- Vets 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 vets are eligible for an LMI waiver, allowing you 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 veterinarians, 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 vets, 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 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.
LMI Waiver for Veterinarians: Who is Eligible?
- Veterinarians
- General Practitioners
- Specialists
- Surgeons
- Locums
- Interns
- Residents
Which Lenders Offer LMI Waiver for Vets?
Maximum LVR
90%
Eligible Borrowers
Veterinarians, GPs, Specialists, Surgeons, Locums, Residents
Important Information
- Principal & Interest loans only
- Must be owner-occupied
- Must be currently employed in Australia and registered with relevant veterinary board
- Documents required to prove your registration and profession
Maximum LVR
90%
Eligible Borrowers
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be currently employed in Australia and be registered with relevant veterinary board
- Documents required to prove your registration and profession
Maximum LVR
90%
Eligible Borrowers
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be currently employed in Australia and be registered with relevant veterinary board
- Documents required to prove your registration and profession
Maximum LVR
90%
Eligible Borrowers
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Must be registered with relevant veterinary board and currently employed in Australia
- Documents required to prove registration and profession
Maximum LVR
95%
Eligible Borrowers
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $7.5 million
- No minimum annual income requirements
- Variable or fixed rate loans
- Principal & Interest loans only
- 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
Maximum LVR
95%
Eligible Borrowers
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
Maximum LVR
90%
Eligible Borrowers
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be currently employed in Australia and be registered with relevant veterinary board
- Documents required to prove your registration and profession
Maximum LVR
90%
Eligible Borrowers
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be currently employed in Australia and be registered with relevant veterinary board
- Documents required to prove your registration and profession
How to Apply for LMI Waiver for Veterinarians
To apply for a LMI waiver as a vet, 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.
Frequently Asked Questions
Yes, you can waive LMI as a veterinarian at a number of lenders. Check the list above to find the best option for you.
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 medical professionals 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 veterinarian 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 veterinarians. 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 veterinarians. 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 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.