No LMI
LMI can add tens of thousands to buying a home. There are several legitimate ways to avoid or waive it, and we find the one that fits you. Your Sydney mortgage broker, 35+ lenders. $0 cost.
Lenders mortgage insurance is a premium you pay when you borrow more than 80% of a property’s value. The catch that surprises people is who it protects: the lender, not you. Yet it lands on you as the borrower, and it is not small, often many thousands, and tens of thousands on a larger loan with a small deposit.
The good news is that paying it is not your only option. Depending on your situation, you may be able to avoid or waive LMI through a professional waiver, a guarantor, or a government scheme, and buy with far less than a 20% deposit. We compare 35+ lenders, find the cheapest path for you, and it costs you $0.
Below we walk through every way to skip the premium, who each one suits, and the hidden cost of LMI that makes it worth avoiding where you legitimately can.
There is more than one path, and the right one depends on your deposit, your profession, and whether family can help. Here they are at a glance.
| Way to avoid LMI | How it works | Deposit you need |
|---|---|---|
| A 20% deposit | Keep your loan at or below 80% of the value | 20% |
| Professional waiver | Some lenders waive it for eligible professions | 5 to 10% |
| Guarantor loan | A family member’s equity is extra security | Little or none |
| 5% Deposit Scheme | The government guarantees part of your loan | 5% |
| Family Home Guarantee | For eligible single parents | 2% |
| Help to Buy | The government co-buys a share of the home | 2% |
General information only. Eligibility, income levels, and property price caps apply to the waivers and schemes, and the professional waiver limit is typically around 90% to 95% of the value. We check which path fits you and structure it properly. Book a free consult to find your cheapest route.
If you work in certain professions, some lenders will waive LMI even when you borrow more than 80%, letting you buy with a smaller deposit and skip the premium entirely. The waiver typically applies up to around 90% to 95% of the property value, provided your income is above a set level. It needs no guarantor and no 20% deposit, which makes it one of the most valuable options if you qualify.
The thing to know is that eligibility moves. Which professions qualify varies from one lender to the next, and the lists change over time as lender appetite shifts, so a role that qualifies today may not tomorrow. It commonly covers medical, dental, legal, and accounting professionals, among others. Because it changes, it is worth checking your current eligibility rather than assuming.
We keep across which lenders are waiving for which professions right now, and can confirm where you stand quickly. If you are in a profession with dedicated support, our profession pages, including doctors and dentists, go into more detail.
LMI is easy to underestimate, because the headline premium is only part of the story. Two things make it cost more than it first looks, and both are worth knowing before you decide to just pay it.
First, most people capitalise LMI, meaning it is added to the loan rather than paid in cash at settlement. That feels painless, but it means you pay interest on the premium for years, so the true cost is well above the sticker figure. Second, LMI does not transfer. If you later refinance to a different lender while still borrowing above 80%, you can be charged LMI all over again on the new loan.
That is why avoiding it where you legitimately can is worth real money, and why the way your loan is structured from the start matters. We work out whether you can sidestep the premium altogether, and where you cannot, whether paying it and buying now still beats waiting to save more.
Estimate your deposit, your repayments, and your equity while we check your LMI options.
Real answers to the questions buyers ask us about avoiding lenders mortgage insurance.
We check every path to avoiding LMI, a waiver, a guarantor, or a scheme, compare 35+ lenders, and structure it so you keep more of your money. $0 cost.
MFAA member. 10+ years lending experience.
Explore the paths that pair with avoiding LMI.
No LMI and waived LMI home loan help for buyers across 220+ Sydney suburbs and Australia wide. Meet our team. Service regions: Sydney CBD, Sydney Central, Eastern Suburbs, Northern Beaches, North Shore, Inner West, Sutherland Shire, Hills District, St George, Canterbury-Bankstown, Western Sydney, Penrith.
