An illustration of a fresh graduate dreaming of their first home on the right, and a man dressed as a doctor

Lender Paid LMI

Granite pays the Lenders Mortgage Insurance

No minimum income requirements

Rate drop down at 90% (for professional only) / 80% LVR (on request)

Professionals – No genuine savings required, where client meets criteria

Essential Workers – Only need $5,000 in genuine savings, where client meets criteria

Only one borrower meets the Essential Worker/Professional criteria

Professionals

Homeownership can seem unattainable for many. Exorbitant property prices and high establishment costs can make saving for a deposit difficult. Instead of involving friends and family through guarantor loans, we focus on empowering individuals.

Our professional products don’t require genuine savings if the borrower meets our criteria. We are looking to back people who have studied hard and have great careers ahead of them.

Essential Workers

Essential Workers deserve more—the lifesavers, educators and guardians who keep this country going. Yet many Essential Workers cannot buy a home in the communities they work so hard to serve because they don’t have sufficient deposits to purchase.

It’s not good enough, and that is why we offer an Essential Worker Lender paid LMI product. We believe in helping the helpers.

Quick Links

Download Professional product sheet

Download Essential Workers product sheet

View Rates

Download Application pack

Full features

Payment

Principal and Interest

Property purpose

Purchase residential owner occupied property

Residential

Established or new property

Maximum loan term

28 years

Offset account

Visa Debit card

Professional

Maximum LVR: 95%
LMI applicable: Paid by Lender
Rate reduction: on request when LVR drops to 90%, 85%, 80%
Multiple loan splits: Available
Metro Location only

Essential Worker

Maximum LVR: 90%
LMI applicable: Paid by Lender
Rate reduction: on request when LVR drops to 85% & 80%
Multiple loan splits: Available
Metro Location only

No LMI Owner Occupied or Investor

Maximum LVR: 85%
LMI applicable: Paid by Lender
Rate reduction: on request when LVR drops to 80%
Multiple loan splits: Available

Borrower

Credit history: Clear credit history
Employment type: PAYG/Self employed Full documentation loan
Acceptable borrowers: Australian citizens or permanent residents
Financial Habits Assessment: We want to see if the applicant(s) show good financial habits and how they spend their income, especially on non-essential items. Examples of good financial habits include paying off student loans (such as HECS debt), car loans, and paying rent.

Who is eligible?

Professional:
Main income earner must be:

University Degree Qualified (or IT certification) Professional in the following industries:
- Medical, Allied Health, Legal, Accountants, Auditors, Financial Planners, Engineers, IT, Senior Managers and Executives

Essential worker:
Any borrower on the loan must be employed permanent full time, off probation in the following role:

State or Federal police officer
Permanent full time firefighter
Fully qualified paramedic
Primary and secondary school teacher (GPS or public schools)
Registered nurse (Nurses and Paramedics with a degree and the main income earner may be eligible for 95% Professional product.)