- Medical professionals, veterinarians, accountants and lawyers are eligible for NAB LMI waiver (see full list here).
- Unfortunately, nurses do not qualify at NAB for LMI waiver. However, you can check this article to see which ones will waive LMI for you.
- NAB offers eligible professionals LMI waivers with only 5% deposit.
- To estimate your borrowing capacity, take a look at our useful calculator.
National Australia Bank (NAB) offers eligible medical professionals an exclusive LMI Waiver, allowing them to enter the property market with only 5% deposit while avoiding costly LMI fees. This waiver can save borrowers tens of thousands of dollars, making homeownership more accessible.
While you can apply for the NAB LMI Waiver directly through the bank, partnering with an expert mortgage broker, like Eden Emerald Mortgages, ensures a smoother and more efficient process. Their team provides expert guidance, helps determine your eligibility, and manages the entire application process. They also compare lenders to find the best rates and explore alternative LMI waiver options if NAB isn’t the right fit for your situation. Best of all, their services are completely free for borrowers, as they are paid by the lender. To get in contact, fill out the form below and receive a callback about your situation.
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.
NAB LMI Waiver: Which Professions are Eligible?
Maximum LVR
90%
Eligible Professions
Lawyers, Solicitors, Barristers, Partners, Judges
Important Information
- Borrow up to $4.5 million
- No minimum annual income required
- Must be currently employed in Australia and hold a current certificate in an acceptable state body
- Documents required to prove profession
Maximum LVR
90%
Eligible Professions
Chartered Accountants, Certified Practising Accountants, Public Accountants, Actuaries
Important Information
- Borrow up to $4.5 million
- No minimum annual income required
- Must be currently practising in Australia and hold current registration with an eligible professional institute (CA, CPA, IPA, FIAA)
- Documents required to prove registration and profession
Maximum LVR
90%
Eligible Professions
Chartered Financial Analysts
Important Information
- Borrow up to $4.5 million
- No minimum annual income required
- Must be currently practising in Australia and hold current registration with the Chartered Financial Analyst Institute
- Documents required to prove registration and profession
Maximum LVR
95%
Eligible Professions
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $4.5 million
- No minimum annual income required
- Must be registered with relevant veterinary board and currently employed in Australia
- Documents required to prove registration and profession
- 100% of overtime is accounted for when calculating borrowing power
How to Apply for LMI Waiver at NAB
To apply for a NAB 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 NAB: If you use a mortgage broker, they will speak to NAB on your behalf, so you can skip this step. If you decide to apply for a LMI waiver by yourself, then visit NAB 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, NAB will waive your LMI, and you can borrow up to 95% LVR without having to pay any LMI costs.
Frequently Asked Questions
Yes, NAB waives LMI for a range of medical professionals, veterinarians, accountants, financial anaysts and lawyers. 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.
Accountants can avoid LMI at NAB. Speak to a mortgage broker to work out how much you can borrow.
If you are medical professional (eg: doctor, dentist, optometrist, pharmacist, veterinarian) you will be able to waive LMI at NAB 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 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.