Which Banks Waive LMI for Nurses? 2026 Lender Comparison

Australian nurses can save $10,000 to $20,000+ by avoiding Lenders Mortgage Insurance (LMI) — but only if they apply with a lender that actually offers a nurse-specific waiver. The challenge is that far fewer banks waive LMI for nurses compared to doctors or lawyers, and each lender has different eligibility criteria, income thresholds, and maximum LVR limits.

This guide compares every major Australian lender’s position on nurse LMI waivers, so you can find the bank that best fits your circumstances.

Quick Summary: Which Banks Waive LMI for Nurses?

Before we dive into the detail, here’s the at-a-glance comparison:

Lender	Waives LMI for Nurses?	Max LVR	Income Threshold	Eligible Roles
Westpac	Yes	90%	$90,000	RNs, midwives, NPs
St. George	Yes	90%	$90,000	RNs, midwives, NPs
Bank of Melbourne	Yes	90%	$90,000	RNs, midwives, NPs
BankSA	Yes	90%	$90,000	RNs, midwives, NPs
People’s Choice	Yes	85%	Varies	Essential services workers
Granite Home Loans	Yes	90%	Varies	RNs, midwives
CBA	No dedicated nurse waiver	—	—	—
NAB	No dedicated nurse waiver	—	—	—
ANZ	No dedicated nurse waiver	—	—	—
Macquarie	No dedicated nurse waiver	—	—	—
ING	No dedicated nurse waiver	—	—	—

The Westpac Group (Westpac, St. George, Bank of Melbourne, and BankSA) dominates the nurse LMI waiver space. Let’s examine each lender in detail.

Westpac — The Leading Nurse LMI Waiver

Westpac’s Home Ownership Support for Nurses and Midwives program is the most established and widely used nurse LMI waiver in Australia.

Eligibility Criteria

• Registration: Current AHPRA registration as a Registered Nurse (Division 1) or Registered Midwife
• Eligible roles: Registered Nurses, Registered Midwives, Nurse Practitioners, Clinical Nurse Specialists, Clinical Nurse Consultants, Nurse Unit Managers, Nurse Educators, Directors of Nursing
• Income threshold: $90,000 gross annual income (includes base salary, shift penalties, regular overtime, weekend loadings, and allowances)
• Maximum LVR: 90% (10% minimum deposit)
• Maximum loan amount: Typically $1M–$1.5M depending on the specific product
• Property type: Owner-occupied residential only
• Loan type: Principal and interest, variable or fixed

What Westpac Includes in Income

This is critical because many nurses earn above $90,000 once you include everything:

• Base salary
• Shift penalties (evening, night, weekend)
• Regular overtime (assessed at 100% for consistent patterns)
• On-call allowances
• Higher duties pay
• Weekend and public holiday loadings

A nurse with a base salary of $75,000 who regularly works night shifts and weekends could easily reach $93,000–$98,000 once penalties are included.

Who Does NOT Qualify at Westpac

• Enrolled Nurses (Division 2)
• Assistants in Nursing (AINs)
• Student nurses
• Nursing assistants and personal care workers
• Nurses with income below $90,000 (even with allowances)
• Investment property purchases

Westpac Verdict

Best for: Most nurses. Westpac has the most established program, the broadest role coverage, and a competitive $90,000 income threshold that includes penalties and overtime. If you’re a registered nurse earning above $90,000 gross, Westpac should be your first consideration.

St. George — Same Group, Same Benefits

St. George is part of the Westpac Group, and its nurse LMI waiver mirrors Westpac’s program almost identically.

Eligibility Criteria

• Registration: AHPRA-registered RN (Division 1) or Registered Midwife
• Income threshold: $90,000 gross annual income (same components as Westpac)
• Maximum LVR: 90%
• Property type: Owner-occupied only
• Eligible roles: Same as Westpac

Why Choose St. George Over Westpac?

The LMI waiver terms are the same, so the choice between Westpac and St. George typically comes down to:

• Interest rate differences — each brand may offer different rate specials at any given time
• Product features — slight differences in offset account, redraw, and package options
• Branch access — St. George has a strong presence in NSW and QLD, while Westpac is national
• Existing relationship — if you already bank with St. George, it may simplify the process

A broker can compare the total cost of both options side by side, including rates, fees, and features.

Bank of Melbourne and BankSA

These are also Westpac Group brands and offer the same nurse LMI waiver on the same terms. Bank of Melbourne operates primarily in Victoria, while BankSA serves South Australia.

If you’re in Melbourne or Adelaide, these may be your local Westpac Group option. The LMI waiver eligibility, income thresholds, and maximum LVR are identical to Westpac and St. George.

People’s Choice — Essential Services Package

People’s Choice (formerly People’s Choice Credit Union) takes a different approach, bundling nurses into a broader Essential Services Package alongside other frontline workers.

Eligibility Criteria

• Registration: AHPRA-registered nurses
• Income threshold: Generally lower than Westpac — varies by individual assessment
• Maximum LVR: 85% (15% minimum deposit)
• Property type: Owner-occupied
• Eligible roles: Nurses, midwives, and other essential services workers (police, paramedics, firefighters)

People’s Choice vs Westpac

Feature	People’s Choice	Westpac
Max LVR	85%	90%
Income threshold	Varies (may be lower)	$90,000
Deposit required	15%	10%
Additional benefits	May include rate discounts	Established program

People’s Choice Verdict

Best for: Nurses who have a 15% deposit and want to explore beyond the Westpac Group, or nurses whose income falls below Westpac’s $90,000 threshold. The lower max LVR means you need a larger deposit, but the potentially lower income requirements could make it accessible to nurses who don’t qualify elsewhere.

Granite Home Loans

Granite Home Loans is a non-bank lender that offers LMI waivers for nursing professionals.

Key Details

• Maximum LVR: Up to 90%
• Eligible roles: AHPRA-registered nurses and midwives
• Income threshold: Varies — generally assessed on a case-by-case basis
• Property type: Primarily owner-occupied

Non-bank lenders like Granite can offer more flexibility in their lending criteria, though their interest rates may differ from the major banks. A broker who works with multiple lenders can compare the total cost.

What About CBA, NAB, and ANZ?

The three other major banks do not currently offer dedicated nurse LMI waivers. Here’s where they stand:

Commonwealth Bank (CBA)

CBA does not have a nurse-specific LMI waiver policy. CBA’s professional LMI waivers are primarily targeted at:

• Medical practitioners (doctors, specialists)
• Dentists
• Legal professionals
• Accountants (CPA/CA)

Nurses are not included in CBA’s current waiver list. If you bank with CBA and want a nurse LMI waiver, you’ll need to apply with a participating lender (Westpac Group being the primary option).

NAB (National Australia Bank)

NAB does not offer a dedicated nurse LMI waiver. NAB’s professional LMI waiver program covers:

• Doctors and medical specialists
• Dentists
• Veterinarians
• Lawyers
• Accountants
• Engineers

Nurses do not currently qualify under NAB’s program. NAB periodically reviews its eligible professions list, so this could change — but as of early 2026, nurses are not included.

ANZ

ANZ does not currently waive LMI for nurses. ANZ’s professional waiver program is more limited than CBA or NAB and focuses primarily on:

• Medical practitioners
• Dentists
• Optometrists
• Some legal professionals

Why Don’t All Banks Waive LMI for Nurses?

Banks determine their LMI waiver policies based on risk assessment and commercial factors:

• Default risk data — professions with historically low mortgage default rates get waivers
• Income stability — professions with high employment demand and stable income are preferred
• Competition — banks add professions to attract high-value customer segments
• Insurer requirements — some lenders self-insure (making it easier to waive LMI), while others rely on external insurers

Nursing is increasingly being recognised, but the profession was added to waiver lists more recently than doctors and lawyers, which is why fewer lenders currently participate. The trend is moving in nurses’ favour — Westpac’s decision to add nurses was a significant shift, and other lenders are watching the results.

Second-Tier and Non-Bank Lenders

Beyond the major banks, some second-tier and non-bank lenders offer health professional LMI waivers that may include nurses:

Lenders That May Include Nurses Under Health Professional Waivers

Some lenders define their waiver broadly as “health professionals” rather than listing specific roles. In these cases, AHPRA-registered nurses may qualify, particularly if they meet higher income thresholds (often $150,000+). These policies change frequently, so broker guidance is essential.

Lenders With General Professional Waivers

A number of lenders offer LMI waivers based on income alone (regardless of profession), typically requiring $250,000+ individual income. While this doesn’t specifically target nurses, high-earning nurse practitioners or nurse managers may qualify.

For the most current list of lenders offering professional waivers, see our complete professions list.

How to Choose the Right Bank for Your Nurse LMI Waiver

The “best” bank depends on your individual circumstances. Here’s a decision framework:

If You Have a 10% Deposit and Earn $90,000+

Go with Westpac Group (Westpac, St. George, Bank of Melbourne, or BankSA). Compare the rates and features across the four brands and choose the most competitive offer. This gives you the maximum LVR (90%) with the most established program.

If You Have a 15% Deposit

You have more options. Compare:

• Westpac Group at 90% LVR (you’ll have excess deposit, which helps with rates)
• People’s Choice at 85% LVR
• Other lenders — with a 15% deposit, you’re closer to the 80% LVR threshold where no profession waiver is needed, and some lenders waive LMI at 85% for standard borrowers

If Your Income Is Below $90,000

• People’s Choice — may have a lower income threshold
• Granite Home Loans — case-by-case assessment
• Non-bank lenders — some assess eligibility more flexibly
• Alternative pathways — First Home Guarantee (if eligible), guarantor loan, or saving to 20%

If You Want an Investment Property

Unfortunately, nurse LMI waivers for investment properties are very limited. You may need to:

• Save a 20% deposit
• Consider a lender that offers general professional waivers at higher income thresholds
• Explore other strategies through our deposit options page

The Role of a Mortgage Broker

Given that only a handful of lenders offer nurse LMI waivers, working with a broker is particularly valuable for nurses. Here’s why:

Policy Knowledge

Nurse LMI waiver policies change more frequently than those for established professions like doctors. A broker who specialises in professional waivers monitors these changes and can advise on the current landscape.

Income Maximisation

How your income is presented can determine whether you meet the $90,000 threshold. A broker understands which income components each lender includes, and can ensure your application presents your income in the most favourable (but accurate) way.

Lender Comparison

With only 3–5 lenders offering nurse waivers, a broker can quickly compare rates, fees, and features across all options. The LMI saving is the headline benefit, but the interest rate and loan features matter over a 30-year loan.

Application Efficiency

Each loan application generates a credit enquiry. If you apply with the wrong lender and get declined (or find their nurse waiver doesn’t apply to your situation), you’ve used a credit enquiry unnecessarily. A broker ensures you apply with the right lender the first time.

What If No Bank Will Waive LMI for You?

If you don’t qualify for a nurse LMI waiver (perhaps you’re an enrolled nurse, or your income is below all thresholds), you still have options:

1. First Home Guarantee — if you’re a first home buyer, this eliminates LMI with as little as a 5% deposit
2. Family guarantor — a parent uses their property equity to eliminate LMI
3. Save to 20% — eliminates LMI without any profession or scheme requirements
4. Save to 15% — some lenders waive LMI at 85% LVR for standard borrowers
5. Pay the LMI — in a rising market, the cost of waiting may exceed the LMI premium
6. Qualify through another profession — if you have dual qualifications or your partner is in an eligible profession

Use the LMI calculator to understand the exact cost of LMI for your scenario, so you can weigh it against other options.

Frequently Asked Questions

Does CBA waive LMI for nurses?

No. The Commonwealth Bank does not currently offer a nurse-specific LMI waiver. CBA’s professional waivers are focused on doctors, dentists, lawyers, and accountants. Nurses who want an LMI waiver should look at Westpac Group (Westpac, St. George, Bank of Melbourne, BankSA) or People’s Choice.

Does NAB waive LMI for nurses?

No. NAB does not currently include nurses in its professional LMI waiver program. NAB focuses on doctors, dentists, vets, lawyers, accountants, and engineers. This may change in the future as more lenders recognise nursing professionals.

Does Westpac waive LMI for all nurses?

No. Westpac waives LMI for AHPRA-registered Registered Nurses (Division 1), Registered Midwives, and Nurse Practitioners who earn at least $90,000 gross annual income (including penalties and overtime). Enrolled nurses, AINs, and student nurses are not eligible.

Can I switch banks after getting a nurse LMI waiver?

You can refinance to another lender at any time. However, if your new lender doesn’t offer a nurse LMI waiver and your LVR is still above 80%, you may be charged LMI by the new lender. Plan any refinance carefully — ideally wait until your LVR drops below 80% through repayments and property value growth.

Do the Westpac Group banks offer the same nurse LMI waiver?

Yes. Westpac, St. George, Bank of Melbourne, and BankSA all offer the same nurse LMI waiver terms (90% LVR, $90,000 income threshold, same eligible roles). The differences are in their home loan products, interest rates, and features — not the waiver itself.

Is it worth switching banks for an LMI waiver?

Almost always, yes. If your current bank doesn’t offer a nurse waiver and a participating lender does, the LMI saving ($10,000–$20,000+) dwarfs any switching costs. The only consideration is whether the participating lender’s interest rate and features are competitive — a broker can run the numbers.

How often do bank LMI waiver policies change for nurses?

Policies can change at any time. Lenders may add or remove professions, adjust income thresholds, or change maximum LVR limits. Nurse waivers in particular are relatively new and still evolving. Checking with a broker or using our eligibility tool ensures you have current information.

Can agency nurses get a bank LMI waiver?

Yes, agency nurses can qualify, but the income assessment is more conservative. Lenders typically require 12+ months of consistent agency work and may average your income over 48 weeks. Tax returns and multiple months of payslips are usually needed. The $90,000 threshold still applies.

Next Steps

Finding the right bank for your nurse LMI waiver starts with understanding your eligibility:

1. Check your eligibility in 60 seconds — free, no credit check
2. See full nurse LMI waiver details — roles, requirements, and savings examples
3. Estimate your LMI savings — see exactly how much you’d pay without a waiver
4. Browse all eligible professions — check if your partner qualifies through a different profession

The right lender can save you $10,000 to $20,000+ in LMI. With a limited number of banks offering nurse waivers, getting specialist guidance ensures you don’t miss out.