- A range of professionals including accountants, lawyers and doctors are eligible for CBA LMI waiver (see full list here).
- You can borrow up to 95% LVR as a medical professional, or 90% LVR for other eligible professionals.
- To estimate your borrowing capacity, take a look at our useful calculator.
The Commonwealth Bank of Australia (CBA) provides an attractive LMI Waiver for eligible professionals (such as accountants, lawyers and doctors), making homeownership more accessible with a smaller deposit. Typically, borrowers need a 20% deposit to avoid costly LMI fees, but with CBA’s LMI Waiver, certain professionals can purchase a home with as little as a 5% deposit while saving thousands of dollars in LMI costs.
While you can apply for the CBA LMI Waiver directly through the bank, working with an expert mortgage broker, like Eden Emerald Mortgages, can make the process smoother and more efficient. Their team understands the eligibility criteria, ensures your application is correctly submitted, and explores alternative lenders if CBA isn’t the best fit. Plus, their services are completely free for borrowers, as they’re paid by the lender. To get in contact, fill out the form below and they will call you about your situation.
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.
CBA LMI Waiver: Which Professions are Eligible?
Maximum LVR
90%
Eligible Professions
Solicitors, Barristers, Judges, Partners, Magistrates
Important Information
- Borrow up to $5 million
- Minimum annual income of $100,000
- Variable or fixed rate loans
- Principal & Interest loans only
- Must be currently employed and registered to practise in Australia
- Documents required to prove your profession
Maximum LVR
90%
Eligible Professions
Chartered Accountants, Certified Practicing Accountants
Important Information
- Borrow up to $5 million
- Minimum annual income of $100,000
- Variable or fixed rate loans
- Principal & Interest loans only
- Must be currently employed in Australia and registered to practise as CA or CPA
- Documents required to prove your profession
Maximum LVR
90%
Eligible Professions
Chief Financial Officers, Actuaries, Finance Directors, Finance Managers, Financial Controllers
Important Information
- Borrow up to $5 million
- Minimum annual income of $100,000
- Variable or fixed rate loans
- Principal & Interest loans only
- Must be currently employed in Australia and registered to practise as CFA or FIAA
- Documents required to prove your profession
Maximum LVR
90%
Eligible Professions
Employees of CBA, Westpac, ANZ, NAB, Macquarie Bank, ING, BOQ, Bendigo Bank, Adelaide Bank, HSBC, AMP (and subsidiaries)
Important Information
- Borrow up to $5 million
- Minimum annual income of $100,000
- Variable or fixed rate loans
- Principal & Interest loans only
- Must be currently employed with the bank for at least 6 months, or have 24 months of cumulative industry experience
- Documents required to prove your employment at eligible bank
Maximum LVR
95%
Eligible Professions
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $7.5 million
- No minimum annual income requirements
- Variable or fixed rate loans
- Principal & Interest loans only
- Must be currently employed in Australia and registered with relevant veterinary board
- Documents required to prove your profession
- 100% of overtime accounted for when calculating borrowing power
How to Apply for LMI Waiver at CBA
To apply for a CBA LMI waiver, simply follow these steps:
- Check Eligibility: Find out if you are eligible, based on your profession, deposit amount, and desired loan amount. It is a good idea to speak to a mortgage broker who can help you determine eligibility, as well as guide you through the entire process.
- Speak to CBA: If you use a mortgage broker, they will speak to CBA on your behalf, so you can skip this step. If you decide to apply for a LMI waiver by yourself, then visit CBA and tell them you want to apply for a 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, CBA will waive your LMI, and you can borrow more than 80% LVR without having to pay any LMI costs.
Frequently Asked Questions
Yes, CBA waives LMI for a range of professionals including accountants, lawyers, doctors, veterinarians and finance professionals. Check the list above to see if you qualify.
There are several banks and lenders that waive LMI, including ANZ, BOQ, CBA, Granite Home Loans, Macquarie Bank, NAB, St. George and Westpac. To see the full list, read this article.
Yes, accountants can avoid LMI when borrowing up to 90% LVR at Commonwealth Bank.
If you are medical professional (eg: doctor, dentist, optometrist, pharmacist, veterinarian) you will be able to waive LMI at CBA with only 5% deposit. Alternatively, if you are a first-home buyer you can avoid LMI with 5% deposit.
Use a Mortgage Broker to Waive LMI
The simplest way to secure a home loan with an LMI waiver is by working with a mortgage broker. Their services come at no cost to you (as they are compensated by the lender), and they’ll assist you through the entire home loan and LMI waiver process. A broker can help you find the lowest possible interest rates while maximising your borrowing power.
We highly recommend EE Mortgages, a specialist mortgage broker in LMI waivers. To get started or even just to answer some questions, fill out the form below or call them 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.