let you buy with just a 10% deposit and save thousands. Whether you teach in a government school, private college, university, or TAFE — these lenders value your contribution to education.

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How Much Could You Save?

Indicative LMI savings for teachers borrowing at 90% LVR. Based on typical Helia/QBE premiums.

Starter home

$600,000 property

$10,400

saved on LMI

Family home

$750,000 property

$14,400

saved on LMI

Premium home

$1,000,000 property

$20,100

saved on LMI

See Your Estimated Savings

We compare 50+ lenders to find you the lowest rate

Commonwealth Bank
ANZ
Westpac
NAB
Macquarie Bank
ING
Bankwest
St. George
Suncorp
Bank of Queensland
AMP
Citibank
Adelaide Bank
BankSA
RAMS
Liberty Financial
ME Bank
Firstmac
Commonwealth Bank
ANZ
Westpac
NAB
Macquarie Bank
ING
Bankwest
St. George
Suncorp
Bank of Queensland
AMP
Citibank
Adelaide Bank
BankSA
RAMS
Liberty Financial
ME Bank
Firstmac
Heritage Bank
Pepper Money
La Trobe Financial
Resimac
Virgin Money
Bank Australia
Newcastle Permanent
Teachers Mutual Bank
UniBank
BankFirst
Auswide Bank
Southern Cross Credit Union
Gateway Bank
Bluestone
Better Choice
RedZed
MKM Capital
Prime Capital
Heritage Bank
Pepper Money
La Trobe Financial
Resimac
Virgin Money
Bank Australia
Newcastle Permanent
Teachers Mutual Bank
UniBank
BankFirst
Auswide Bank
Southern Cross Credit Union
Gateway Bank
Bluestone
Better Choice
RedZed
MKM Capital
Prime Capital

What Does Lenders Mortgage Insurance Mean for Teachers?

Lenders Mortgage Insurance (LMI) is a one-off premium charged when you borrow more than 80% of a property's value. It can cost anywhere from $10,000 to $40,000+ depending on your loan size and deposit.

Here's the important part: LMI protects the lender, not you. You pay the cost, but receive no personal benefit. It exists solely because lenders consider a lower deposit as higher risk for them.

The good news for teachers? Many Australian lenders will completely waive LMI for professionals in approved occupations. That means you can buy with a smaller deposit and keep thousands of dollars that would otherwise go to an insurance premium you'd never benefit from.

Learn more about LMI

Could You Save on LMI?

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Check Your Eligibility — Free

Which Teachers Qualify for an LMI Waiver?

Bank First and Granite Home Loans are the two primary lenders offering dedicated LMI waivers for teachers and educators. Bank First is unique as an education-focused bank — originally established to serve the education community — and extends its waiver beyond teachers to include non-teaching education staff such as administrative and support workers. Granite Home Loans includes teachers in its broader professional waiver program. Lenders recognise the stability of education employment (particularly in government schools), the strong demand for qualified teachers, and the structured salary scales that provide predictable income.

Qualifying Roles

  • Primary School Teachers (government and private)
  • Secondary School Teachers (government and private)
  • Head Teachers and Department Heads
  • Deputy Principals
  • School Principals
  • Special Education Teachers
  • University Lecturers and Professors
  • TAFE Teachers and Vocational Trainers
  • Early Childhood Educators and Childcare Centre Directors (select lenders)
  • School Counsellors (with teaching registration)
  • Non-Teaching Education Staff — administrative, library, IT, and support staff employed by educational institutions (Bank First only)

Typical Requirements

  • Registered with a state or territory teacher registration authority — e.g., NESA (NSW), VIT (Victoria), QCT (Queensland), TRB (SA/WA/TAS), ACT TQI, NT TRB. University academics may not need teaching registration but require current university employment
  • Currently employed in a teaching or education role — including government schools, Catholic systemic schools, independent schools, universities, TAFEs, childcare centres, and other educational institutions
  • Minimum employment tenure — Bank First typically requires a minimum period of employment. Casual and relief teachers can qualify but need consistent income history (12+ months)
  • Borrowing within the lender's maximum loan amount — varies by lender and LVR tier. Bank First and Granite each have their own loan caps
  • Owner-occupied residential property — investment property waivers for teachers are limited. Bank First may offer some investment property benefits for education workers

Teacher aides, tutors without teaching registration, casual relief teachers with inconsistent income, and education students not yet registered do not qualify with most lenders. Overseas-qualified teachers may face additional challenges if their qualifications are not yet recognised by an Australian registration authority. Fewer lenders offer teacher LMI waivers compared to medical or legal professions — typically 2–3 lenders. Bank First's unique inclusion of non-teaching education staff (administrative, library, IT, and support staff employed by schools and education institutions) is not replicated by other lenders. Casual teacher income is typically assessed on a 40-week basis to account for school holiday periods.

Check If You Qualify

LVR & Deposit Options for Teachers

How much deposit do you need? With an LMI waiver, far less than you might think.

Best Available

90% LVR — No LMI

10% deposit required

  • Borrow up to 90% of the property value — no LMI
  • 10% deposit — available through Bank First and Granite Home Loans
  • Bank First is an education-focused bank with tailored teacher products
  • Application fee waivers and package discounts may also be available
Learn about 90% LVR options More Lender Options

85% LVR — No LMI

15% deposit required

  • Borrow up to 85% of the property value — no LMI
  • Potentially broader lender selection at this tier
  • Lower monthly repayments compared to 90% LVR
  • Teachers Mutual Bank also offers competitive education worker packages
Learn about 85% LVR options

Income Assessment for Teachers

Teacher income is generally straightforward — structured salary scales with predictable increments based on experience and qualifications. The main complexities arise for casual and relief teachers (whose income fluctuates with school terms), early career teachers on temporary contracts, and university academics with mixed income streams. Understanding how lenders assess teacher income — particularly the 40-week income calculation for casual teachers — helps you maximise borrowing power.

Permanent / Full-Time Teachers

  • Base salary from the published teacher pay scale is the primary income
  • Additional responsibilities allowances (head teacher, coordinator) included
  • Two most recent payslips, employment contract, and teacher registration confirmation required
  • Government school employment viewed very favourably due to stability and structured pay scales
  • Salary progression is predictable — lenders recognise structured career advancement

Contract / Casual Teachers

  • Casual teacher income typically assessed on a 40-week basis (school term weeks only)
  • Minimum 12 months of consistent teaching income required by most lenders
  • Three to six months of recent payslips needed to demonstrate current earning capacity
  • Bank First requires three to six months of payslips for casual employees
  • Multiple casual or relief teaching positions can be combined for income assessment
Casual and relief teachers face a unique challenge: lenders calculate your income based on approximately 40 teaching weeks per year (excluding school holidays), which reduces your annualised income. A casual teacher earning $500 per day for 40 weeks would be assessed on $100,000 — not the $130,000 they might earn if holidays were included. We identify lenders that apply the most favourable casual teacher income assessment to maximise your borrowing power.

How to Get Your LMI Waived

Three simple steps between you and saving thousands.

1

Check Your Eligibility

Tell us your profession and borrowing needs. Our free tool takes 60 seconds and checks your eligibility across 50+ lenders.

2

We Match You With a Lender

We compare lender policies to find the best LMI waiver for your situation — maximising your borrowing power and minimising your costs.

3

Settlement, No LMI

Your home loan settles without paying a cent in Lenders Mortgage Insurance. That's thousands of dollars saved, straight away.

Teachers LMI Waiver FAQs

Common questions about LMI waivers for teachers.

Do all teachers qualify for an LMI waiver?
LMI waivers for teachers are available from a smaller number of lenders compared to doctors or lawyers — typically Bank First and Granite Home Loans. You need to be a registered, qualified teacher currently employed in a teaching role. Teacher aides, casual tutors without registration, and education students generally do not qualify. Use our eligibility check to confirm your qualification.
How much can teachers save by waiving LMI?
For a $600,000 property with a 10% deposit, you could save approximately $10,400 in Lenders Mortgage Insurance. For a $750,000 property, savings reach around $14,400. For a $1,000,000 property, the saving is approximately $20,100. Additional savings from teacher-specific rate discounts and fee waivers can add further value. Use our LMI savings calculator to estimate your exact figure.
What is Bank First and why is it relevant to teachers?
Bank First is an Australian bank with a strong focus on the education community. It was originally established to serve education workers and retains a commitment to the sector. Bank First offers LMI waivers for teachers and — uniquely — extends this benefit to non-teaching education staff (administrative, library, IT, and support staff employed by schools and educational institutions). It's available directly or through a mortgage broker.
Can university lecturers and professors get an LMI waiver?
Select lenders include university lecturers and professors in their teacher LMI waiver policies. Granite Home Loans accepts university academics as qualifying education professionals. University staff may not need formal teaching registration (unlike school teachers) — current university employment in an academic role is typically sufficient. Availability varies by lender, so broker guidance is valuable.
Can casual or relief teachers qualify?
Casual and relief teachers can qualify, but income assessment is more conservative. Lenders typically assess casual teacher income on a 40-week basis (school term weeks only) and require a minimum of 12 months of consistent teaching income. Bank First requires three to six months of payslips for casual employees. Having a strong booking record and consistent income history strengthens your application.
Do early childhood educators and childcare workers qualify?
Select lenders include early childhood educators and childcare centre directors in their teacher LMI waiver policies. Eligibility may depend on whether you hold a teaching qualification and relevant registration. Childcare workers without formal teaching qualifications may not qualify under teacher-specific waivers but could access other pathways. A broker can determine which lenders accept your specific role and qualifications.
Do non-teaching school staff qualify?
Bank First uniquely extends its education worker LMI waiver to non-teaching staff employed by educational institutions — including administrative staff, school librarians, IT support, and other support roles. This is not replicated by other lenders. If you work in a school but are not a registered teacher, Bank First may be your best pathway.
Do I need to work at a government school?
No. Teachers at government schools, Catholic systemic schools, and independent private schools all qualify. TAFE teachers, university lecturers, and early childhood educators at accredited centres are also eligible with select lenders. The key is teaching registration and current employment in education — not the type of institution.
What about overseas-qualified teachers?
Overseas-qualified teachers can qualify if their qualifications are recognised by an Australian state or territory teacher registration authority and they hold current Australian teacher registration. If your overseas qualifications have not yet been assessed or recognised, the registration process must be completed before you can access teacher-specific LMI waivers.
Can beginning teachers access LMI waivers?
Yes, but options may be more limited for teachers in their first year or on provisional registration. Lenders generally prefer teachers with a demonstrated employment history. If you're a beginning teacher with a permanent position, your strong employment stability works in your favour. Those on temporary or fixed-term contracts may need to demonstrate income consistency before qualifying.
Is the LMI waiver available for investment properties?
Teacher LMI waivers are primarily available for owner-occupied purchases. Bank First may offer some investment property benefits for education workers, but terms are more limited than for owner-occupied. If you're considering an investment property, check our deposit options page for strategies including reaching 80% LVR where no profession waiver is needed.
Can I apply jointly with a non-teacher partner?
Yes. Joint applications with a non-teacher spouse or partner are accepted. The teacher typically needs to hold at least a 50% interest in the property. Both incomes contribute to loan serviceability. If your partner works in another qualifying profession (e.g., nursing, police, public service), you may access benefits through the profession with better terms.
Are there alternative pathways besides the LMI waiver?
Yes. Teachers can explore: the First Home Guarantee scheme (allows 95% LVR with no LMI for eligible first home buyers), Teachers Mutual Bank (which offers competitive education-sector home loan packages), guarantor loans (enabling 100% LVR), or state government home buyer assistance schemes. Check our deposit options page for a full comparison.
Will the LMI waiver affect my interest rate?
No. The LMI waiver does not change your interest rate — you receive the same rate as any other borrower at your LVR tier. Bank First and other education-focused lenders may offer additional rate discounts and fee waivers for teachers alongside the LMI waiver, providing further savings over the life of the loan.
Do I need genuine savings for the deposit?
Requirements vary by lender. Some require genuine savings (funds held for at least three months), while others accept gifted deposits, equity, or other sources. At 90% LVR, genuine savings requirements are more common with some lenders. A broker can match you with lenders that accept your specific deposit source.
How quickly can I get approved?
Check your eligibility in 60 seconds with our free eligibility tool. The LMI waiver is applied automatically as part of your home loan application — there is no separate approval process. Full loan approval typically takes three to five business days for permanently employed teachers and five to ten business days for casual or contract teachers, depending on the lender and complexity of your income documentation.

LMI Waivers for Other Professions

Not a match? See which other professionals qualify for LMI waivers.

Nurses LMI waiver
Up to 90% LVR

Nurses

AHPRA-registered nurses and midwives — including RNs, nurse practitioners, clinical nurse specialists, and midwives — can borrow up to 90% LVR without paying Lenders Mortgage Insurance through Westpac, St. George, and other lenders.

Learn more
Police Officers LMI waiver
Up to 90% LVR

Police Officers

Sworn police officers — from constables to superintendents, detectives, and federal police — can borrow up to 90% LVR without paying Lenders Mortgage Insurance through BankVic, People's Choice, and other participating lenders.

Learn more
Public Servants LMI waiver
Up to 85% LVR

Public Servants

Australian public servants — federal, state, and local government employees — can borrow up to 85% LVR without paying Lenders Mortgage Insurance through select lenders recognising government employment stability.

Learn more
Doctors LMI waiver
Up to 95% LVR

Doctors

AHPRA-registered medical practitioners — including GPs, specialists, surgeons, and registrars — can borrow up to 95% LVR with no Lenders Mortgage Insurance.

Learn more
View all qualifying professions

Ready to Save Thousands on Your Teacher's Home Loan?

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The information on this page is general in nature and does not constitute financial advice. LMI waiver eligibility, savings estimates, and loan terms vary between lenders and are subject to individual assessment. Figures shown are indicative only and based on typical lender policies as of 2026. Bank First's education worker policies are unique and may not be replicated by other lenders. Always obtain personalised advice before making financial decisions.