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A variety of professions have been added to NAB’s LMI policy. Previously, those in the medical field could access an LMI waiver, even without the 20 per cent home loan deposit.
Now, an array of other professions have been included in the policy across the professional services industry.
Some of the professions that now qualify include solicitors, lawyers, barristers, actuaries, financial analysts, and accountants.
This is on top of the following medical professions included:
- Anaesthetist
- Chiropractor
- Dental practitioner
- Dermatologist
- General practitioner
- Obstetrician/gynaecologist
- Ophthalmologist
- Optometrists
- Paediatrician
- Pathologist
- Pharmacist
- Physician
- Physiotherapist
- Psychiatrist
- Radiation oncologist
- Radiologist
- Surgeon
- Veterinary practitioner
According to NAB executive, broker distribution, Adam Brown, many of the people in these professions are self-employed. This allows more opportunities for these borrowers to get into homes.
“At NAB, we’re making it easier for more Australians to buy a home. By expanding our LMI waiver program to include more industry professionals and medical practitioners – many of whom are self-employed – we’re giving more people greater financial flexibility and access to homeownership,” said Brown.
“This builds on our recent changes to support self-employed customers and the introduction of multi-offsets, reflecting our commitment to listening to brokers. Expanding LMI waivers is the next step in improving our offering.”
This recent announcement follows NAB’s expansion of its offset account policy. Now, NAB customers can have up to 10 offset accounts across mortgages.
This move was announced in response to a rising popularity in offset accounts, with around 70 per cent of new home owners now opting to offset their loans. As a result, the total balance of offset accounts has grown by 65 per cent to reach $48 billion.
“Multiple offsets support the popular ‘bucketing’ strategy that many customers use to manage their savings and ease cost of living pressures,” Brown said.
“Customers who like to distribute funds across several accounts will no longer need to make a sacrifice between bucketing their savings and having it all in one account doing the heavy lifting on interest. They’re perfect for customers who are looking to make every dollar count.”
These changes will allow more choices for consumers and more options for brokers to help service clients.
[Related: Major launches multiple offset capability]
