Most Common LMI Waiver

Buy With 10% Deposit. Pay Zero LMI.

Over 20 lenders offer LMI waivers at 90% LVR for qualifying professionals. You keep your 10% deposit and save thousands, without the extra cost of Lenders Mortgage Insurance. This is the most widely available LMI waiver in Australia, giving you the most lender choice, the most competitive rates, and the strongest negotiating position.

20+ Lenders available

$35K+ Potential savings

10% Deposit needed

Check Your Eligibility Free, 60 Seconds

Free, no obligation Result in 60 seconds 50+ lenders compared

4.9

Google Reviews

What Is a 90% LVR LMI Waiver?

A 90% LVR LMI waiver lets you borrow up to 90% of a property's value with only a 10% deposit, while paying zero Lenders Mortgage Insurance. Normally, any loan above 80% LVR triggers an LMI premium. At 90% LVR, that premium typically costs between 1.2% and 2.5% of the loan amount, or roughly $8,000 to $35,000 depending on property price.

Lenders waive this fee for certain professions they consider low-risk borrowers. The reasoning is straightforward: professionals like doctors, lawyers, accountants, and engineers have stable incomes, strong career trajectories, and historically low mortgage default rates. The lender absorbs the risk instead of passing it to an insurer.

There is a hidden cost most borrowers miss. When LMI is capitalised (added to your loan balance), you also pay interest on that premium for the life of the loan. A $16,800 LMI premium capitalised at 6.5% over 30 years adds roughly $21,000 in additional interest. The true cost of LMI is often close to double the upfront figure. An LMI waiver eliminates all of this: no premium, no capitalised interest, and no impact on your borrowing power.

This is the most common LMI waiver tier in Australia. More than 20 lenders offer some form of 90% LVR waiver, which means more competition, more rate options, and more flexibility compared to the 95% LVR waiver (offered by fewer lenders) or the 85% LVR waiver (which requires a larger deposit). For most qualifying professionals with a 10% deposit, 90% LVR is the sweet spot: wide lender choice, strong savings, and minimal restrictions.

How Much Does LMI Cost at 90% LVR?

LMI at 90% LVR typically costs between 1.2% and 2.5% of the loan amount. Here is what that looks like in real dollars.

Property Price	Loan Amount	LMI (Without Waiver)	LMI (With Waiver)
$600,000	$540,000	$8,200	$0
$800,000	$720,000	$12,400	$0
$1,000,000	$900,000	$16,800	$0
$1,500,000	$1,350,000	$35,100	$0

$600,000

Loan: $540,000

Without waiver

$8,200

With waiver

$800,000

Loan: $720,000

Without waiver

$12,400

With waiver

$1,000,000

Loan: $900,000

Without waiver

$16,800

With waiver

$1,500,000

Loan: $1,350,000

Without waiver

$35,100

With waiver

Calculate your exact LMI savings

We compare 50+ lenders to find you the best LMI waiver

90% vs 85% vs 95% LVR: Which Is Right for You?

Your deposit amount determines which LVR tier you fall into. Here is how the three most common LMI waiver tiers compare across the factors that matter most.

Factor	85% LVR (15% Deposit)	90% LVR (10% Deposit)	95% LVR (5% Deposit)
Deposit on $1M property	$150,000	$100,000	$50,000
LMI you avoid	$5,000–$19,000	$8,000–$35,000	$17,000–$60,000+
Number of lenders	30+	20+	5–10
Professions eligible	Broadest range	Most professions	Mainly medical + select
Investment property	Most lenders allow	Some lenders allow	Very few lenders
Typical rate impact	Best rates	Competitive rates	Slight rate loading possible
Loan size caps	$2.5M–$3.5M	$2M–$3M	$2M–$2.5M
Best for	Buyers with 15% saved who want maximum choice	Buyers with 10% who want strong choice + savings	Medical professionals entering the market early

Deposit on $1M property

85% LVR (15% Deposit)

$150,000

90% LVR (10% Deposit)

$100,000

95% LVR (5% Deposit)

$50,000

LMI you avoid

85% LVR (15% Deposit)

$5,000–$19,000

90% LVR (10% Deposit)

$8,000–$35,000

95% LVR (5% Deposit)

$17,000–$60,000+

Number of lenders

85% LVR (15% Deposit)

30+

90% LVR (10% Deposit)

20+

95% LVR (5% Deposit)

5–10

Professions eligible

85% LVR (15% Deposit)

Broadest range

90% LVR (10% Deposit)

Most professions

95% LVR (5% Deposit)

Mainly medical + select

Investment property

85% LVR (15% Deposit)

Most lenders allow

90% LVR (10% Deposit)

Some lenders allow

95% LVR (5% Deposit)

Very few lenders

Typical rate impact

85% LVR (15% Deposit)

Best rates

90% LVR (10% Deposit)

Competitive rates

95% LVR (5% Deposit)

Slight rate loading possible

Loan size caps

85% LVR (15% Deposit)

$2.5M–$3.5M

90% LVR (10% Deposit)

$2M–$3M

95% LVR (5% Deposit)

$2M–$2.5M

Best for

85% LVR (15% Deposit)

Buyers with 15% saved who want maximum choice

90% LVR (10% Deposit)

Buyers with 10% who want strong choice + savings

95% LVR (5% Deposit)

Medical professionals entering the market early

For most qualifying professionals, 90% LVR hits the right balance: more lender choice than 95%, lower deposit than 85%, and broader profession eligibility.

Not Sure Which Path Is Right for You?

Our free eligibility check compares both government and professional waiver options in 60 seconds.

Check Your Eligibility — Free

1 Government Scheme

First Home Buyer? You May Have Two Paths to No LMI

If you are buying your first home and work in a qualifying profession, you potentially have two separate routes to avoiding LMI at 90% LVR.

First home buyers who work in a qualifying profession have two independent paths to avoiding LMI at 90% LVR: the Australian Government's First Home Guarantee, or a professional LMI waiver through their lender. Each works differently, and the best choice depends on your property target and profession.

The First Home Guarantee (formerly the First Home Loan Deposit Scheme) is administered by Housing Australia. The government guarantees the gap between your deposit and 80% LVR, so the lender does not require mortgage insurance. Since October 2025, there are no income caps and unlimited places.

Major Changes from October 2025

No income caps (previously $125,000 for individuals, $200,000 for couples)
Unlimited places (previously capped at 35,000 per year)
Higher property price caps across all states and territories
Permanent residents and people who haven't owned in 10 years now eligible

Property Price Caps by State (2026)

You can only use the First Home Guarantee for properties below these thresholds:

State/Territory	Capital City & Major Regional	Rest of State
NSW	$1,500,000	$800,000
VIC	$950,000	$650,000
QLD	$1,000,000	$700,000
WA	$850,000	$600,000
SA	$900,000	$500,000
TAS	$700,000	$550,000
ACT	$1,000,000	N/A
NT	$600,000	N/A

NSW

Capital City

$1,500,000

Rest of State

$800,000

VIC

Capital City

$950,000

Rest of State

$650,000

QLD

Capital City

$1,000,000

Rest of State

$700,000

Capital City

$850,000

Rest of State

$600,000

Capital City

$900,000

Rest of State

$500,000

TAS

Capital City

$700,000

Rest of State

$550,000

ACT

Capital City

$1,000,000

Capital City

$600,000

Capital city thresholds also apply to designated regional centres. Check Housing Australia for the full list of included areas.

Choose the First Home Guarantee If

You are not in a qualifying profession for LMI waivers
Your property is under the price cap for your state
You want to buy with less than 10% deposit (the guarantee covers 5% to 20% deposit)

Choose a Professional LMI Waiver If

Your target property exceeds the government price caps
You want full lender choice (not limited to participating lenders)
You may want to use the waiver for an investment property in the future
You want the flexibility to refinance without losing the benefit
In some cases, you may be able to compare both paths and choose whichever offers the better loan terms

2 Professional Waivers

Which Professions Qualify at 90% LVR?

These professions are eligible for LMI waivers at 90% LVR from multiple Australian lenders. The list is not exhaustive as some lenders accept additional occupations.

More than 20 lenders offer some form of 90% LVR waiver, which means more competition, more rate options, and more flexibility compared to the 95% LVR waiver (offered by fewer lenders) or the 85% LVR waiver (which requires a larger deposit). All four major banks (CBA, NAB, Westpac, ANZ) offer some form of LMI waiver, along with Bankwest, Macquarie, St George, and numerous smaller banks and non-bank lenders.

Doctors have the broadest access. They can typically access LMI waivers from the highest number of lenders and at the highest LVR (up to 95% with select lenders). Dentists, lawyers, accountants, and engineers generally qualify at 90% LVR across multiple lenders. Teachers, police officers, and paramedics are more commonly eligible at 85% LVR, though some lenders extend their 90% waiver to these professions.

Not a first home buyer?

Professional LMI waivers are available to any qualifying professional — upgraders, downsizers, and second home buyers included. The government scheme is not available to you, but a professional waiver offers the same savings with no restrictions on purchase history.

Professions eligible at 90% LVR (10% deposit)

Profession	Min Income	Max LVR	Key Requirement
Medical Doctors	$150,000+	95%	AHPRA registration
Dentists	$150,000+	90%	AHPRA registration
Lawyers	$150,000+	90%	Law Society admission
Accountants	$100,000+	90%	CA/CPA/IPA membership
Engineers	$100,000+	90%	Engineers Australia membership
Health Professionals	$80,000+	90%	AHPRA registration
Nurses & Midwives	$80,000+	90%	AHPRA registration

Medical Doctors 95%

$150,000+ AHPRA registration

Dentists 90%

$150,000+ AHPRA registration

Lawyers 90%

$150,000+ Law Society admission

Accountants 90%

$100,000+ CA/CPA/IPA membership

Engineers 90%

$100,000+ Engineers Australia membership

Health Professionals 90%

$80,000+ AHPRA registration

Nurses & Midwives 90%

$80,000+ AHPRA registration

Professions typically capped at 85% LVR (some lenders extend to 90%)

Profession	Min Income	Max LVR	Key Requirement
Teachers	$80,000+	85%	State registration
Police Officers	$80,000+	85%	Sworn officer status

Teachers 85%

$80,000+ State registration

Police Officers 85%

$80,000+ Sworn officer status

LVR limits vary between lenders. A mortgage broker can identify the best option for your specific situation.

See the full list of eligible professions

Why 90% LVR Is the Sweet Spot

More lender choice than 95% LVR: over 20 lenders vs 5 to 10 at 95%, meaning better negotiating power on rates and features
Lower deposit than 85% LVR: enter the market with $50,000 less deposit on a $1M property
Broader profession eligibility: most qualifying professions can access 90%, whereas 95% is largely restricted to medical professionals
Investment property options available with some lenders (unlike most 95% LVR waivers)
No property price caps, no limited places, and no annual caps

90% LVR for Investment Properties

Some lenders offer LMI waivers on investment property loans at 90% LVR, but this is less common than for owner-occupied purchases.

Which lenders allow investment at 90% LVR?

Your path: Specialist and select lenders

Most major banks restrict investment property LMI waivers to 80% or 85% LVR. To access a 90% LVR waiver on an investment property, you typically need a smaller bank or specialist lender with a more flexible policy. Medical doctors, specialists, and in some cases lawyers and accountants have the broadest access.

Higher income thresholds apply

Your path: Typically $150,000+ for investment

Lenders may require higher minimum income for investment property waivers (e.g., $150,000+ vs $100,000+ for owner-occupier). Combined debt-to-income ratio, rental income assessment (at 80% of market rent), and existing mortgage commitments all factor into the approval.

Loan size caps may be lower

Your path: Check your lender's policy

Some lenders reduce the maximum loan amount for investment waivers compared to owner-occupier. Cross-collateralisation policies also vary: some lenders keep loans separate while others cross-collateralise. Separate security is generally preferred for flexibility.

Rate differential for investment

Your path: 0.20% to 0.40% higher

Investment loan rates are typically 0.20% to 0.40% higher than owner-occupied rates, regardless of LMI waiver status. This is standard across the market and not specific to the waiver.

Real-World Savings: How Much Could You Save?

See what an LMI waiver at 90% LVR looks like for different buyer profiles across Australia.

James

First home buyer, Solicitor in Sydney

Property $950,000 apartment

Location Inner West, Sydney

Deposit 10% ($95,000)

Loan $855,000 at 90% LVR

LMI Without Waiver

~$14,600

You Save

$14,600 (plus ~$18,800 in avoided capitalised interest over 30 years)

James saves $14,600 upfront, plus approximately $18,800 in capitalised interest that he would have paid over 30 years. He uses the savings toward stamp duty and moving costs. As a first home buyer, he also claims stamp duty concessions alongside his professional waiver.

Priya

Upgrader, Civil Engineer in Melbourne

Property $1,100,000 house

Location Melbourne outer suburbs

Deposit 10% ($110,000)

Loan $990,000 at 90% LVR

LMI Without Waiver

~$18,300

You Save

$18,300

Priya already owns a unit and is upgrading. She avoids $18,300 in LMI and keeps her savings buffer intact for renovations. Upgrading sooner means she did not need to wait to save a 20% deposit ($220,000), saving roughly two more years of renting and missing out on equity growth.

Dr Ahmed

Investor, GP in Brisbane

Property $800,000 investment unit

Location Brisbane

Deposit 10% ($80,000)

Loan $720,000 at 90% LVR

LMI Without Waiver

~$12,400

You Save

$12,400

Dr Ahmed qualifies for an investment waiver through a specialist lender that his own bank did not offer. Without a broker comparison, he would have been told the maximum LVR for investment with a waiver was 85%, requiring an additional $40,000 in deposit. He preserves capital for further investments.

Use our LMI savings calculator for your numbers

Already Paying LMI? Refinancing Can Help

If you took out a home loan at 90% LVR and paid LMI at the time, refinancing can remove the ongoing cost.

Your LVR May Have Dropped

If your property has increased in value or you have paid down your loan, your current LVR might be at or below 80%. A property bought for $800,000 at 90% LVR ($720,000 loan) that is now valued at $900,000 has an LVR of 80% without extra repayments. In that case, you can refinance without LMI and without needing a waiver.

Full refinancing guide

You Now Qualify for a Professional Waiver

If your profession qualifies, you can refinance through a lender that offers an LMI waiver. Even if your LVR is still above 80%, the waiver means no LMI on the new loan. This is particularly useful if your income or career has advanced since your original purchase.

LMI Refunds Are Rare

LMI is a one-off premium, and refunds are rare. Some insurers offer partial refunds if you refinance within the first one to two years, but the amount decreases quickly. After year two, most borrowers will not receive a meaningful refund. However, refinancing to remove capitalised LMI from your balance eliminates the ongoing interest cost.

What You Need for a 90% LVR Loan

Beyond meeting profession eligibility, here is what lenders assess when you apply at 90% LVR.

Genuine Savings

Most lenders require at least 10% of the property value as genuine savings, funds accumulated over at least 3 months. This demonstrates financial discipline and reduces the lender's risk.

Regular savings account balances
Term deposits
Shares or managed funds held for 3+ months
Equity in an existing property
Tax refunds and bonuses (if held for the required period)
Some lenders also accept rental payment history as evidence of savings capacity

Additional Purchase Costs

Your 10% deposit covers the property price only. You will also need funds for additional costs that vary by state and property type. Budget approximately 2-5% of the property price for these costs on top of your deposit.

Stamp duty (varies by state; first home buyers may be exempt)
Conveyancing/legal fees ($1,500-$3,000)
Building and pest inspections ($500-$1,000)
Loan application fees ($0-$600)
Registration and transfer fees ($200-$500)

Credit and Employment Requirements

Lenders assess your ability to service the loan. At 90% LVR, expect thorough scrutiny of your financial position.

Credit history: clean file with no defaults, judgements, or missed payments in the last 5-7 years
Employment stability: typically 6-12 months in current role
Debt-to-income ratio: total debts relative to your gross income
Living expenses: verified through bank statements and the Household Expenditure Measure (HEM)
Self-employed professionals may qualify with some lenders but typically need 2 years of tax returns

How to Get Your LMI Waived at 90% LVR

Getting an LMI waiver is not a separate application. It is built into the home loan process.

Confirm Your Eligibility

Check that your profession qualifies and that your borrowing needs align with lender policies. Our free eligibility tool checks your situation against 20+ lenders in 60 seconds.

We Compare Lenders

Not every lender offers the same terms. We compare all available lenders to find the best combination of LMI waiver approval, interest rate, loan features, and borrowing power for your specific profession.

Settle With Zero LMI

Your home loan settles at 90% LVR without a cent in Lenders Mortgage Insurance. Zero LMI is charged. The savings go straight back into your pocket or toward your new property.

General Eligibility Requirements

Employment in a qualifying profession (see the professions list above)
Current registration with the relevant professional body (AHPRA, Law Society, CPA Australia, Engineers Australia, etc.)
Minimum income threshold met (typically $100,000 to $150,000+, varies by lender and profession)
Loan amount within the lender's cap (typically $2M to $3M, though some go higher)
Standard residential property (houses, units, townhouses; not rural, commercial, or very small apartments under 40-50sqm)
Clean credit history with no defaults, judgements, or adverse events in the last 5 to 7 years
At least 10% of the property value as genuine savings, plus enough to cover purchase costs
Owner-occupied or investment (investment may have lower LVR caps with some lenders)

Requirements vary significantly between lenders. One lender might decline your application while another approves it with better terms. This is why comparing across the full market matters.

90% LVR No LMI FAQs

Common questions about buying with a 10% deposit and no LMI.

Can you get a 90% LVR home loan with no LMI?

Yes. Over 20 Australian lenders offer LMI waivers at 90% LVR for qualifying professionals. You borrow 90% of the property value with a 10% deposit and pay zero Lenders Mortgage Insurance. Eligibility depends on your profession, income, and the lender's specific policy.

How much does LMI cost at 90% LVR?

LMI at 90% LVR typically costs between 1.2% and 2.5% of the loan amount. On a $900,000 loan (90% of a $1M property), that is roughly $10,800 to $22,500. The exact premium depends on the insurer (Helia or QBE), whether the property is owner-occupied or investment, and the loan type. An LMI waiver eliminates this cost entirely. Use our LMI calculator for a personalised estimate.

Which professions qualify for an LMI waiver at 90% LVR?

The most commonly accepted professions include medical doctors, dentists, lawyers, accountants, engineers, nurses, and other health professionals registered with AHPRA. Some lenders also accept teachers, police officers, IT professionals, pharmacists, physiotherapists, and veterinarians, though availability varies. See our full profession list for details.

Which banks offer LMI waivers in 2026?

All four major banks (CBA, NAB, Westpac, ANZ) offer some form of LMI waiver, along with Bankwest, Macquarie, St George, and numerous smaller banks and non-bank lenders. For government-backed schemes, Housing Australia administers the First Home Guarantee. Each lender has different profession lists, loan caps, and eligibility criteria. We compare 50+ lenders to find the best fit for your situation.

Can I get 90% LVR no LMI on an investment property?

Some lenders extend LMI waivers to investment properties at 90% LVR, though this is less common than for owner-occupied purchases. Medical professionals have the broadest access. Other professions may be restricted to 85% LVR for investment waivers. Lender policies differ, so a broker comparison is essential for investment purchases.

Will I pay a higher interest rate without LMI?

No. An LMI waiver does not change your interest rate. You receive the same rate as any other borrower at your LVR tier. Some lender professional packages actually include rate discounts alongside the LMI waiver, making the overall deal better than what a non-professional borrower would receive.

Do I need exactly 10% deposit, or can I have more or less?

For a 90% LVR waiver, you need at least 10% of the property value as deposit, plus enough to cover purchase costs (stamp duty, legal fees, etc.). If you have less than 10%, you may qualify for a 95% LVR waiver if your profession is eligible. If you have more than 10%, that is fine: a lower LVR can mean better rates and more lender options.

Is the LMI waiver available for refinancing?

Yes. If you are refinancing an existing loan and your profession qualifies, lenders can apply the LMI waiver to the new loan. This is useful if you originally paid LMI and want to switch to a better rate without paying it again, or if your current LVR is still above 80%.

What is the difference between LMI and a risk fee?

LMI (Lenders Mortgage Insurance) is a one-off insurance premium paid to an external insurer (Helia or QBE). A risk fee (sometimes called a loan risk fee or low deposit premium) is a separate fee charged by some lenders as an alternative to LMI. Some lenders waive both when a professional LMI waiver applies. Others waive LMI but still charge a small risk fee. It is important to confirm with your lender or broker exactly what fees are waived.

How long does it take to get approved with an LMI waiver?

The LMI waiver is built into the standard home loan application. There is no separate approval process. Most lenders issue conditional approval within 24 to 48 hours and formal approval within 3 to 5 business days. The waiver is confirmed as part of the loan offer.

Is LMI waived for first home buyers?

There are two separate paths. First home buyers can access the Australian Government's First Home Guarantee (which avoids LMI through a government guarantee, not a waiver). Separately, first home buyers who are also in qualifying professions can access professional LMI waivers through their lender. Both paths result in $0 LMI, but the eligibility criteria and restrictions are different.

Can I refinance to remove LMI I have already paid?

You cannot usually get a refund on LMI already paid (partial refunds are sometimes available within the first 1 to 2 years). However, if your property has increased in value and your LVR has dropped below 80%, you can refinance without needing LMI or a waiver. Alternatively, if your LVR is still above 80% but you qualify for a professional waiver, you can refinance through a waiver lender and avoid paying LMI on the new loan.

Other Deposit Options

Explore other ways to save on Lenders Mortgage Insurance.

5% deposit

95% LVR No LMI

Medical professionals and select occupations can borrow 95% LVR with zero LMI. Save $20,000 to $60,000+. Compare lenders and check eligibility free in 60 seconds.

Learn more 15% deposit

85% LVR No LMI

Borrow 85% LVR with no LMI. 30+ lenders, 15% deposit, savings of $4,000 to $19,000+. Compare professional waivers vs direct lender products. Free eligibility check in 60 seconds.

Learn more 10% deposit

10% Deposit No LMI

Buy a home with just 10% deposit and pay zero LMI. Professionals save $8,000 to $35,000+. Compare 20+ lenders, check eligibility in 60 seconds.

Learn more

Ready to Save Thousands on Your Home Loan?

Find out if your profession qualifies for an LMI waiver. It's free, takes 60 seconds, and there's no obligation.

Check Your Eligibility

Free • 60 seconds • No credit check

The information on this page is general in nature and does not constitute financial advice. LMI waiver eligibility, savings estimates, and loan terms vary between lenders and are subject to individual assessment. LMI cost estimates are indicative only, based on typical Helia and QBE premium schedules for owner-occupier P&I loans as of 2026. Lender policies, profession lists, and loan caps are subject to change without notice. Always obtain personalised advice before making financial decisions.