Employment and home loans
LMI waivers for professionals in Australia: who qualifies and what to check
See which professions Australian lenders list on their own pages for an LMI waiver, the LVR and income conditions they publish, and what to check before relying on one.
Key checks before you decide
Prepared by emoney content team. Updated 5 November 2026. Sources are listed below.
- Confirm your exact role and registration type appear on the relevant lender's current list. Your general field is not enough.
- Check the maximum LVR, any minimum income and any loan or property value cap that applies to your profession.
- Work out the repayment on the larger loan and test it against your normal income, debts and living costs.
- If you are a first home buyer, compare the waiver with the 5% Deposit Scheme rules before choosing a path.
In this guide8 sections
Lenders mortgage insurance and the 80% LVR line
Lenders mortgage insuranceHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page , or LMI, protects the lender if a borrower cannot repay and selling the property does not cover the debt. ASIC MoneySmart says LMI is usually a one-off cost to the borrower when the amount borrowed is more than 80% of the property's value. It does not protect you.
MoneySmart also says you pay LMIHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page at settlement, or the lender adds it to the loan. If it is added to the loan, you pay interest on it over the loan term.
The 80% figure is your loan-to-value ratioHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page , or LVR. ANZ's LMI page notes that LVR is based on the lender's assessed value of the property, which can differ from the price you pay. That matters because a waiver limit such as 90% LVR is measured against the lender's figure.
To see what LMIHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page might cost on your numbers before you look at waivers, try the LMI calculatorLMI calculatorEstimate the deposit gap and repayment impact when the deposit is below the usual 20 percent benchmark.Understanding the trade-off between buying sooner and contributing a larger deposit.Open calculator . Treat the result as an estimate only, because each lender and insurer prices LMI differently.
What an LMI waiver is, and what it is not
An LMIHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page waiver means the lender agrees not to charge the LMI premium on an eligible loan above 80% LVR. It comes from the lender's own credit policy. No law gives any profession a right to one.
Because it is a policy choice, each lender decides which roles qualify, how high the LVRHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page can go, what registration or membership is needed and whether income or loan size limits apply. NAB's page, for example, says its waiver is subject to criteria that depend on profession, loan type and LVR thresholds. Lenders can change or withdraw these settings at any time.
A waiver also does not replace the normal credit assessment. ASIC says credit licensees must make reasonable enquiries about your financial situation, take reasonable steps to verify it, and assess whether the loan is not unsuitable for you. Your income, expenses, debts, deposit, the property and the lender's other rules all still count.
ANZ's broker flyers state that its waiver is not automatically applied and needs to be raised with ANZ. Ask about it directly rather than assuming it will appear in a loan offer.
- A waiver removes the LMI premium. It does not remove the deposit, stamp duty or other buying costs.
- Your exact role and registration type matter. Some lenders name specific specialties or exclude provisional registration.
- Published lists can change without notice, so recheck before you rely on one.
Lender LMI waiver lists checked on 2 November 2026
We read each lender's own public page or document on 2 November 2026. The table records only what those pages said that day. It is each lender's published policy at that date, not a complete market survey, and it may change.
We left out ING, Macquarie and Bankwest. We could not find a public page on their own sites that set out a profession-based LMIHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page waiver with eligible roles and limits. Bankwest's broker material mentions an industry professional LMI waiver but does not publish the eligible roles or limits. That does not mean they have no policy. It means we could not verify one from their own published material on the day we checked.
The ANZ LVRHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page and loan cap figures come from broker flyers on ANZ's website dated August 2024. The ANZ fact sheet is undated. Both were live on 2 November 2026 but may be older than the other pages here. Confirm current figures with ANZ.
| Lender | Professions listed on its public page | Max LVR without LMI | Other conditions | Checked |
|---|---|---|---|---|
| Westpac (healthcare page) | Registered nurses, midwives, audiologists, chiropractors, occupational therapists, optometrists, osteopaths, pharmacists, physiotherapists, podiatrists, psychologists, radiographers, sonographers, speech pathologists and veterinary practitioners. Also dentists, general practitioners, hospital-employed doctors and medical specialists. | 90% for the first group. 95% for dentists, GPs, hospital-employed doctors and medical specialists. | $90,000 minimum income for the 90% group, with casual income calculated over 52 weeks. No minimum income for the 95% group. | 2 Nov 2026 |
| Westpac (saving a deposit page) | Mentions medical, accounting, law, executive, sports and entertainment sectors. Footnotes name accountants with current membership of IPA, CA ANZ, CPA Australia, CFA Institute Australia or FIAA, and lawyers, solicitors and barristers with a current practising certificate. | Page text says up to 95% LVR for these sectors. Its accountant footnote refers to a 10% deposit, so confirm the figure with Westpac. | Footnote for industry professionals: minimum gross taxable income of $120,000 and Australian citizen or permanent visa holder. | 2 Nov 2026 |
| St.George (Bank of Melbourne and BankSA pages match) | Same healthcare list as Westpac: registered nurses, midwives and the listed allied health roles, plus dentists, GPs, hospital-employed doctors and medical specialists. | 90% for the first group. Up to 95% for dentists, GPs, hospital-employed doctors and medical specialists. | $90,000 minimum income for the 90% group, including self-employed or casual professionals. FAQ says it can apply to fixed and variable loans for owner-occupiers and investors. St.George says it does not offer residential lending to non-Australian resident borrowers. | 2 Nov 2026 |
| NAB | Medical roles including anaesthetist, chiropractor, dental practitioner, dermatologist, GP, obstetrician and gynaecologist, ophthalmologist, optometrist, paediatrician, pathologist, pharmacist, physician, physiotherapist, psychiatrist, radiation oncologist, radiologist, surgeon and veterinary practitioner. Accountants (CA ANZ, CPA, IPA), actuaries (FIAA) and CFA charterholders. Barristers, lawyers and solicitors. | Not stated on the page. NAB says it depends on profession, loan type and LVR thresholds. | Medical roles need current AHPRA registration. Finance roles need current membership of an eligible institute. Legal roles need a current practising certificate with an acceptable state body. | 2 Nov 2026 |
| ANZ | Fact sheet linked from its LMI page lists accounting professionals with a listed institute, lawyers, solicitors and barristers, judges and magistrates, medical practitioners, dental practitioners and specialists, and physiotherapists, chiropractors, optometrists and vets. It lists nurses, midwives, pharmacists, psychologists, occupational therapists, osteopaths, podiatrists and radiographers as ineligible. | Not stated on the fact sheet. ANZ broker flyers dated August 2024 say up to 95% for medical practitioners, specialists and dentists (owner-occupier, principal and interest, and for new ANZ customers a debt-to-income ratio under 6), and up to 90% for optometrists, physiotherapists, chiropractors and vets (principal and interest). | Broker flyers: current AHPRA registration (vets: state or territory veterinary board), with provisional, limited and non-practising registration excluded; largest or equal largest ownership share; borrowing caps of $4.75 million (medical and dental) or $4.5 million (allied health and vets); property value caps of $5 million (house or townhouse) or $4 million (unit); and total ANZ home lending of $8 million or less. | 2 Nov 2026 |
| CommBank | Names doctors, lawyers and accountants as examples and asks borrowers to check eligibility with a Home Lending Specialist. No full list on the page. | Deposit of as little as 10%, which is 90% LVR. | Eligibility is checked case by case with CommBank. | 2 Nov 2026 |
| BOQ Specialist | Its Banking Package target market is generally the medical, dental, veterinary and accounting professions. Its accountants page and a help article for doctors mention home loans without LMI. | Banking Package and accountants pages: up to 90%. A general help article for doctors says some lenders may lend up to 100% without LMI in some circumstances, but does not state a BOQ Specialist limit. | Banking Package annual fee of $495. Its target market determination says LMI may apply at higher LVRs. | 2 Nov 2026 |
Profession quick view from the lender pages we checked
This view is built only from the table above. A profession appearing here means at least one of those lender pages named it. It does not mean every lender accepts it, or that you will qualify.
Nurses and midwives searching for a waiver should note the split. Westpac and its St.George, Bank of Melbourne and BankSA brands list registered nurses and midwives with an income test, while ANZ's fact sheet excludes them. Our guide to home loans for nurses covers how overtime and shift allowances may be assessed, which is a separate question from LMIHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page .
If your role is not on any list here, ask lenders directly. Policies change, and a lender may assess a role it does not publish. Treat any third-party list with care unless it points to a lender's current page.
| Profession group | Lender pages that list it | Points to note |
|---|---|---|
| Doctors (GPs, hospital doctors, specialists) | Westpac, St.George, NAB, ANZ, CommBank (as an example), BOQ Specialist | Westpac and St.George list up to 95% LVR with no minimum income. ANZ excludes provisional and limited registration in its broker flyer. |
| Dentists | Westpac, St.George, NAB, ANZ, BOQ Specialist (dental in its target market) | Westpac and St.George place dentists in the 95% LVR group. |
| Physiotherapists, chiropractors, optometrists | Westpac, St.George, NAB, ANZ | Westpac and St.George list 90% LVR with a $90,000 minimum income. |
| Pharmacists | Westpac, St.George, NAB | ANZ's fact sheet lists pharmacists as ineligible. |
| Psychologists, occupational therapists, podiatrists, osteopaths, radiographers | Westpac, St.George | ANZ's fact sheet lists these roles as ineligible. |
| Audiologists, sonographers, speech pathologists | Westpac, St.George | 90% LVR with a $90,000 minimum income on those pages. |
| Registered nurses and midwives | Westpac, St.George | 90% LVR with a $90,000 minimum income. ANZ's fact sheet lists nurses and midwives as ineligible. NAB's list does not include them. |
| Veterinarians | Westpac, St.George, NAB, ANZ, BOQ Specialist (veterinary in its target market) | Westpac and St.George list 90% LVR with a $90,000 minimum income. |
| Lawyers, solicitors, barristers | NAB, ANZ, Westpac (saving a deposit page), CommBank (as an example) | A current practising certificate is the usual requirement. ANZ also lists judges and magistrates. |
| Accountants, actuaries, financial analysts | NAB, ANZ, Westpac (saving a deposit page), CommBank (as an example), BOQ Specialist | Current membership of a named professional body is required. Westpac's footnote adds a $120,000 minimum income. |
| Engineers and teachers | None of the lender pages we checked | Westpac and St.George list some trades, including aircraft maintenance engineers, for overtime and allowance income. That is an income assessment benefit, not an LMI waiver. |
Watch out
Trade-offs of borrowing at 90% or 95% LVR without LMI
A waiver can lower your upfront cost, but it usually means a bigger loan against the same property. Look at the whole cost before treating the waiver as the deciding factor.
A larger loan means more interest over time and a thinner equity buffer. If property values fall, a high-LVRHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page loan can leave you owing close to, or more than, the property is worth. That can make refinancing or selling harder.
Pricing can also differ by LVRHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page . St.George's page says rates for new loans are set based on the initial LVR. Ask each lender for the rate, comparison rate and fees that apply at your actual LVR, and compare the Key Facts Sheet for each option.
Package fees and loan features matter too. BOQ Specialist's Banking Package page, for example, lists a $495 annual fee. Weigh any fee against the LMIHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page you would otherwise pay and the features you will actually use.
Finally, the lender still checks serviceability. A waiver does not raise your borrowing power. If the repayment only works on your best month of income, a larger deposit or a lower price range may be the safer plan.
- Compare the total cost: LMI saved against extra interest and any package fee.
- Ask what rate applies at your LVR as well as the headline rate.
- Check your equity position if values fall by 5% or 10% after you buy.
- Keep a cash buffer after settlement rather than using every dollar for the deposit.
Next step
Want a broker to check this against your situation?
Share the loan goal, timing and a few key details. An emoney broker can then pick up the enquiry with the relevant context.Check your deposit optionsThe 5% Deposit Scheme as a separate route for first home buyers
The Australian Government 5% DepositHome Loans / Start hereLow deposit home loansCheck lower-deposit pathways, LMI assumptions, scheme fit, and lender policy before relying on a price range.Open page Scheme, formerly the Home Guarantee Scheme, is another way some buyers avoid LMIHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page . It is run by Housing Australia through participating lenders and is not tied to your profession.
The official scheme page says that from 1 October 2025 the changes meant no income caps, no waitlists and no Lenders Mortgage InsuranceHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page . It lists a minimum 5% depositHome Loans / Start hereLow deposit home loansCheck lower-deposit pathways, LMI assumptions, scheme fit, and lender policy before relying on a price range.Open page for first home buyersHome Loans / Start hereFirst home buyersStart with deposit, upfront costs, scheme questions, documents, and pre-approval timing.Open page and a minimum 2% deposit for single parents and legal guardians. The official first home buyers site also lists unlimited scheme places and new increased price caps.
For first home buyersHome Loans / Start hereFirst home buyersStart with deposit, upfront costs, scheme questions, documents, and pre-approval timing.Open page , the published criteria include being an Australian citizen or permanent resident aged 18 or over, being a first home buyer or not having owned property or land in Australia in the last 10 years, buying at or below the location's price cap, living in the home as an owner-occupier, and taking a principal and interestHome Loans / Loan decisionsPrincipal and interest vs interest-onlyUnderstand repayment-type trade-offs before choosing an interest-only or principal-and-interest structure.Open page owner-occupier loan from a participating lender. You must also meet the lender's credit policy.
Price caps depend on location. On 2 November 2026 the official table listed $1,500,000 for NSW capital city and regional centres and $1,000,000 for Queensland capital city and regional centres, which include the Gold Coast and Sunshine Coast. Check your postcode with the official tool and confirm with a participating lender.
The two routes suit different situations. The scheme is for owner-occupiers who meet its first home buyerHome Loans / Start hereFirst home buyersStart with deposit, upfront costs, scheme questions, documents, and pre-approval timing.Open page or single parent rules. A professional waiver may also be open to people who already own property, and St.George's page says its waiver can apply to investment loansHome Loans / Start hereInvestment property loansReview rental income, deposit, equity, repayment impact and lender policy before choosing an investment loan path.Open page . Compare both if you are eligible for both.
Documents and questions for an LMI waiver conversation
Have your registration and income evidence ready before you ask a lender or broker about a waiver. Use the secure upload process they give you. Do not send documents through social media or public web forms.
For health roles, your AHPRA registration can be checked on the public register of practitioners. Note your registration type, because some lenders exclude provisional or limited registration. Vets may need state or territory veterinary board registration. Lawyers need a current practising certificate. Accountants and actuaries need proof of current membership of the named body.
If you are a doctor looking for a broker, ask which lenders on their panel publish a waiver for your specialty and registration type, how they are paid, and why the lenders they suggest fit your situation. A broker cannot promise a waiver. The lender decides.
- Proof of registration, practising certificate or professional membership, with the type and expiry date visible.
- Recent payslips, employment contract and year-to-date income, plus tax returns if you are self-employed.
- Evidence for any minimum income test, such as 52 weeks of casual income where a lender asks for it.
- Details of deposit savings, debts, credit card limits and regular expenses.
- Ask: is my exact role and registration type on your current list?
- Ask: what is the maximum LVR and any loan or property value cap for my profession?
- Ask: does the waiver apply to investment loans, interest-only loans or refinancing?
- Ask: will this step create a credit enquiry or start a formal application?
Broker note
Where an emoney broker fits in a waiver decision
emoney holds Australian Credit Licence 386 494 and has helped borrowers for more than 30 years, with more than $10 billion in loans settled and more than 80,000 clients helped. Brokers work with borrowers Australia-wide by phone and online.
A broker conversation can help you check which published waiver policies may be relevant to your role, compare a waiver with the 5% DepositHome Loans / Start hereLow deposit home loansCheck lower-deposit pathways, LMI assumptions, scheme fit, and lender policy before relying on a price range.Open page Scheme or a larger deposit, and prepare the documents a lender may ask for. Whether a waiver applies is the lender's decision under its current policy and assessment.
General information only. This guide does not consider your objectives, financial situation or needs, and lender policies may change after 2 November 2026.
Calculator next step
LMI calculator
Estimate the deposit gap and repayment impact when the deposit is below the usual 20 percent benchmark.
- Best for
- Understanding the trade-off between buying sooner and contributing a larger deposit.
- What it calculates
- LVR, the 80 percent deposit gap, and repayment impact from a lender-provided LMI figure.
A broker still needs to check lender pricing, valuation, waiver eligibility, scheme rules, and policy fit.
Open LMISources used
- Lenders mortgage insurance (LMI) definition
ASIC MoneySmartofficial sourceChecked 2 November 2026
- Save for a house deposit
ASIC MoneySmartofficial sourceChecked 2 November 2026
- Responsible lending
ASICofficial sourceChecked 2 November 2026
- First home buyer support programs
Australian Governmentofficial sourceChecked 2 November 2026
- Australian Government 5% Deposit Scheme
Housing Australiaofficial sourceChecked 2 November 2026
- 5% Deposit Scheme: first home buyers
Housing Australiaofficial sourceChecked 2 November 2026
- 5% Deposit Scheme property price caps
Housing Australiaofficial sourceChecked 2 November 2026
- Register of practitioners
Ahpraofficial sourceChecked 2 November 2026
- Home ownership support for nurses and midwives
Westpacindustry sourceChecked 2 November 2026
- Saving a home loan deposit
Westpacindustry sourceChecked 2 November 2026
- Profession home loans
St.Georgeindustry sourceChecked 2 November 2026
- LMI waivers for medical and professional services
NABindustry sourceChecked 2 November 2026
- Key things you need to know about lenders mortgage insurance
ANZindustry sourceChecked 2 November 2026
- LMI waiver fact sheet for professionals
ANZindustry sourceChecked 2 November 2026
- LMI waiver for medical and dental practitioners and specialists (broker flyer, August 2024)
ANZindustry sourceChecked 2 November 2026
- LMI waiver for optometrists, physiotherapists, chiropractors and vets (broker flyer, August 2024)
ANZindustry sourceChecked 2 November 2026
- Low deposit home loan options
CommBankindustry sourceChecked 2 November 2026
- Home loan Banking Package
BOQ Specialistindustry sourceChecked 2 November 2026
- Banking solutions for accountants
BOQ Specialistindustry sourceChecked 2 November 2026
- Key home loan considerations for doctors
BOQ Specialistindustry sourceChecked 2 November 2026
- Banking Package Home Loan target market determination
BOQ Specialistindustry sourceChecked 2 November 2026
This guide is general information and does not take into account your objectives, financial situation, or needs. A broker can review your circumstances before any recommendation.
Before you act
Check the path before you make an offer.
Share your deposit, timing and property plans. A broker can check what needs reviewing before you commit.
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