- Many different professionals are eligible for LMI waivers.
- Health professionals, nurses, teachers and engineers are among those that qualify for LMI exemptions.
- To see the full LMI waiver for professionals list, click here.
- For a list of all the banks and lenders that have LMI waivers, see this article.
For many Australians looking to buy a home, Lenders Mortgage Insurance (LMI) can be a costly barrier, adding tens of thousands of dollars to upfront expenses. However, several banks in Australia offer LMI waivers for eligible professionals, allowing you to secure a mortgage with only 5% or 10% deposit while avoiding this extra fee.
LMI waivers are typically available to high-income and stable professions, such as doctors, accountants, lawyers and dentists. However, these are not the only industries where professionals are exempt from LMI. Take a look at the full list of eligible professions below, and click on the relevant one for your situation to find out more information.
LMI Exemption Professions
Maximum LVR
90 - 95%
Eligible Professions
Nurses, Midwives, Optometrists, Pharmacists, Dieticians, Psychologists, Occupational Therapists, Chiropractors, Physiotherapists, Podiatrists, Osteopaths, Audiologists, Medical Imaging Professionals, Social Workers, Welfare Workers, Counsellors, Radiographers, Sonographers, Aged Carers, Disabled Carers, Massage Therapists, Paramedics
Which Lenders?
ANZ, Bank First, Bank of Melbourne, BankSA, BankVic, BOQ, CBA, Granite Home Loans, NAB, St. George, Westpac
Maximum LVR
90 - 95%
Eligible Professions
Solicitors, Barristers, Judges, Partners, Magistrates
Which Lenders?
ANZ, Bank of Melbourne, BankSA, CBA, Granite Home Loans, NAB, St. George, Westpac
Maximum LVR
90 - 95%
Eligible Professions
Chartered Accountants, Certified Practicing Accountants, Auditors, Actuaries
Which Lenders?
ANZ, Bank of Melbourne, BankSA, CBA, Granite Home Loans, NAB, St. George, Westpac
Maximum LVR
90 - 95%
Eligible Professions
High School Teachers, Primary School Teachers, School Principals, University Lecturers, University Tutors, TAFE Teachers, Child Care Workers, Special Needs Teachers, Trainers, Student Studying Education or Teaching
Which Lenders?
Maximum LVR
90%
Eligible Professions
Employees of the following organisations: Government Schools, Non-Government Schools, Catholic Schools, Universities, TAFEs, Preschools, Kindergartens, Child Care Centres, Family Day Care Australia, Education Unions, Department of Education and Training, Private Colleges
Which Lenders?
Maximum LVR
95%
Eligible Professions
Aerospace Engineers, Automation Engineers, Biomedical Engineers, Chemical Engineers, Civil Engineers, Electronics Engineers, Electrical Engineers, Energy Engineers, Environmental Engineers, Geotechnical Engineers, Industrial Engineers, Marine Engineers, Materials Engineers, Mechanical Engineers, Mechatronics Engineers, Mining Engineers, Petroleum Engineers, Process Engineers, Robotics Engineers, Software Engineers, Structural Engineers, Systems Engineers, Telecommunications Engineers
Which Lenders?
Maximum LVR
90 - 95%
Eligible Professions
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Which Lenders?
ANZ, Bank First, Bank of Melbourne, BankSA, BOQ, CBA, NAB, St. George, Westpac
Maximum LVR
90%
Eligible Professions
Police Officers, Firefighters, Paramedics, Correctional Officers, Border Force Officers, Emergency Dispatchers, Search and Rescue Workers
Which Lenders?
Maximum LVR
95%
Eligible Professions
Cloud Engineers, Cybersecurity Specialists, Data Analysts, Data Scientists, Database Administrators, IT Consultants, IT Project Managers, Network Administrators, Network Engineers, Software Developers, Software Engineers, Solutions Architects, Systems Administrators, Systems Analysts, Web Developers
Which Lenders?
Maximum LVR
95%
Eligible Professions
Executives, Senior Managers, Directors
Which Lenders?
Maximum LVR
90%
Eligible Professions
Professional Sports Players, Professional Athletes
Which Lenders?
Maximum LVR
90%
Eligible Professions
Actors, Musicians, Journalists, TV Presenters, Radio Hosts, Models, Photographers, Filmmakers, Producers, Directors, Writers, Authors, Singers, Composers, DJs, Commentators
Which Lenders?
If your profession isn’t listed above, you may still qualify with certain lenders that have flexible policies for specific occupations. Some banks assess applications on a case-by-case basis, meaning you could still access an LMI waiver depending on your income, industry, or employment stability.
To find out if you’re eligible, it’s best to consult a specialist mortgage broker with expertise in LMI waiver home loans, such as Eden Emerald Mortgages. They can help you navigate lender requirements and connect you with banks that offer exemptions tailored to your profession. Even if they cannot help you with an LMI waiver, they will compare loan products for your situation, finding you the best interest rates and lowest fees.
How Do I Apply for LMI Waiver?
To apply for an LMI waiver, simply follow these steps:
- Check Eligibility: Find out if you are eligible, based on your profession, annual income, 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 find you the lowest interest rates and best loan product for your needs.
- Speak to Your Lender: If you are using a mortgage broker, they will liaise with the lender on your behalf, so you can skip this step. If you decide to apply for a home loan by yourself, visit the bank or lender and tell them you wish 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 bank will waive your LMI, and you can borrow more than 80% LVR without having to pay the LMI fees.
Frequently Asked Questions
There is a wide range of professionals that qualify for LMI waivers, such as doctors, dentists, accountants, teachers, engineers, IT professionals, police officers, veterinarians, healthcare workers, nurses and more. See the list above to see if your profession is eligible.
Many banks and lenders waive LMI for doctors, specifically ANZ, Bank First, Bank of Melbourne, BankSA, BankVic, BOQ, CBA, Granite Home Loans, Macquarie Bank, NAB, St. George and Westpac.
If you are a first-home buyer you can avoid LMI with 5% deposit if you qualify for the First Home Guarantee. Alternatively, if you work in specific professions, you are eligible for No LMI with only 5% deposit. Read this article to determine if you qualify.
Yes, there are two lenders that enable teachers to waive LMI on their home loans. Bank First and Granite Home Loans are the two options currently available.
Yes, ANZ waives LMI for doctors, dentists, optometrists, physiotherapists, chiropractors, lawyers, accountants, financial analysts, actuaries and veterinarians. Find out more information here.
Yes, nurses can have their LMI waived with certain lenders. Each lender's criteria differs, for example there may be a minimum annual income requirement, or a maximum loan amount. Speak to a mortgage broker to determine the best option for you or read more info here.
Pharmacists are able to waive LMI on their home loans, up to 95% LVR. Commonwealth Bank, NAB and Granite Home Loans offer 95% LVR No LMI loans for pharmacists. There are also several other lenders that offer 90% LVR No LMI loans for pharmacists: Bank First, Bank of Melbourne, BankSA, BankVic, BOQ, St. George and Westpac. Speak to a mortgage broker to determine the best option for you or read more info here.
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, fill out the form below to request a callback, or contact them directly 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.
