LMI waivers: who gets them, and how to avoid LMI
Lenders mortgage insurance (LMI) is a one-off cost most lenders charge when you borrow more than 80% of a property's value. Some lenders waive it for certain professions, usually to 90% of the value and sometimes 95% for doctors and dentists. Which jobs qualify, and on what terms, is different at every lender.
What LMI is, and what it costs
LMI protects the lender, not you, if you can't repay and the sale of the property doesn't cover the loan. You pay for it, as a one-off cost that can be added to the loan.
The cost depends on how much you borrow and how much of the property's value that is. On one lender's published rates for a 90% loan on a home to live in, it comes to:
| Purchase price | Loan at 90% | LMI |
|---|---|---|
| $500,000 | $450,000 | about $9,450 |
| $700,000 | $630,000 | about $16,884 |
| $1,000,000 | $900,000 | about $24,120 |
| $1,500,000 | $1,350,000 | about $39,825 |
First home buyers pay slightly less on the same card, and investors slightly more. LMI varies between lenders, so these are illustrations from one rate card, not a quote.
Which professions get an LMI waiver?
These are the professions the major lenders name in their own policies. Each card links to the page for that job, where the conditions are set out lender by lender.
Doctors and dentists
The widest choice. Westpac Group, ANZ and NAB go to 95% for doctors and dentists buying a home to live in, each with its own conditions, and Westpac Group's medical group sets no minimum income. CommBank and Bankwest go to about 90%, with CommBank reaching 95% for an investment purchase only. Suncorp goes to 90% for doctors, not dentists.
Nurses and midwives
Westpac Group waives LMI to 90% for registered nurses and midwives earning at least $90,000. Bank First waives it for healthcare workers buying their first home. CommBank, NAB and ANZ don't include nurses, and Bankwest covers only nurses employed directly by the federal Health department at APS6.
Allied health
Physiotherapists, psychologists, pharmacists, optometrists, chiropractors and vets are named by some lenders and left out by others. Westpac Group covers most of them to 90%, with a $90,000 income floor.
Lawyers
Westpac Group, ANZ, NAB, CommBank and Bankwest waive LMI to about 90% for lawyers with a current practising certificate, mostly on principal-and-interest loans. Some set an income floor of $100,000 to $120,000.
Accountants
Westpac Group, ANZ, CommBank and Bankwest waive LMI to about 90% for qualified accountants with professional membership, mostly on principal-and-interest loans.
Teachers
Bank First waives LMI for education workers buying their first home, on loans up to $800,000. Teachers Mutual Bank doesn't waive LMI, despite its name.
Macquarie has withdrawn its professional waiver, and ING and AMP don't offer one.
What to know before you rely on a waiver
Most waivers come with conditions beyond your job: principal-and-interest repayments, an income floor, a cap on the loan size, or proof of your registration or membership. Some apply only to buying a home to live in.
A waiver also ties you to the lenders that offer it. If another lender would give you a better rate or lend you more, that can be worth more than the LMI you save.
Other ways to avoid LMI
Save 20%
A deposit of 20% or more usually avoids LMI.
5% Deposit Scheme
First home buyers can buy with 5% and no LMI, with the government guaranteeing part of the loan.
Family guarantee
A parent's home equity can stand in for part of the deposit.
Pay LMI and buy sooner
For some buyers, paying LMI and buying now works out better than waiting to save more.
LMI waiver questions
Through your job, if your lender's policy names it, or by using the 5% Deposit Scheme, a family guarantee or a 20% deposit. Money Brain lists which lenders waive LMI for which professions, from each lender's policy as checked on 1 October 2026.
Your job, your deposit, your options
Tell me what you do, what you earn and what you've saved. I'll come back with which waivers you qualify for, and whether a waiver, the 5% Deposit Scheme or another route comes out ahead.
You'll hear back within the hour in business hours, and by 9am the next business day after hours.
Sources
- 1
Lender policies on professional LMI waivers: Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA), ANZ, NAB, CommBank, Bankwest, Suncorp, Macquarie, ING, AMP, Teachers Mutual Bank group. Checked 1 October 2026.
- 2
Bank First: LMI waiver for healthcare and education workers. Checked 3 October 2026.
- 3
LMI premiums: one lender's published rate card, owner-occupier standard and first home buyer rates. Checked 1 October 2026.
- 4
Housing Australia: 5% Deposit Scheme (First Home Guarantee).
Updated 1 October 2026