Professional LMI waivers: Who may qualify?
Saving a 20% home loan deposit can be one of the biggest barriers to buying property. But if you work in an eligible profession, you may not need to wait until you have saved the full 20%.
Some Australian lenders offer Lenders Mortgage Insurance (LMI) waivers for professionals, allowing eligible borrowers to purchase property with a deposit of around 5% to 10% without paying LMI.
Doctors, dentists, lawyers, accountants, and certain healthcare professionals are among the occupations recognised by some lenders. However, eligibility is not based on your job title alone. Your income, professional registration, employment structure, property, loan amount, and chosen lender can all affect whether you qualify.
This blog post explains which professionals may qualify, how much deposit you could need, and what to compare before choosing a professional home loan.
This information is general only. Lender policies and eligibility requirements can change and should be confirmed before application.
Key takeaways
- LMI protects the lender, not the borrower.
- A 20% deposit can generally help you avoid LMI.
- Eligible professionals may be able to avoid LMI with a deposit of approximately 5% to 10%, subject to lender criteria.
- Some medical professionals may qualify for up to 95% LVR.
- Nurses and allied health professionals may qualify for up to 90% LVR.
- Self-employed professionals may also qualify with suitable income evidence.
- Government schemes and guarantor loans can provide other ways to avoid LMI.
What is a professional LMI waiver?
Lenders Mortgage Insurance is insurance that protects the lender, rather than the borrower, if a property is sold and the sale proceeds are insufficient to repay the outstanding home loan.
LMI is commonly required when you borrow more than 80% of a property's value, although the requirements vary between lenders, products, and borrower circumstances.
A professional LMI waiver is different. Some lenders may waive the LMI requirement for borrowers working in approved professions, even when the Loan-to-Value Ratio (LVR) is above 80%.
Depending on the lender and profession, eligible borrowers may be able to borrow:
- up to 95% LVR, requiring around a 5% deposit; or
- up to 90% LVR, requiring around a 10% deposit,
without paying LMI.
This does not mean that everyone working in an eligible profession automatically qualifies. Normal lending criteria and the lender's professional waiver requirements still apply.
Example: On an $800,000 property, a 10% deposit is $80,000 compared with $160,000 for a 20% deposit. If you qualify for an LMI waiver at 90% LVR, you may be able to purchase it without waiting to save the additional $80,000 and without paying LMI.
Other purchase costs, such as stamp duty, conveyancing, and government fees, may still apply.
Why do Australian lenders offer LMI waivers to professionals?
Banks treat home lending as an exercise in risk management. Lenders actively target specific professional occupations because these industries demonstrate:
- High, stable income profiles with predictable career progression
- Extremely low historic default rates on home loans
- High employability, even during economic downturns
By waiving LMI, lenders build long-term relationships with high-earning clients who may later require commercial financing, wealth management, or everyday business banking.
Which professionals can qualify for an LMI waiver?
There is no single Australian LMI waiver occupation list that applies to every lender.
Each lender decides which professions it accepts and may impose different registration, accreditation, income, and LVR requirements.
Current publicly available lender information indicates that waivers may be available across selected medical, legal, and financial professions.
| LMI waiver for professionals list: Eligible occupations | ||
|---|---|---|
| Profession | Potential LMI waiver | Common requirements |
| Doctors and selected medical practitioners | Up to 95% LVR with some lenders | Eligible medical occupation and professional registration |
| Dentists | Up to 95% LVR with some lenders | Professional registration and lender criteria |
| Nurses and midwives | Up to 90% LVR with some lenders | Income and registration requirements may apply |
| Selected allied health professionals | Up to 90% LVR with some lenders | Eligible occupation, income, and registration requirements |
| Lawyers and barristers | Up to 90% LVR with some lenders | Current practising certificate and lender criteria |
| Accountants | Up to 90% LVR with some lenders | Approved professional membership and lender criteria |
| Actuaries and selected finance professionals | Lender-specific | Approved professional accreditation and other eligibility criteria |
Important: The table provides a general guide only. Maximum LVRs, eligible occupations, minimum income, loan limits, and professional accreditation requirements vary between lenders and can change.
Medical professionals
Medical professionals have some of the broadest professional LMI waiver options available.
For example, Westpac currently states that eligible:
- dentists;
- general practitioners;
- hospital-employed doctors; and
- medical specialists
may qualify for an LMI waiver at up to 95% LVR, with no minimum income requirement under that particular policy.
NAB also publicly lists a range of eligible medical professionals under its professional LMI waiver policy, including medical practitioners such as dentists, GPs, pharmacists, physiotherapists, optometrists, chiropractors, and veterinary practitioners, subject to its eligibility requirements.
Professional registration is important. Depending on the occupation and lender, applicants may need to demonstrate current registration with the Australian Health Practitioner Regulation Agency (AHPRA) or another recognised professional body.
Nurses and allied health professionals
Some lenders also extend LMI waivers to nurses, midwives, and selected allied health professionals.
Westpac, for example, currently offers eligible registered nurses and midwives an LMI waiver up to 90% LVR, subject to a minimum annual income of $90,000.
Its published policy also includes selected professions such as:
- audiologists;
- chiropractors;
- occupational therapists;
- optometrists;
- osteopaths;
- pharmacists;
- physiotherapists;
- podiatrists;
- psychologists;
- radiographers;
- sonographers;
- speech pathologists; and
- veterinary practitioners.
The published maximum for these eligible professions is generally 90% LVR with a $90,000 minimum annual income requirement.
This is a good example of why comparing lenders matters. Being employed in healthcare does not automatically mean the same waiver, deposit or income rules will apply to you.
Lawyers and legal professionals
Legal professionals may also qualify for LMI waivers with selected lenders.
NAB identifies eligible legal professionals, including practising barristers and other approved legal professionals, subject to professional certification and its lending criteria.
CommBank also publicly identifies lawyers as one of the professions that may be eligible for a professional LMI waiver with a deposit as little as 10%.
The exact requirements can vary, so your practising status, income, and overall application still need to meet the selected lender's policy.
Accountants and financial professionals
Accountants and certain other finance professionals may qualify for professional LMI waivers with participating lenders.
NAB's current public information identifies eligible professional memberships for accountants, including:
Its policy also identifies eligible actuaries and certain financial analysts, subject to the applicable professional membership and lending requirements.
CommBank also publicly lists accountants among the professionals who may qualify for an LMI waiver with a deposit as little as 10%. If you are an accountant, your professional membership can therefore be just as important as your job title when assessing eligibility.
Not sure whether your occupation is eligible?
Book a call to check your eligibility with ZedPlus
How much deposit do professionals need to avoid LMI?
Eligible professionals may need approximately 5% to 10% of the property's value as a deposit, depending on their profession and lender.
For example:
| Deposit needed for an LMI waiver | |||
|---|---|---|---|
| Property value | 5% deposit | 10% deposit | 20% deposit |
| $600,000 | $30,000 | $60,000 | $120,000 |
| $800,000 | $40,000 | $80,000 | $160,000 |
| $1,000,000 | $50,000 | $100,000 | $200,000 |
| $1,500,000 | $75,000 | $150,000 | $300,000 |
Once you have identified your target deposit size, you can use our home loan repayment calculator to see how a 5% or 10% deposit impacts your monthly repayments across different interest rates.
How much money can an LMI waiver save you?
The table below illustrates the potential LMI savings at a 90% LVR (10% deposit) across common Australian property prices.
| Potential LMI waiver cost savings | |||||
|---|---|---|---|---|---|
| Property purchase price | 10% deposit required | Loan amount required | Est. standard LMI fee | LMI fee with waiver | Total upfront cash saved |
| $600,000 | $60,000 | $540,000 | ~$12,000–$18,000 | $0 | $12,000–$18,000 |
| $800,000 | $80,000 | $720,000 | ~$20,000–$34,000 | $0 | $20,000–$34,000 |
| $1,000,000 | $100,000 | $900,000 | ~$24,000–$40,000 | $0 | $24,000–$40,000 |
| $1,500,000 | $150,000 | $1,350,000 | ~$35,000–$55,000 | $0 | $35,000–$55,000 |
Note: LMI amounts are indicative only. Actual LMI may vary by lender, loan amount, LVR, and borrower circumstances.
Which lenders offer professional LMI waivers?
The main difference between lenders is not simply whether they offer a waiver, but which professions they accept and under what conditions.
| Lenders offering professional LMI waivers | ||
|---|---|---|
| Lender | Publicly identified professions | General position |
| Commonwealth Bank | Doctors, lawyers, accountants | May qualify with a deposit as little as 10% |
| Westpac | Medical and selected allied health professionals | Up to 95% for selected medical professionals and 90% for selected allied health roles |
| NAB | Medical, legal, and financial professionals | Eligibility varies by profession and loan structure |
| ANZ | Selected professional categories | Subject to profession-specific lending criteria |
These policies can differ in areas such as:
- maximum LVR;
- income threshold;
- professional membership;
- maximum loan amount;
- property type; and
- acceptable income structure.
This is why one lender may suit your circumstances better than another, even when both offer an LMI waiver.
Explore our other helpful resources
What are the eligibility requirements for a professional LMI waiver?
Holding an eligible occupation title does not guarantee an LMI waiver. Lenders commonly assess the exact occupation, professional registration, income, employment structure, credit history, property, loan amount, and serviceability.
- Profession and registration: The applicant’s exact occupation must appear on the lender’s approved list, and current registration or professional membership may be required.
- Income, and employment: Minimum income and employment-history requirements vary by profession and lender. PAYG, contract, and self-employed applicants may be assessed differently.
- Property and loan: Maximum LVR, loan size, property type, postcode and valuation restrictions may apply.
- Credit assessment: Standard serviceability, responsible-lending and credit requirements continue to apply.
Can self-employed professionals qualify for an LMI waiver?
Self-employment does not necessarily prevent an eligible professional from obtaining an LMI waiver, provided the applicant satisfies the selected lender’s self-employed income and business-history requirements.
Depending on policy, supporting documents may include tax returns, financial statements, ATO Notices of Assessment, Business Activity Statements, and evidence of professional registration.
What if your profession does not qualify for an LMI waiver?
A professional LMI waiver is not the only way to purchase with less than a 20% deposit.
Depending on your circumstances, other options may include:
- The Australian Government 5% Deposit Scheme: Eligible first home buyers can purchase with a minimum 5% deposit under the Australian Government 5% Deposit Scheme, with Housing Australia providing a guarantee to the participating lender. Eligible single parents or single legal guardians may also have access to the Single Parent Stream with a minimum deposit of 2%, subject to the applicable eligibility requirements.
- Family Guarantor Loans: A family member (typically a parent) can offer a portion of the equity in their own property as additional security for your mortgage. This reduces your calculated Loan-to-Value Ratio (LVR) to 80% or below, allowing you to bypass LMI entirely and potentially borrow up to 100% of the purchase price plus costs.
- Shared Equity Schemes: Under government programs like Help to Buy, the federal government contributes up to 30% for existing homes or 40% for new builds toward the property's purchase price. Because the combined government equity contribution and your personal deposit cover at least 20% of the property value, your loan-to-value ratio stays at or below 80%, avoiding Lenders Mortgage Insurance entirely.
- Specialist 85% LVR No-LMI Promotions: Select tier-two banks, mutual lenders, and digital institutions run promotional policies that waive LMI for standard borrowers up to an 85% LVR. This allows you to purchase a home with a 15% deposit instead of 20% without paying any insurance surcharge.
- Lender-Funded LMI Discounts and Credits: Some financial institutions do not waive LMI directly, but instead offer temporary cashback offers, LMI discounts (e.g., a 15% to 50% premium reduction for first home buyers), or absorb the fee into their own internal risk pricing structure to remain competitive.
How can ZedPlus help you find the right LMI waiver?
Finding a professional LMI waiver is not simply about finding a lender that recognises your occupation. Your profession may qualify with one lender, but not another, or different lenders may offer different LVRs and eligibility requirements for the same occupation.
At ZedPlus, we can help you compare your options across 40+ lenders based on your actual circumstances. We can help you:
- Check your professional eligibility: We review your occupation, professional registration, and employment structure against applicable lender policies.
- Compare lender requirements: We assess available LVRs, income requirements, and other relevant eligibility criteria.
- Assess your borrowing position: We evaluate your income, liabilities, deposit, and living expenses against lender servicing models. You can also run your numbers through our borrowing power calculator to get an instant estimate of your potential loan size before applying.
- Review the overall loan: We compare relevant interest rates, fees, features, and lending criteria rather than focusing only on the LMI waiver.
- Prepare your application: We help identify the income and professional documentation required for the selected lender.
Our No LMI Home Loan service can help you understand whether your profession could qualify and which lending options may suit your circumstances.
Ready to find out whether your profession qualifies? Instead of relying on a generic occupation list, have your profession, income, deposit, and borrowing requirements assessed against lender criteria.
Get in touch with our team to explore your LMI waiver options.
Professional LMI waiver FAQs
1. Can I get an LMI waiver if my partner qualifies but I do not?
Possibly. Some lenders may accept a joint application where one applicant satisfies the professional criteria, but the joint applicant and income requirements vary.
2. Does an LMI waiver mean I get a higher interest rate?
Not necessarily. The interest rate, fees, and available discounts depend on the selected lender and loan product.
3. Can I combine an LMI waiver with an offset account?
Possibly. Offset and redraw features depend on the selected loan product and are not guaranteed by the LMI waiver.
4. Can I apply for an LMI waiver on an investment property?
Possibly. Some lenders permit professional waivers for investment lending, while others apply different LVR, product, or security rules.
5. Can contract workers or locums qualify?
Possibly. Contract workers and locums may qualify where the lender accepts their income structure and work history.
6. Does changing jobs affect my eligibility?
A job change may affect eligibility, depending on the new role, probation, continuity of employment, and lender policy.
7. Can I get an LMI waiver if buying through a company or trust structure?
This is lender-specific. Some structures may be accepted where the eligible professional has an appropriate role or provides a guarantee, but additional credit and legal requirements can apply.
Professional LMI waiver final thoughts
You may not always need a 20% deposit to buy property in Australia. Eligible professionals may be able to avoid LMI and purchase sooner, subject to lender assessment and approval.
Because eligibility rules vary between lenders, it is important to compare the complete loan, including the interest rate, fees, features, and credit requirements.
Ready to find out whether your profession may qualify? Contact our lending specialists to explore your options. All applications are subject to lender assessment and approval.
