Which Banks Offer LMI Waivers? Complete 2026 Lender Guide

Professional LMI waivers can save Australian home buyers $10,000 to $40,000+ — but the waiver is only as good as the bank offering it. Not every bank waives Lenders Mortgage Insurance (LMI) for the same professions, at the same income thresholds, or at the same maximum LVR. Choosing the wrong lender means either paying LMI you didn’t need to, or missing out on better loan terms available elsewhere.

This guide provides a comprehensive, bank-by-bank breakdown of LMI waiver policies across Australia’s major lenders, second-tier banks, and key non-bank providers.

Quick Overview: Which Banks Waive LMI?

Lender	Offers LMI Waivers?	Max LVR	Key Professions	Income Threshold
CBA	Yes	90%	Doctors, dentists, lawyers, accountants, others	Varies
NAB	Yes	90%	Doctors, dentists, vets, lawyers, accountants, engineers	$150K+
Westpac	Yes	90%	Doctors, dentists, lawyers, accountants, nurses, others	Varies
ANZ	Yes	90%	Doctors, dentists, optometrists, lawyers	Varies
Macquarie	Yes	90%	Doctors, dentists, lawyers, accountants, engineers	$150K+
ING	Limited	85–90%	Select medical professionals	$150K+
BOQ	Yes	90%	Doctors, dentists, lawyers, accountants	$150K+
Bankwest	Yes	90%	Doctors, dentists, lawyers, others	Varies
St. George	Yes	90%	Same as Westpac Group	Varies
AMP	Limited	85%	Select professions	$150K+
Non-bank lenders	Varies	85–90%	Typically medical + legal	Varies

Every major Australian bank offers some form of LMI waiver, but the details matter enormously. Let’s examine each.

The Big Four Banks

Commonwealth Bank (CBA)

CBA has one of the broadest professional LMI waiver programs among the major banks, covering a wide range of professions.

Eligible Professions:

• Doctors (all — GPs, specialists, registrars, interns)
• Dentists
• Lawyers and solicitors
• Accountants (CPA, CA, CMA)
• Engineers (with professional accreditation)
• Veterinarians
• Optometrists
• Pharmacists
• Chiropractors
• Physiotherapists
• Select other health professionals

Key Details:

• Maximum LVR: Up to 90% (some professions capped at 85%)
• Income threshold: Varies by profession — doctors may have no minimum or a low minimum; most other professions require $150,000+
• Property type: Primarily owner-occupied; some investment property waivers available for medical professionals
• Maximum loan amount: Typically $1.5M–$2.5M depending on profession and LVR
• Self-insured: CBA self-insures much of its high-LVR lending, which gives it flexibility in waiver policies

CBA Strengths:

• Broad profession list
• Strong doctor program with favourable terms
• Self-insurance provides flexibility
• Large branch network and digital platform

CBA Limitations:

• Nurses are not included in the standard waiver program
• Income thresholds for non-medical professions can be higher than some competitors
• Policies can change with limited notice

National Australia Bank (NAB)

NAB offers a solid professional LMI waiver program with competitive terms, particularly for medical and legal professionals.

Eligible Professions:

• Doctors (GPs, specialists, registrars)
• Dentists
• Veterinarians
• Lawyers and barristers
• Accountants (CPA, CA)
• Engineers (professionally accredited)
• Actuaries
• Select IT professionals (at higher income thresholds)

Key Details:

• Maximum LVR: Up to 90% for most professions
• Income threshold: $150,000 for most professions; lower or no minimum for doctors
• Property type: Owner-occupied primarily; some investment waivers for medical professionals
• Maximum loan amount: Varies by profession and LVR tier
• Additional benefits: NAB’s professional package often includes rate discounts alongside the LMI waiver

NAB Strengths:

• Competitive rates for professional packages
• Good doctor and dentist program
• Engineering and actuarial profession coverage
• Rate discounts bundled with LMI waiver

NAB Limitations:

• Nurses not included
• Teachers not included
• IT professional coverage requires higher income
• Standard $150,000 threshold for most non-medical professions

Westpac

Westpac stands out for having the broadest profession coverage among the Big Four, including being one of the few major banks to offer LMI waivers for nurses and midwives.

Eligible Professions:

• Doctors (all levels)
• Dentists
• Lawyers
• Accountants (CPA, CA)
• Engineers
• Nurses and midwives (AHPRA-registered RNs)
• Pharmacists
• Optometrists
• Veterinarians
• Physiotherapists
• Chiropractors
• Select other health professionals

Key Details:

• Maximum LVR: Up to 90% for most professions; up to 95% for some medical professionals
• Income threshold: $90,000 for nurses; varies for other professions (no minimum for some doctors)
• Property type: Owner-occupied; limited investment availability
• Nurse-specific program: “Home Ownership Support for Nurses and Midwives”
• Group brands: St. George, Bank of Melbourne, and BankSA offer the same waivers

Westpac Strengths:

• Broadest profession list among the Big Four
• Only major bank with a dedicated nurse LMI waiver
• Lower income threshold for nurses ($90,000)
• Four brands (Westpac, St. George, BofM, BankSA) provide rate comparison options
• Up to 95% LVR for some medical professionals

Westpac Limitations:

• Nurse waiver limited to owner-occupied properties
• Some professions capped at 85% or 90% LVR
• Policies can differ between the four group brands on loan features (though waiver terms are consistent)

ANZ

ANZ has a more conservative approach to professional LMI waivers, with a narrower profession list compared to CBA, NAB, and Westpac.

Eligible Professions:

• Doctors (GPs, specialists)
• Dentists
• Optometrists
• Lawyers (select criteria)
• Select other medical professionals

Key Details:

• Maximum LVR: Up to 90% for medical professionals; lower for others
• Income threshold: Varies — generally $150,000+ for non-medical professions
• Property type: Primarily owner-occupied
• Maximum loan amount: Varies by profession

ANZ Strengths:

• Competitive rates for doctors
• Straightforward application process
• Strong digital banking platform

ANZ Limitations:

• Narrower profession list than competitors
• No nurse, teacher, or engineer-specific waivers
• Less flexibility on income assessment
• Fewer second-tier profession options

Second-Tier Banks

Macquarie Bank

Macquarie has positioned itself strongly in the professional lending space with competitive LMI waiver policies and pricing.

Eligible Professions:

• Doctors (all levels — strong program)
• Dentists
• Lawyers
• Accountants
• Engineers
• Veterinarians
• Select other professionals

Key Details:

• Maximum LVR: Up to 90%
• Income threshold: $150,000 for most professions; lower for doctors
• Property type: Owner-occupied and some investment properties
• Additional benefits: Competitive interest rates, offset accounts, strong digital platform

Why Consider Macquarie: Macquarie often offers highly competitive rates for professionals, sometimes beating the Big Four on pricing. Their doctor program is particularly strong, and they may offer investment property waivers where others don’t.

Bank of Queensland (BOQ)

BOQ offers professional LMI waivers with a focus on medical and legal professions.

Eligible Professions:

• Doctors
• Dentists
• Lawyers
• Accountants
• Select other professionals

Key Details:

• Maximum LVR: Up to 90%
• Income threshold: Varies by profession
• Property type: Primarily owner-occupied
• Regional strength: Strong presence in Queensland, expanding nationally

Bankwest (CBA Group)

Bankwest operates as part of the CBA Group but may offer different terms and products.

Eligible Professions:

• Doctors
• Dentists
• Lawyers
• Accountants
• Select others (may mirror CBA’s list)

Key Details:

• Maximum LVR: Up to 90%
• Income threshold: Varies
• Note: As a CBA Group brand, Bankwest’s waiver policies are influenced by CBA’s framework but may differ in specific terms, rates, and features

ING

ING offers limited professional LMI waivers, primarily focused on medical professionals.

Eligible Professions:

• Doctors
• Dentists
• Select other medical professionals

Key Details:

• Maximum LVR: 85–90% (more conservative)
• Income threshold: $150,000+
• Note: ING’s waiver list is more restrictive, but their competitive interest rates may offset LMI costs in some scenarios

AMP

AMP offers limited professional waivers.

Eligible Professions:

• Doctors
• Dentists
• Select medical and legal professionals

Key Details:

• Maximum LVR: Up to 85%
• Income threshold: $150,000+
• Note: Narrower than most competitors; primarily useful if already an AMP customer

Non-Bank Lenders

Several non-bank lenders offer professional LMI waivers, often with more flexible criteria:

Key Non-Bank LMI Waiver Providers

• Granite Home Loans — offers waivers for medical professionals, nurses, and others
• Liberty Financial — select professional waivers with flexible income assessment
• Pepper Money — limited professional waivers for medical and legal
• Various specialist lenders — the non-bank space changes frequently

Why Consider Non-Bank Lenders:

• May accept professions that major banks don’t
• More flexible income assessment (especially for self-employed)
• Can be faster in approval turnaround
• Some offer unique terms or higher max LVR

Considerations:

• Interest rates may be slightly higher than major banks
• Fewer branch locations (most operate digitally)
• Product features may differ (offset accounts, redraw facilities)
• Funding sources differ, which can affect long-term pricing

Master Comparison: Professions by Lender

This table shows which professions are generally eligible at each major lender. Policies change, so confirm current eligibility before applying.

Profession	CBA	NAB	Westpac	ANZ	Macquarie	BOQ
Doctors	Yes	Yes	Yes	Yes	Yes	Yes
Dentists	Yes	Yes	Yes	Yes	Yes	Yes
Lawyers	Yes	Yes	Yes	Limited	Yes	Yes
Accountants	Yes	Yes	Yes	No	Yes	Yes
Engineers	Yes	Yes	Yes	No	Yes	Limited
Nurses	No	No	Yes	No	No	No
Veterinarians	Yes	Yes	Yes	No	Yes	Limited
Optometrists	Yes	Limited	Yes	Yes	Limited	Limited
Pharmacists	Yes	Limited	Yes	No	Limited	Limited
IT Professionals	Limited	Limited	Limited	No	Limited	No
Teachers	No	No	Limited	No	No	No
Police/Emergency	No	No	Limited	No	No	No

“Limited” indicates partial coverage — the profession may qualify under certain conditions, income thresholds, or LVR caps that are more restrictive than the main waiver program.

How Bank Policies Change Over Time

LMI waiver policies are not static. Banks regularly review and update their professional lending programs based on:

• Default data: If a profession shows low default rates, lenders may add it or improve terms
• Competition: When one bank adds a profession, others may follow to remain competitive
• Economic conditions: In tighter credit environments, lenders may restrict waivers
• Insurer requirements: Banks that use external LMI insurers must align with insurer risk appetites
• Customer acquisition: Professional LMI waivers are a powerful acquisition tool for high-value customers

Recent trends (2024–2026):

• Expansion of nurse LMI waivers (led by Westpac)
• Some lenders adding teachers and essential workers
• Increased flexibility in income assessment (household vs individual)
• Growth of non-bank lender offerings
• Higher max loan amounts at some lenders

What this means for you: The lender that’s best for your situation today may not have been available six months ago. Policies can change at any time, which is why working with a broker who monitors the landscape is valuable.

Why Using a Broker Is Essential

With 20+ lenders offering various LMI waiver policies, each with different profession lists, income thresholds, LVR limits, and conditions, navigating the landscape alone is difficult. A broker who specialises in professional LMI waivers provides:

Policy Currency

Broker networks receive updates when lenders change their waiver policies. A broker can tell you which lenders currently offer the best terms for your specific profession and circumstances.

Cross-Lender Comparison

A broker compares not just the LMI waiver itself, but the complete loan package — interest rate, fees, features (offset, redraw, split options), and flexibility. The LMI saving is the headline, but the rate and features determine the cost over 30 years.

Income Optimisation

How your income is presented can determine whether you qualify. Brokers understand which lenders include overtime at 100% vs 80%, which use household income, and which are more flexible with self-employed assessment.

Single Credit Enquiry Efficiency

Each formal loan application creates a credit enquiry. Applying to the wrong lender wastes a credit enquiry and may reduce your credit score. A broker ensures you apply to the right lender the first time.

Access to Non-Bank Options

Many non-bank lenders only work through brokers, not directly with the public. If the best deal for your situation is with a non-bank provider, you need a broker to access it.

How to Choose the Right Bank for Your LMI Waiver

Follow this decision framework:

Step 1: Confirm Your Profession Is Eligible

Use our eligibility check to instantly confirm whether your profession qualifies for an LMI waiver. This takes 60 seconds and doesn’t affect your credit score.

Step 2: Check Income Thresholds

Review the income threshold for your profession at each potential lender. If you’re borderline, identify lenders that use household income assessment or more favourable overtime/penalty treatment.

Step 3: Determine Your Required LVR

Your deposit determines your LVR. If you have a 10% deposit, you need a lender that offers waivers at 90% LVR. If you have 15%, you have more options including lenders that only offer waivers at 85%.

Step 4: Compare Total Loan Cost

The LMI waiver saves you a lump sum, but the interest rate determines the cost over the life of the loan. A 0.2% rate difference on a $700,000 loan over 30 years is approximately $42,000. Compare the complete package, not just the waiver.

Step 5: Consider Features

Do you need an offset account? Redraw facility? The ability to split between fixed and variable? Not all lenders offer the same features, and the right features can save you as much as the LMI waiver itself.

Frequently Asked Questions

Which Big Four bank has the best LMI waiver?

It depends on your profession. For doctors, all four are competitive — CBA, NAB, and Westpac offer strong programs. For nurses, Westpac is the only Big Four option. For accountants and engineers, CBA, NAB, and Westpac all offer waivers — compare rates and features. For the broadest profession list, Westpac leads among the Big Four.

Do all banks offer LMI waivers?

All four major banks (CBA, NAB, Westpac, ANZ) and most second-tier banks offer LMI waivers for at least some professions. However, the eligible professions, income thresholds, and terms vary significantly. Smaller banks and credit unions may not offer professional waivers at all.

Can I get an LMI waiver with an online-only bank?

Some online and digital-first lenders (like ING and Macquarie) do offer LMI waivers. The availability is growing, though profession lists tend to be narrower than the major banks. Non-bank lenders that operate primarily online can also offer waivers through a broker.

What if my bank doesn’t offer an LMI waiver for my profession?

Apply with a lender that does. The LMI saving ($10,000–$40,000+) almost always outweighs the inconvenience of banking with a different institution. You can always keep your everyday banking where it is and have your home loan elsewhere. A broker can recommend the best option.

Do LMI waiver policies change often?

Yes. Lenders update their professional lending policies regularly — sometimes quarterly, sometimes in response to competitive moves by other banks. A profession that wasn’t eligible six months ago may be now, and vice versa. This is a key reason why specialist broker guidance is valuable.

Can I negotiate an LMI waiver directly with my bank?

Not typically. LMI waivers are policy-based — either your profession qualifies or it doesn’t. However, a broker may be able to escalate borderline cases, particularly if your income is marginally below the threshold or your profession is adjacent to an eligible one.

Is it worth switching banks for an LMI waiver?

In almost every case, yes. If the LMI saving is $15,000 and the switching cost (discharge fee, legal costs) is $500–$1,000, the net benefit is overwhelming. The key consideration is whether the new lender’s interest rate and features are competitive — which is where a broker comparison is essential.

Do credit unions offer LMI waivers?

Some larger credit unions (like People’s Choice) offer professional or essential services LMI waivers. Smaller credit unions typically do not. Coverage tends to be narrower than major banks, with lower maximum LVR (often 85% rather than 90%).

Next Steps

The right bank can save you $10,000 to $40,000+ in LMI. Here’s how to find your best option:

1. Check your eligibility in 60 seconds — free, no credit check, instant result
2. See all eligible professions — comprehensive list with lender coverage
3. Estimate your LMI saving — understand exactly what you’d save
4. Explore deposit options — compare LMI waiver vs other strategies

Don’t assume your current bank is the best option — and don’t settle for paying LMI if a waiver is available to you. The difference between the right lender and the wrong one could be tens of thousands of dollars.