- First-home buyers in Australia can access 95% LVR home loans with No LMI.
- Some professionals including doctors, dentists, veterinarians and engineers qualify for 95% LVR No LMI home loans.
- To see all the professions that are eligible for LMI waivers, click here.
- For a complete list of all the banks and lenders that offer 95% LVR No LMI home loans, take a look at this article.
Many banks require borrowers with a deposit of less than 20% to pay Lenders Mortgage Insurance (LMI). However, certain banks offer 95% LVR home loans without LMI for eligible applicants.
One common pathway to securing a 95% LVR loan with no LMI is based on your profession. High-income and secure professions, such as doctors, dentists, lawyers, and accountants can qualify for these waivers. You can check the list of eligible professions below, but if your job isn't listed, you may still have options. Speaking with a top mortgage broker like Eden Emerald Mortgages can help you explore lenders that offer exemptions tailored to your situation.
First-home buyers in Australia can also take advantage of 95% LVR home loans with No LMI, through certain government schemes or lender-specific policies. Learn more about these options below, or reach out to a mortgage broker for expert guidance - at no cost to you.
Professions with 95% LVR No LMI
Eligible Professions
Nurses, Optometrists, Pharmacists, Psychologists, Physiotherapists, Radiographers, Chiropractors, Paramedics
Which Lenders?
Eligible Professions
Solicitors, Barristers, Judges, Partners, Magistrates
Which Lenders?
Eligible Professions
Chartered Accountants, Certified Practicing Accountants, Auditors, Actuaries
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
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?
If your profession isn't listed, you may still qualify for an LMI waiver at 90% LVR rather than 95% LVR. To determine your eligibility, it's best to consult a specialist mortgage broker with expertise in No LMI home loans, like Eden Emerald Mortgages. They can help you understand lender requirements and connect you with banks offering exemptions for your profession.
Even if you don’t qualify for a 90% LVR No LMI loan, they will compare loan options to find you the most competitive interest rates and lowest fees. Best of all, their service is completely free to use (they are paid commission by the lender).
First-Home Buyers: 95% LVR No LMI
First-home buyers in Australia can also access 95% LVR No LMI home loans through government initiatives like the First Home Guarantee (FHBG). This scheme enables eligible buyers to purchase a property with just a 5% deposit, as the government acts as a guarantor for 15% of the loan, eliminating the need for LMI.
Since eligibility requirements and lender policies vary, working with a mortgage broker experienced in No LMI home loans, such as EE Mortgages, can make the process much smoother. They can help first-home buyers understand the qualification criteria, compare lenders that participate in the scheme, and secure a home loan with the best interest rates and lowest fees.
How Do I Apply for a 95% LVR No LMI Home Loan?
To apply for a 95% LVR home loan with No LMI, follow these simple steps:
- Check Eligibility: Check 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 95% 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 95% LVR with No LMI.
Frequently Asked Questions
A 95% LVR no LMI home loan means you can purchase a property with only 5% deposit, borrowing 95% of the property's value. Usually you will need to pay LMI when you borrow more than 80% but a 95% LVR No LMI home loan means you can waive this fee.
First-home buyers can waive LMI on 95% 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 $7.5 million, while others limit your loan 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 95% LVR and No LMI if you or your partner work in an eligible profession.
The only way to borrow more than 95% LVR is if you use a guarantor. This means a family member (usually a parent) uses their own home as security to cover part of the loan. Speak to a mortgage broker if you are considering this option, as they can advise you how to proceed.
Use a Mortgage Broker to Waive LMI
The most effective way to secure a 95% LVR home loan with No LMI is by working with a mortgage broker. Their services are completely free for borrowers, as they receive a commission from the lender. A broker will guide you through the loan application process, help you navigate LMI waiver requirements, and find the lowest interest rates while maximising your borrowing potential.
For expert assistance, we recommend EE Mortgages, a broker specialising 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.
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.
