Paramedic home loans: is LMI waived?
No. None of the lenders whose policies we hold names paramedics in a professional waiver of lenders mortgage insurance (LMI). St.George counts all of a front-line paramedic's overtime and allowances, which lifts what you can borrow but doesn't waive LMI. If you're buying your first home, the government's 5% Deposit Scheme removes LMI whatever your job.
Which lenders waive LMI for paramedics
What each lender's own policy or page says about paramedics.
| Lender | LMI waived for paramedics? | What it says | Checked |
|---|---|---|---|
| Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA) | No | Paramedics aren't on St.George's LMI waiver list. Front-line paramedics are on its list for counting 100% of overtime and allowances | St.George's page, 2 October 2026 |
| ANZ, NAB, CommBank, Bankwest, Suncorp | No | Their professional waivers name doctors, dentists and some allied health roles, not paramedics | Lender policies, 1 October 2026 |
| ING, AMP | No | No professional LMI waiver at all | Lender policies, 1 October 2026 |
None of the lenders whose policies we hold waives LMI for paramedics.
Your overtime can count in full, even without a waiver
For most paramedics the bigger question isn't LMI, it's how much of the roster a lender counts. Base pay is only part of it: nights, weekends, public holidays, on-call and allowances are the rest, and many lenders count only part of that.
St.George lists front-line ambulance officers and paramedics among the roles whose overtime and allowances it can assess at 100%. It's for employees, not the self-employed or office-based emergency services staff, and you'll usually need six months with the same employer. Counting more of your income changes how much you can borrow. It doesn't change whether you pay LMI.
Who counts as a paramedic to a lender
Registered paramedics.
"Paramedic" has been a protected title since 1 December 2018: you need registration with the Paramedicine Board of Australia to use it. That registration is what a lender checks.
Front-line, at St.George.
Its overtime rule is for front-line ambulance officers and paramedics. Office-based emergency services staff are excluded.
Ambulance service or ABN: two different applications
Employed by a state ambulance service.
You're paid through payroll, so lenders read your payslips and a letter from your employer. This is the straightforward case, and it's the one St.George's overtime rule is written for.
Private, event or industrial work on an ABN.
Most lenders read this as self-employed income and ask for tax returns, usually two years of them. St.George's 100% overtime rule doesn't apply to the self-employed.
Other ways to buy without paying LMI
The 5% Deposit Scheme, for first home buyers.
The government guarantees part of your loan, so you can buy with a 5% deposit and no LMI. There's no income cap and no limit on places. Price caps apply by location.
A guarantor.
A family member offers equity in their home as extra security, so you borrow over 80% without LMI.
A 20% deposit.
At 80% of the value or less, no lender charges LMI.
What LMI costs at paramedic loan sizes
LMI to buy a home to live in, on one lender's standard rates. A waiver, or the 5% Deposit Scheme, removes it.
| Purchase price | 10% deposit (loan at 90%) | 5% deposit (loan at 95%) |
|---|---|---|
| $600,000 | about $11,300 | about $19,400 |
| $700,000 | about $16,900 | about $30,500 |
| $800,000 | about $19,300 | about $34,800 |
LMI varies between lenders, so these are illustrations from one rate card, not a quote.
When a waiver can cost more than it saves
When the rate is higher. A lender that waives LMI isn't always the one with the lowest rate. Over a long loan, a higher rate can cost more than the LMI you saved, so compare the whole loan.
When another lender counts more of your roster. If a lender that charges LMI counts all your overtime and lets you buy the home you need, that can be the better loan.
When the scheme does the same job. A first home buyer under a price cap can avoid LMI through the 5% Deposit Scheme with any participating lender, so a waiver isn't the only way.
What you'll need to provide
Proof of registration. Your registration with the Paramedicine Board of Australia.
Proof of income. Recent payslips and an employment letter, or two years of tax returns if you work on an ABN.
Your roster history. Payslips that show overtime and allowances over at least six months.
The deposit and costs. Your deposit, plus stamp duty and fees, from your own savings.
Questions paramedics ask us
Not from any lender whose policy we hold: none names paramedics in its professional LMI waiver. A first home buyer can avoid LMI through the 5% Deposit Scheme instead (Money Brain, lender policies checked 1 October 2026).
A paramedic thinking about buying?
Tell me how you're paid, what your roster adds, the price you're looking at and what you've saved. I'll tell you whether a waiver, the 5% Deposit Scheme or a lender that counts all your overtime comes out ahead.
You'll hear back within the hour in business hours, and by 9am the next business day after hours.
Sources
- 1
Lender policies on professional LMI waivers: ANZ, NAB, CommBank, Bankwest, Suncorp, Westpac Group, ING, AMP. Checked 1 October 2026.
- 2
St.George, Home loan options for healthcare and trade professionals (no page date shown). Read 2 October 2026.
https://
www.stgeorge.com.au/ personal/ home-loans/ profession-home-loans - 3
Australian Government 5% Deposit Scheme (no page date shown). Read 26 August 2026.
- 4
LMI premiums: one lender's published rate card, owner-occupier standard rates. Checked 1 October 2026.
Updated 2 October 2026