- First-home buyers in Australia can access 85% LVR with No LMI.
- Certain professionals including doctors, nurses, teachers, police officers and engineers are eligible for 85% LVR No LMI home loans.
- To see all the professions that qualify, click here.
- For a comprehensive list of all banks and lenders that offer 85% LVR No LMI home loans, read this article.
Most lenders charge Lenders Mortgage Insurance (LMI) when a borrower has less than a 20% deposit, but select banks provide 85% LVR home loans with no LMI under specific conditions.
One common way to qualify is by working in a high-income or stable profession, such as doctors, lawyers, or accountants. You can check the list of eligible professions below. If your occupation isn’t included, you may still qualify, so it’s best to speak with an experienced mortgage broker like Eden Emerald Mortgages for tailored guidance.
Additionally, first-home buyers in Australia can access 85% LVR No LMI home loans through the First Home Guarantee. Explore more details below or reach out to a mortgage broker who can provide free expert advice on your options.
Professions with 85% LVR No LMI
Eligible Professions
Nurses, Midwives, Optometrists, Pharmacists, Dieticians, Psychologists, Occupational Therapists, Chiropractors, Physiotherapists, Podiatrists, Osteopaths, Audiologists, Medical Imaging Professionals, Social Workers, Welfare Workers, Counsellors, Radiographers, Sonographers, Aged Carers, Disabled Carers, Massage Therapists, Paramedics
Which Lenders?
ANZ, Bank First, Bank of Melbourne, BankSA, BankVic, BOQ, CBA, Granite Home Loans, NAB, St. George, Westpac
Eligible Professions
Solicitors, Barristers, Judges, Partners, Magistrates
Which Lenders?
ANZ, Bank of Melbourne, BankSA, CBA, Granite Home Loans, St. George, Westpac
Eligible Professions
Chartered Accountants, Certified Practicing Accountants, Auditors, Actuaries
Which Lenders?
ANZ, Bank of Melbourne, BankSA, CBA, Granite Home Loans, St. George, Westpac
Eligible Professions
High School Teachers, Primary School Teachers, School Principals, University Lecturers, University Tutors, TAFE Teachers, Child Care Workers, Special Needs Teachers, Trainers, Student Studying Education or Teaching
Which Lenders?
Eligible Professions
Employees of the following organisations: Government Schools, Non-Government Schools, Catholic Schools, Universities, TAFEs, Preschools, Kindergartens, Child Care Centres, Family Day Care Australia, Education Unions, Department of Education and Training, Private Colleges
Which Lenders?
Eligible Professions
Aerospace Engineers, Automation Engineers, Biomedical Engineers, Chemical Engineers, Civil Engineers, Electronics Engineers, Electrical Engineers, Energy Engineers, Environmental Engineers, Geotechnical Engineers, Industrial Engineers, Marine Engineers, Materials Engineers, Mechanical Engineers, Mechatronics Engineers, Mining Engineers, Petroleum Engineers, Process Engineers, Robotics Engineers, Software Engineers, Structural Engineers, Systems Engineers, Telecommunications Engineers
Which Lenders?
Eligible Professions
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Which Lenders?
ANZ, Bank First, Bank of Melbourne, BankSA, BOQ, NAB, St. George, Westpac
Eligible Professions
Police Officers, Firefighters, Paramedics, Correctional Officers, Border Force Officers, Emergency Dispatchers, Search and Rescue Workers
Which Lenders?
Eligible Professions
Finance Managers, Finance Directors, Financial Controllers, CFOs, Bank Employees
Which Lenders?
Eligible Professions
Cloud Engineers, Cybersecurity Specialists, Data Analysts, Data Scientists, Database Administrators, IT Consultants, IT Project Managers, Network Administrators, Network Engineers, Software Developers, Software Engineers, Solutions Architects, Systems Administrators, Systems Analysts, Web Developers
Which Lenders?
Eligible Professions
Actors, Musicians, Journalists, TV Presenters, Radio Hosts, Models, Photographers, Filmmakers, Producers, Directors, Writers, Authors, Singers, Composers, DJs, Commentators
Which Lenders?
If your profession isn’t listed, you may still qualify for an LMI waiver with certain lenders that offer flexibility for specific occupations. Some banks assess applications on a case-by-case basis, considering factors such as your income, industry, and job stability when determining eligibility.
To find out if you qualify, working with a specialist mortgage broker like Eden Emerald Mortgages is highly recommended. They have expertise in No LMI home loans and can connect you with banks that offer LMI exemptions tailored to your profession. Even if an 85% LVR No LMI loan isn’t possible, they will help you compare loan products to find the lowest interest rates and fees. Best of all, their services are completely free for you to use, as they are paid commission by the lender.
First-Home Buyers: 85% LVR No LMI
First-home buyers in Australia can secure 85% LVR No LMI home loans through government-backed programs like the First Home Guarantee (FHBG). This scheme allows eligible buyers to purchase a home with as little as a 5% deposit while avoiding Lenders Mortgage Insurance (LMI), making homeownership more accessible.
Understanding the eligibility requirements and choosing the right lender can be complex, which is why working with a top mortgage broker is essential. Brokers specialising in No LMI home loans, such as EE Mortgages, can help first-home buyers find the best lenders, compare home loan options, and take full advantage of government incentives.
How Do I Apply for an 85% LVR No LMI Home Loan?
To apply for an 85% LVR No LMI home loan, simply follow these steps:
- Check Eligibility: Find out if you qualify, based on whether you are a first-home buyer, or if you work in an eligible profession and meet any minimum annual income requirements. It is a good idea to speak to a mortgage broker who can help you determine eligibility, as well as find you the lowest interest rates and best loan product for your needs.
- Speak to Your Lender: If you are using a mortgage broker, they will liaise with the lender on your behalf, so you can skip this step. If you decide to apply for a home loan by yourself, visit the bank or lender and tell them you wish to apply for an 85% LVR No LMI home loan.
- Submit Documents: Provide any documents that are requested, such as proof or employment, relevant certification or registration for your profession, pay slips, bank statements and tax returns.
- Receive Confirmation: If you are approved, the bank will waive your LMI, and you can borrow 85% LVR with No LMI.
Frequently Asked Questions
An 85% LVR no LMI home loan means you can purchase a property with only 15% deposit, borrowing 85% of the property's value. Usually you will need to pay LMI when you borrow more than 80% but an 85% LVR No LMI home loan means you can waive this fee.
First-home buyers can waive LMI on 85% LVR home loans with the help of the government's First Home Guarantee scheme. Alternatively, if you work in an eligible profession, you will be able to waive the LMI.
This will depend on the lender - some allow you to borrow up to $5 million, while others may limit it to $1 million. Remember that your borrowing power is also determined by your income and spending habits. Take a look at our borrowing power calculator for an estimate.
The interest rates will depend on which lender you choose for your home loan. The best way to compare the interest rates is to speak to a mortgage broker who will find the lowest rates for your situation.
Each lender will have different fees for their No LMI home loans. Get in contact with an experienced mortgage broker who will help you compare lenders and find the best loan product for your needs.
Yes, you can refinance your home with 85% LVR and No LMI if you or your partner work in an eligible profession.
If you are a first-home buyer, you can borrow up to 95% LVR with No LMI using the First Home Guarantee. Certain professions are also eligible to waive LMI on 90% LVR and 95% LVR home loans.
Use a Mortgage Broker to Waive LMI
The most effective way to secure an 85% LVR No LMI home loan is by working with a specialist mortgage broker. Their services are completely free, as they receive a commission from the lender, and they’ll guide you through the entire home loan process, including securing an LMI waiver. A broker will also help you find the lowest interest rates and maximise your borrowing capacity.
We highly recommend EE Mortgages, experts in No LMI home loans. To get started, fill out the form below to request a callback or contact them directly at (02) 9188 9398.
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Get Your LMI Waived
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, fill out the form below to speak to me.
I'm Shaun, an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call me on (02) 9188 9398.
