LMI Waiver for Pharmacists

For many Australians, saving a 20% deposit to buy a home can be a major hurdle. And if you want to borrow more than 80% of the property's value, you’re required to pay Lenders Mortgage Insurance (LMI), which can add tens of thousands of dollars to your loan. The great news is that pharmacists and many other healthcare workers are eligible for an LMI waiver, allowing them to borrow up to 95% LVR without the extra cost of LMI. This makes it easier to enter the property market with a lower deposit.

In this guide, we’ll explore how LMI waivers apply to pharmacists, which lenders offer them, and what you need to qualify. If you're a pharmacist looking to buy a home sooner while avoiding unnecessary expenses, this article will help you understand your options.

To make the process easier, it’s worth speaking with a mortgage broker who has experience securing LMI waivers for pharmacists, such as Eden Emerald Mortgages. They’ll guide you through the application, compare over 40 lenders to find competitive interest rates, and explore alternatives if you don’t meet the waiver criteria. Plus, their services are completely free to you, as they are paid by the lender. To get started, fill out the short form below and receive a callback about your situation.

LMI Waiver for Healthcare Workers: Who is Eligible?

• Pharmacists
• Doctors
• General Practitioners
• Specialists
• Surgeons
• Anaesthetists
• Radiologists
• Oncologists
• Dentists
• Optometrists
  
• Registered nurses
• Midwives
• Nurse educators and researchers
• Nurse managers
• Enrolled and mothercraft nurses
• Nursing support and personal care workers
• Health and welfare service managers
• Dieticians
• Occupational Therapists
• Environmental health professionals
• Chiropractors, osteopaths, physiotherapists and podiatrists
• Speech professionals
• Audiologists
• Medical imaging professionals
• Diversional therapists
• Social workers and professionals
• Welfare workers and professionals
• Counsellors
• Psychologists
• Radiographers
• Sonographers
• Aged carers
• Disabled carers
• Carers, aides and special care workers
• Massage therapists
• Paramedics

Which Lenders Offer LMI Waiver for Pharmacists?

How to Apply for LMI Waiver for Pharmacists

To apply for a LMI waiver as a pharmacist, simply follow these steps:

1. 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. 
2. 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.
3. 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.
4. 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?

Many healthcare professionals rely on overtime to supplement their income, but not all lenders treat overtime earnings the same way when calculating borrowing power. Most banks and lenders will only consider 80% of overtime earnings when assessing income, which can lower your total assessable income and, in turn, reduce the loan amount you qualify for. This cautious approach stems from the variable nature of overtime, as lenders prefer to base approvals on consistent and predictable earnings.

However, some lenders understand the demands of healthcare roles and may assess 100% of your overtime income—provided you meet specific requirements. To qualify, you’ll typically need to provide an employment letter confirming your 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 reliability of your overtime income, increasing the likelihood that lenders will consider the full amount. If you want to maximise your borrowing potential, working with a mortgage broker like EE Mortgages can help. They specialise in finding lenders who are more flexible with pharmacists' income structures and can negotiate the best possible terms for your home loan.