- Medical professionals including doctors, dentists, pharmacists, optometrists and veterinarians are eligible for NAB LMI waiver (see full list of professions here).
- You can borrow up to 95% LVR with No LMI.
- Maximum loan amount of $4.5 million with 95% LVR.
- No minimum income required.
- To estimate your borrowing capacity, take a look at our useful calculator.
NAB offers a Medico Policy that allows eligible medical professionals—such as doctors, dentists, optometrists, pharmacists, and more—to qualify for a waiver on Lenders Mortgage Insurance (LMI) when borrowing up to 95% of a property’s value. This can make a significant difference in upfront costs and help you enter the property market sooner.
While it’s possible to apply directly with NAB, many borrowers choose to work with a specialist mortgage broker like Eden Emerald Mortgages. Their team knows the ins and outs of NAB’s Medico Policy, ensures your application is prepared correctly, and can compare options from over 40 lenders if another solution might better suit your needs. Best of all, their service is completely free for borrowers—they’re paid by the lender. Just fill out the short form below and a broker from Eden Emerald Mortgages will be in touch to discuss your next steps.
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 Medico Policy LMI Waiver: Which Professions are Eligible?
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 requirements
- 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 NAB Medico Policy LMI Waiver
To apply for a NAB Medico Policy, 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 the Medico Policy by yourself, then visit NAB and tell them you want to apply for an LMI waiver 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 fees.
Frequently Asked Questions
Yes, NAB waives LMI for a range of medical professionals including doctors, veterinarians, dentists, optometrists and chiropractors. Check the list above to see if you qualify.
There are several banks and lenders that waive LMI for medical professionals, including ANZ, BOQ, CBA, Granite Home Loans, Macquarie Bank, NAB, St. George and Westpac. To see the full list, read this article.
Nurses are not eligible for the NAB Medico Policy. However, you can click here to find out which lenders waive LMI for nurses.
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 Apply for NAB Medico Policy
The simplest way to access the NAB Medico Policy 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.