- Essential workers such as police officers, paramedics, firefighters, nurses and teachers can borrow up to 95% LVR while waiving LMI, at a number of different lenders.
- Each lender has differing criteria to qualify, so it's a good idea to speak to a mortgage broker who will guide you through the options.
- To estimate your borrowing capacity, take a look at our useful calculator.
Saving a 20% deposit is one of the biggest hurdles for many Australians trying to buy a home. Normally, if your deposit is under 20%, you’ll need to pay Lenders Mortgage Insurance (LMI)—an added cost that can run into the tens of thousands. But if you’re an essential worker, you may be able to avoid that expense altogether. Some lenders offer LMI waivers for eligible essential workers, allowing you to borrow up to 95% of the property’s value and get into the market with as little as a 5% deposit.
In this guide, we’ll walk you through how LMI waivers work specifically for essential workers, which banks and lenders offer them, and the key eligibility requirements. Whether you’re a first-time buyer or looking to upgrade, this information can help you fast-track your home ownership goals while keeping more money in your pocket.
To make things even easier, we recommend chatting with a mortgage broker who understands the ins and outs of LMI waivers—like Eden Emerald Mortgages. They work with over 40 lenders to compare deals, find you the most competitive interest rates, and offer alternatives if an LMI waiver isn’t an option for you. Plus, their services are completely free for you, since they’re paid by the lender. Just fill in the quick form below to get started and receive a call back.
Speak to an Expert and Waive Your LMI
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, we recommend speaking to Shaun by filling out the form below.
Shaun is an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call him on (02) 9188 9398.
LMI Waiver for Essential Workers: Who is Eligible?
- Paramedics
- Ambulance Officers
- Firefighters
- Police Officers
- Teachers
- Nurses
Which Lenders Offer LMI Waiver for Essential Workers?
Maximum LVR
90%
Eligible Borrowers
Paramedics, Teachers, Nurses
Important Information
- Principal & Interest loans only
- Must be owner-occupied
- Must be currently employed in Australia as a paramedic, teacher or nurse
- Documents required to prove you are a paramedic, teacher or nurse
Maximum LVR
90%
Eligible Borrowers
Paramedics, Firefighters, Police Officers, Nurses, Teachers
Important Information
- Borrow up to $1 million at 95% LVR (for paramedics and nurses with uni degree)
- Borrow up to $1.5 million at 90% LVR
- Borrow up to $2 million at 85% LVR
- No minimum annual income required
- Only $5,000 savings needed
- Maximum 28 yrs loan term (Principal & Interest)
- Owner-occupied (new or existing property)
- Can be investment property when borrowing up to 85% LVR
- Offset account available
- Borrower must be Australian citizen or permanent resident
Maximum LVR
90%
Eligible Borrowers
Paramedics, Firefighters, Police Officers, Nurses
Important Information
- Borrow up to $1.2 million
- Property needs to be in metropolitan Victoria
- Owner-occupied only
- At least 5% genuine savings needed
- Must be currently employed as an essential worker in Australia
- Documents required to prove your employment
- At least one borrower must be a BankVic Core Member
Maximum LVR
90%
Eligible Borrowers
Nurses
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be registered with AHPRA and currently employed in Australia
- Documents required to prove your registration and profession
Maximum LVR
90%
Eligible Borrowers
Nurses
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be registered with AHPRA and currently employed in Australia
- Documents required to prove your registration and profession
Maximum LVR
90%
Eligible Borrowers
Nurses
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be registered with AHPRA and currently employed in Australia
- Documents required to prove your registration and profession
Maximum LVR
90%
Eligible Borrowers
Nurses
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be registered with AHPRA and currently employed in Australia
- Documents required to prove your registration and profession
How to Apply for LMI Waiver for Essential Workers
To apply for a LMI waiver as an essential worker, 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 the Lender: If you use a mortgage broker, they will speak to the lenders on your behalf, so you can skip this step. If you decide to apply for a LMI waiver by yourself, then you need to compare lenders, choose who you want to use, 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, the lender will waive your LMI, and you can borrow up to 95% LVR without having to pay any LMI costs.
Is Overtime Counted when Assessing Borrowing Power?
Essential workers often rely on overtime to supplement their income, but not all lenders treat overtime earnings the same way when assessing borrowing power. Many lenders will only count 80% of overtime earnings, reducing the total assessable income and, ultimately, the loan amount you may qualify for. This conservative approach is due to the variability of overtime pay, as lenders prefer to base approvals on stable and predictable income sources.
However, some lenders recognise the nature of essential services work and may count 100% of your overtime earnings—provided you meet specific criteria. To qualify, you’ll typically need to provide an employment letter confirming your history of overtime earnings over the past 12–24 months, recent payslips, and your most recent income statement from the previous financial year. These documents help demonstrate the consistency of your overtime income, increasing your chances of having the full amount considered. If you want to maximise your borrowing power, a mortgage broker like EE Mortgages can help you find lenders who are more flexible with overtime income and negotiate the best possible terms for your home loan.
Frequently Asked Questions
Yes, a number of lenders waive LMI for essential workers. Check the list above to see if you qualify.
There are a wide range of professions that can qualify for No LMI home loans. See this article for a comprehensive list.
Yes, if you use a guarantor, you will be able to avoid paying LMI with a deposit smaller than 20%.
Yes, if you are an essential worker, you can waive LMI with only 5% deposit. Additionally, 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 an LMI waiver as an essential worker is by working with a specialist mortgage broker. A broker has access to a wide range of lenders and knows exactly which banks offer LMI waivers for essential workers. They will guide you toward lenders that recognise your profession’s benefits, and improve your chances of loan approval.
Best of all, using a mortgage broker comes at no cost to you - they’re paid by the lender instead. Not only will they assist you with the LMI waiver application process, but they’ll also work to secure the lowest possible interest rate and maximise your borrowing power.
We highly recommend EE Mortgages, a specialist mortgage broker with extensive experience in LMI waivers for essential workers. Whether you’re ready to apply or just need some questions answered, fill out the form below or call them on (02) 9188 9398 to get in touch.
Speak to an Expert and Waive Your LMI
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, we recommend speaking to Shaun by filling out the form below.
Shaun is an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call him on (02) 9188 9398.