No LMI & waived LMI home loan

Lenders Mortgage Insurance (LMI) is an insurance policy that protects the lender (not you) if you default on your home loan and the sale of your property does not cover the outstanding debt. LMI is charged when you borrow more than 80% of the property value (an LVR above 80%). The cost ranges from $8,000 to $35,000 or more depending on the loan amount and LVR. Read our full LMI guide.

An LMI waiver is when a lender allows you to borrow above 80% LVR without paying LMI. Lenders offer waivers to certain professionals (doctors, lawyers, accountants, and others) because they are considered lower risk due to income stability and career security. The waiver saves you thousands in upfront costs. Not all lenders offer LMI waivers, and eligibility criteria vary.

Common eligible professions include medical professionals (doctors, surgeons, dentists, specialists registered with AHPRA), legal professionals (lawyers, solicitors, barristers with a current practising certificate), accounting and finance professionals (CAs, CPAs, actuaries, CFOs with professional body membership), pharmacists, veterinarians, and other health professionals. Some lenders also include nurses, engineers, and entertainment professionals. Eligibility varies by lender.

Medical professionals can typically borrow up to 90% to 95% LVR with no LMI. Legal and accounting professionals can borrow up to 90% LVR with no LMI. The maximum loan amount varies by lender (commonly $2 million to $4.5 million). Your actual borrowing power depends on your income, expenses, existing debts, and the lender's serviceability assessment.

Some lenders require a minimum income of $150,000 for legal and accounting professionals. Others have no minimum income requirement at all. Medical professionals generally have no minimum income requirement with most lenders. Some lenders for nurses require a minimum income of $90,000. Our mortgage broker team identifies which lenders have the most favourable income criteria for your situation.

Yes. Lenders require current registration with the Australian Health Practitioner Regulation Agency (AHPRA) for medical professionals applying for an LMI waiver. Your AHPRA registration must be current at the time of application. Our mortgage broker team verifies your AHPRA status and includes the correct documentation with your application.

Some lenders offer LMI waivers for investment property purchases, not just owner-occupied homes. However, the maximum LVR for investment properties with an LMI waiver may be lower (typically 85% to 90%). Policies vary by lender and profession. Our mortgage broker team identifies which lenders extend their LMI waiver program to investment properties.

No. In most cases, you receive the same interest rate as other borrowers at the same LVR. Some lenders actually offer discounted rates for eligible professionals as part of their LMI waiver program. An LMI waiver does not come at the cost of a higher rate. Our mortgage broker team compares both the waiver terms and the rate to ensure the best overall deal.

Yes. Self-employed professionals can access LMI waivers provided they meet the professional registration requirements and income criteria. If you run your own medical practice, law firm, or accounting firm, you may qualify. Additional documentation (tax returns, financial statements) is required for the self-employed income assessment, but the LMI waiver still applies based on your professional credentials.

Yes. If you are an eligible professional, you can access an LMI waiver when refinancing your home loan, even if your current LVR is above 80%. This is particularly useful if you paid LMI on your original loan and want to switch to a better rate without paying LMI again. Our mortgage broker team structures the refinance to take advantage of your professional LMI waiver eligibility.

The Home Guarantee Scheme is a government program where eligible first home buyers can purchase with a 5% deposit and no LMI. The government acts as guarantor for the difference between your deposit and 20%, removing the need for LMI. This is available to all eligible first home buyers regardless of profession. There are no longer income caps or place limits on the scheme.

A family guarantee uses a family member's property equity as additional security, reducing your effective LVR to 80% or below. Because the lender's risk is covered by the combined security, LMI is not required. A family guarantee works regardless of your profession and can allow you to buy with a very small deposit or no deposit at all.

Yes. If you own a property with sufficient equity, you can release that equity to use as a deposit on your next purchase. If the equity brings your deposit above 20% of the new property value, no LMI is required. Our home equity calculator helps you estimate your available equity.

If you purchase an investment property, LMI may be tax deductible over the life of the loan (not as a lump sum deduction in the year it is paid). For owner-occupied properties, LMI is generally not tax deductible. Even where LMI is deductible, avoiding it altogether with an LMI waiver saves you the full upfront cost. Consult your accountant for advice specific to your situation.

In addition to standard home loan documents (identification, income verification, bank statements), you need proof of professional registration. Medical professionals provide AHPRA registration. Lawyers provide their current practising certificate. Accountants provide CA ANZ, CPA, or equivalent membership proof. Our mortgage broker team prepares a complete checklist specific to your profession and lender requirements.

Yes. If you are a first home buyer and an eligible professional, you can access a professional LMI waiver while also claiming the First Home Owner Grant, stamp duty concessions, and other first home buyer benefits. These are separate from the LMI waiver and can be combined. Our mortgage broker team ensures you access every benefit available.

No. Each lender has its own list of eligible professions, income thresholds, maximum LVR, and maximum loan amounts for LMI waivers. Some lenders offer waivers for a wide range of health, legal, and finance professionals. Others restrict waivers to doctors, lawyers, and accountants only. Some have recently added nurses and engineers. This is why using a mortgage broker is essential: we compare LMI waiver policies across all lenders on our panel.

In most cases, the eligible professional must hold at least an equal or majority ownership share in the property. Some lenders require the professional to be the primary borrower. If one partner is a professional and the other is not, the waiver may still apply provided the professional's ownership share meets the lender's requirements. Our mortgage broker team advises on the structuring.

If you are an overseas-trained professional who is now registered with AHPRA (for medical professionals) or holds a current Australian practising certificate (for lawyers) or is a member of an Australian professional body (for accountants), you can access an LMI waiver. Some lenders also accept certain visa holders on the Medium and Long Term Strategic Skills List. Our mortgage broker team verifies your eligibility.

Some lenders accept medical registrars and professionals on provisional or limited registration for an LMI waiver, while others require full registration. Policies vary. If you are a medical professional completing your fellowship or a lawyer on a restricted practising certificate, our mortgage broker team identifies which lenders accept your current registration level.

LMI costs depend on the loan amount and LVR. As a rough guide: on a $800,000 property with a 10% deposit ($80,000), LMI can cost approximately $15,000 to $25,000. On a $1,000,000 property with a 10% deposit, LMI can cost $20,000 to $35,000. The cost increases significantly at higher LVRs (above 90%). An LMI waiver eliminates this cost entirely.

Yes, if you do pay LMI, most lenders allow you to capitalise (add) the LMI cost onto your loan amount rather than paying it upfront. However, this means you pay interest on the LMI amount for the life of the loan, making it even more expensive. An LMI waiver is always the better option because you avoid the cost entirely. Our mortgage broker team explores every option to help you avoid LMI first.

No. You can avoid LMI without a professional waiver through: a family guarantee (no profession required), the Home Guarantee Scheme (5% deposit, government guarantee), or equity from an existing property. Saving 20% is one option, but far from the only one. Our mortgage broker team assesses all pathways.

Yes. LMI waiver policies vary significantly between lenders: different eligible professions, different income thresholds, different maximum LVRs, and different maximum loan amounts. Going to one bank means you accept their specific policy, which may not be the most favourable for your profession. A mortgage broker compares all LMI waiver options across 35+ lenders and finds the best match. The service costs $0.