- Psychologists can borrow up to 95% LVR while waiving LMI, at a number of different lenders.
- Each lender has their own policy, eligibility criteria, and maximum LVR, so check each one here.
- It's a good idea to use the free services of a mortgage broker to assist you with your home loan. They know which LMI waivers you qualify for and help you maximise borrowing power.
- To estimate your borrowing capacity, take a look at our useful calculator.
For many Australians, saving a 20% deposit to buy a home can be challenging. If you want to borrow more than 80% of the property's value, you would typically be required to pay Lenders Mortgage Insurance (LMI), which can add tens of thousands of dollars to your loan. The good news is that psychologists are eligible for an LMI waiver, allowing them to borrow up to 95% LVR without paying LMI. This makes homeownership more accessible by reducing upfront costs and helping you enter the property market sooner.
In this guide, we’ll explain how LMI waivers work for psychologists, which banks and lenders offer them, and what you need to qualify. To simplify the process, it’s best to consult a mortgage broker with experience in securing LMI waivers for psychologists, such as Eden Emerald Mortgages. They’ll assist you through the application, compare over 40 lenders to find the most competitive interest rates, and explore alternatives if you don’t meet the waiver criteria. Best of all, their services are completely free to you, as they are compensated by the lender. To get started, fill out the short form below and receive a callback tailored to 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.
LMI Waiver for Psychologists: Who is Eligible?
- Psychologists
- Counsellors
Which Lenders Offer LMI Waiver for Psychologists?
Maximum LVR
90%
Eligible Borrowers
Psychologists
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
Psychologists
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
Any professions registered with AHPRA, including psychologists
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 and registered with AHPRA
- Documents required to prove your registration and profession
- At least one borrower must be a BankVic Core Member
Maximum LVR
95%
Eligible Borrowers
Psychologists, Counsellors
Important Information
- Borrow up to $1 million at 95% LVR
- Borrow up to $1.5 million at 90% LVR
- Borrow up to $2 million at 85% LVR
- No minimum annual income required
- No genuine 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
- You must be a uni-degree qualified psychologist
Maximum LVR
90%
Eligible Borrowers
Psychologists
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
Psychologists
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 Psychologists
To apply for a LMI waiver as a psychologist, 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.
Do You Need to be a Registered Psychologist to Qualify?
In most cases, to access LMI waivers for psychologists, you need to be registered with the Australian Health Practitioner Regulation Agency (AHPRA). Lenders typically offer LMI waivers to professionals in stable, high-demand fields with consistent income, and formal registration serves as proof of qualifications and employment stability. This makes registered psychologists lower-risk borrowers, allowing them to secure favourable loan terms, such as borrowing up to 95% of a property’s value with No LMI.
However, lending criteria vary between banks, and some lenders may extend similar benefits to other mental health professionals, such as provisional psychologists or clinical counsellors. The best way to determine your eligibility is to speak with an experienced mortgage broker like EE Mortgages, who can guide you through the requirements and help identify lenders that recognise your qualifications. They can compare multiple options to ensure you get the best loan terms available based on your profession.
Frequently Asked Questions
Yes, psychologists can avoid LMI when borrowing with certain banks, as listed above.
There are currently 14 banks and lenders that waive LMI for professionals. See this article to learn more.
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%.
If you are a first-home buyer you can avoid LMI with 5% deposit. Alternatively, some healthcare workers including psychologists can secure a No LMI loan with 5% deposit. Check this article to see if you qualify.
Use a Mortgage Broker to Waive LMI
The simplest way to secure an LMI waiver as a psychologist 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 psychologists. 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 psychologists. 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.