Which Professions Qualify for an LMI Waiver?
Australian lenders offer LMI waivers to professionals in approved occupations. If your career is on the list, you could save $10,000 to $40,000+ on your home loan.
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Lenders Mortgage Insurance (LMI) is a one-off premium that Australian home buyers typically pay when borrowing more than 80% of a property's value. For most buyers, this cost ranges from $10,000 to $40,000 depending on the loan amount and deposit size. However, Australian lenders recognise that certain professions carry lower lending risk — and offer LMI waivers that eliminate this cost entirely.
An LMI waiver allows eligible professionals to borrow up to 90% (and in some cases 95%) of a property's value without paying Lenders Mortgage Insurance. This means you can enter the property market sooner with a smaller deposit, while keeping thousands of dollars in your pocket.
Not every profession qualifies, and not every lender offers the same terms. Eligibility depends on your occupation, income, loan amount, and the specific lender's policy. Below you'll find the 13 most commonly approved professions, along with details on how the waiver works, what you need to qualify, and how much you could save.
Eligible Professions
Find Your Profession Below
Select your profession to see specific eligibility details, savings estimates, and which lenders offer LMI waivers for your role.
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Other Professions May Also Qualify
Some lenders extend LMI waivers to additional occupations including pharmacists, physiotherapists, veterinarians, actuaries, chiropractors, and more. The list above covers the most common — but it's not exhaustive.
How It Works
How LMI Waivers Work for Professionals
What Is Lenders Mortgage Insurance?
Lenders Mortgage Insurance is an insurance policy that protects the lender — not the borrower — if a home loan goes into default. It's required by most Australian banks and lenders when the loan-to-value ratio (LVR) exceeds 80%, meaning you have less than a 20% deposit. The cost is calculated as a percentage of the loan amount, and it increases as the LVR rises. On a $750,000 property with a 10% deposit, LMI can exceed $15,000.
For a detailed breakdown of how LMI is calculated and what drives the cost, see the section above.
How the Professional LMI Waiver Works
Rather than paying this premium, professionals in approved occupations can have the LMI requirement waived by their lender. The lender absorbs the additional risk because professionals in fields like medicine, law, accounting, and engineering have historically low default rates, stable income trajectories, and strong employment prospects.
The waiver isn't automatic. You need to apply through a lender (or mortgage broker) that offers a professional LMI waiver, and your occupation must appear on that lender's approved list. Each lender maintains its own list, and the terms vary — some allow borrowing up to 90% LVR with no LMI, while others extend this to 95% LVR for medical professionals.
Which Lenders Offer LMI Waivers?
Major Australian banks including Commonwealth Bank, ANZ, Westpac, NAB, and Macquarie Bank all offer LMI waivers for qualifying professionals. Several non-major lenders — such as ING, Bankwest, St. George, and Suncorp — also provide professional packages with waived LMI. The approved profession lists and maximum LVR thresholds differ between lenders, which is why working with a mortgage broker who compares 50+ lenders can help you find the most favourable terms for your specific occupation.
Why Use a Mortgage Broker?
Because each lender has different eligibility lists, income thresholds, and LVR caps, a mortgage broker can identify which lenders offer the best LMI waiver terms for your profession. A broker also handles the application and ensures you meet all criteria before submission — saving time and avoiding unnecessary credit enquiries. You can check your eligibility in 60 seconds to see which options are available to you.
Stable Income
Professionals in approved occupations have predictable, above-average incomes that reduce the lender's risk of default.
Career Longevity
Strong career prospects and high demand for skilled professionals mean consistent employment and earning power over time.
Low Default Rates
Historical data shows professionals in these fields default on loans at significantly lower rates than the general population.
Requirements
LMI Waiver Eligibility Requirements
While each lender sets its own rules, most LMI waiver programs share these core requirements.
Approved Occupation
Your profession must appear on the lender's eligible occupations list. Most lenders require current registration with your relevant professional body — such as registered with AHPRA for medical professionals, CPA Australia or CA ANZ for accountants, a practising certificate from your state Law Society for lawyers, or membership of Engineers Australia for engineers. The 13 professions listed on this page are the most widely accepted, but some lenders also approve pharmacists, veterinarians, actuaries, physiotherapists, and other allied health roles.
Minimum Income
Most lenders require a minimum gross annual income between $100,000 and $150,000 for the primary applicant. Some lenders have no stated minimum but assess affordability based on standard serviceability criteria.
Employment Type
PAYG (permanent or contract) employees generally have the smoothest path to approval. Self-employed professionals can also qualify, but typically need two years of financial statements and tax returns to verify income stability.
Maximum Loan Amount
Loan caps vary by lender and profession. Most set a ceiling between $1.5 million and $2.5 million. Medical practitioners often receive higher limits — up to $4.5 million with some lenders.
Maximum LVR
The standard LMI waiver allows borrowing up to 90% LVR (10% deposit). Select professions — primarily doctors, dentists, and veterinarians — may access waivers at 95% LVR (5% deposit). See our deposit options for profession-specific details.
Property Type & Credit History
The property must be a standard residential dwelling. Studio apartments under 50 square metres, serviced apartments, and high-density developments may be excluded. You'll also need a clean credit history with no defaults or missed repayments in the previous 12 months.
Potential Savings
How Much Can You Save with an LMI Waiver?
The savings from an LMI waiver depend on the property purchase price, your deposit size, and the LMI premium that would otherwise apply. Here are indicative savings for a professional borrowing at 90% LVR (10% deposit).
| Property Value | Loan Amount | Est. LMI Cost | Your Savings |
|---|---|---|---|
| $500,000 | $450,000 | $8,000 – $10,000 | $8,000 – $10,000 |
| $750,000 | $675,000 | $14,000 – $18,000 | $14,000 – $18,000 |
| $1,000,000 | $900,000 | $22,000 – $28,000 | $22,000 – $28,000 |
| $1,500,000 | $1,350,000 | $35,000 – $45,000 | $35,000 – $45,000 |
At 95% LVR (5% deposit), the savings are even larger — a $750,000 purchase could save you upwards of $30,000 in LMI. Use our LMI calculator to estimate the exact figure for your situation.
These savings are not a discount — they represent a cost you simply don't pay. The money stays in your deposit fund, your offset account, or wherever it delivers the most value to you.
Deposit Options
How Much Deposit Do You Need?
With an LMI waiver, you can buy with as little as 5% deposit (for medical professionals) or 10% deposit (for most other professions) and pay zero LMI. The right deposit level depends on your profession, property price, and the lender's policy.
Frequently Asked Questions About LMI Waivers
Common questions about LMI waivers for Australian professionals.
What professions qualify for an LMI waiver in Australia?
Can I get an LMI waiver as a nurse or teacher?
How much does LMI cost without a waiver?
Do all banks offer LMI waivers for professionals?
Can self-employed professionals get an LMI waiver?
Is an LMI waiver the same as the First Home Guarantee?
What is the maximum I can borrow with an LMI waiver?
Can I use an LMI waiver to refinance my existing home loan?
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