- First-home buyers can access 90% LVR with No LMI.
- Certain professionals including doctors, nurses, teachers and engineers are eligible for 90% LVR No LMI home loans.
- To see all the professions that qualify, click here.
- For a list of all the banks and lenders that offer 90% LVR No LMI home loans, see this article.
Most lenders require borrowers with less than a 20% deposit to pay Lenders Mortgage Insurance (LMI), but some banks offer 90% LVR loans with no LMI under specific conditions.
One way to qualify is to be a professional in a high-income or stable field, such as a doctor, lawyer, or accountant. Have a look at the list of professions that are eligible for 90% LVR home loans with No LMI below. If your profession is not listed, you may still be eligible, so speak to an expert mortgage broker like Eden Emerald Mortgages to help you with your home loan.
First-home buyers in Australia can also secure a 90% LVR No LMI home loan. Find out more information below, or contact a mortgage broker who can answer all your questions free of charge.
Professions with 90% 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 you don't find your profession listed here, you could still be eligible for an LMI waiver with certain lenders that offer flexibility for specific occupations. Some banks review applications individually, considering factors like your income, industry, and job stability.
To check your eligibility, it's a good idea to work with a specialist mortgage broker experienced in No LMI home loans, such as Eden Emerald Mortgages. They can guide you through lender requirements and match you with banks that offer exemptions suited to your profession. Even if a 90% LVR No LMI home loan isn’t an option, they will compare loan products to secure the best interest rates and lowest fees for your situation. The best thing is that they are 100% FREE for you to use, as they receive a commission from the lender.
First-Home Buyers: 90% LVR No LMI
First-home buyers in Australia can access 90% LVR No LMI home loans through government-backed schemes, such as the First Home Guarantee (FHBG), which allows eligible applicants to purchase a home with just a 5% deposit while avoiding LMI.
Navigating the eligibility criteria and finding the right lender can be challenging, which is why working with a top mortgage broker is a wise choice. Brokers with experience in LMI waivers, such as EE Mortgages can help first-home buyers identify suitable lenders, compare home loan options, and maximise government incentives.
How Do I Apply for a 90% LVR No LMI Home Loan?
To apply for a 90% 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 a 90% 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 90% LVR with No LMI.
Frequently Asked Questions
A 90% LVR no LMI home loan means you can purchase a property with only 10% deposit, borrowing 90% of the property's value. Usually you will need to pay LMI when you borrow more than 80% but a 90% LVR No LMI home loan means you can waive this fee.
First-home buyers can waive LMI on 90% 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 90% 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 95% LVR home loans. Click here to find out more information.
Use a Mortgage Broker to Waive LMI
The best way to secure a 90% LVR No LMI home loan is to use the services of a mortgage broker. They are completely free for you to use (as they are paid commission by the lender), and they will guide you through the entire home loan and LMI waiver process. A broker will help you find the lowest possible interest rates and maximise your borrowing power.
Our top recommendation is EE Mortgages, a mortgage broker who specialises in No LMI home loans. To get in touch, complete the form below to request a callback, or ring them directly on (02) 9188 9398.
Speak to Me and
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.
