Home loans for pharmacists
Yes, some lenders waive lenders mortgage insurance for registered pharmacists, but not most, and not on the same terms. Of the ten lenders whose waiver policies we re-checked on 1 October 2026, four name pharmacists: NAB up to 95% of the value for a home you live in, the Westpac Group up to 90% with at least $90,000 income, Bankwest up to 89.99%, and CBA up to 89.99% with at least $100,000 income. The other six don't. Your registration, your income and how you're paid decide which of the four you clear.
Registration is the test, not your job title
Lenders that waive LMI for health professionals test your registration. NAB's policy, for example, asks for AHPRA registration and that your main income comes from the profession. The policies name the profession, not where you work it, so a pharmacy assistant, or someone whose registration has lapsed, doesn't qualify. If most of your income comes from outside pharmacy practice, check with us first. Have your current registration ready before you apply.
The other difference that matters: most of these lenders put pharmacists in a different group from doctors and dentists, with a lower maximum or an income floor. A pharmacist is rarely read the same as a GP.
Which lenders waive LMI for pharmacists, and on what terms
From each lender's current policy, re-checked at source on 1 October 2026. A waiver is still subject to the lender's normal credit assessment.
| Lender | No LMI up to | Income needed | Other conditions | Checked |
|---|---|---|---|---|
| NAB | 95% for a home you live in; 90% for an investment | Not stated | AHPRA registration; main income from the profession; property up to $4.5 million | |
| Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA) | 90% | At least $90,000 a year, your own gross income from eligible work | Principal and interest | |
| Bankwest | 89.99% on loans to $2 million; 84.99% to $3 million | Not stated | Pharmacist named in its medical list | |
| CBA | 89.99% | At least $100,000 a year gross, for pharmacists | Principal and interest; a CBA package required |
Lenders that don't waive LMI for pharmacists
ANZ. Its professional groups name doctors, dentists, physiotherapists, chiropractors, optometrists and vets, but not pharmacists.
Suncorp. Its waiver is for medical practitioners only; other health professionals aren't eligible.
Macquarie. No professional LMI waiver.
ING and AMP. No professional LMI waiver; LMI applies above 80%.
The Teachers Mutual Bank group, including Health Professionals Bank. A health professionals' brand name isn't a waiver: LMI applies above 80%.
Each from the lender's current policy, re-checked 1 October 2026.
What the waiver is worth, in dollars
An illustration, not a client file. On an $800,000 home, borrowing 90% ($720,000), lenders mortgage insurance on one insurer's rate card we hold would be about $19,300. At NAB's 95% for a home you live in ($760,000), it would be about $34,800. That's the amount a waiver saves, and why the right lender matters more than the rate alone.
Employed, contracting, or owning the pharmacy
Employed on a salary. The straightforward case. Your payslips and income statement show the income, and the Westpac and CBA floors are read from it.
Contracting or locum work on an ABN. Usually assessed as self-employed: lenders want tax returns, often two years, and some read your income differently from a salary. Check how a lender treats it before you count on a waiver's income floor.
Owning or part-owning a pharmacy. Assessed on the business's and your own tax returns, with some costs added back. NAB's "main income from the profession" test still applies.
The income floors, and what counts towards them
Two of the four set a minimum. The Westpac Group's $90,000 is your own gross income from eligible work, added up across your jobs, not your partner's. CBA's $100,000 is gross. NAB and Bankwest state no floor in the policies we hold, though their normal assessment still decides how much you can borrow.
A pharmacist on $85,000 clears neither floor, but can still get a waiver from NAB or Bankwest.
Interns and new graduates
None of the four policies we hold sets a minimum time since registration for pharmacists. What usually matters is general registration (an intern pharmacist holds provisional registration, not general), and, for the Westpac Group and CBA, whether your first year's income clears the floor. Lenders also look at time in your current job in the normal way.
When taking the waiver costs more than paying LMI
A waiver saves the LMI once. A higher rate costs you every year. If the lender offering the waiver charges more than another lender would, or requires a package with an annual fee, work out how long you'll keep the loan. On $720,000, a rate 0.25% higher costs about $1,800 a year in interest at first, so after ten years or so it can outweigh the $19,300 saved.
Questions pharmacists ask us
Yes, from some lenders. As of 1 October 2026, NAB, the Westpac Group, Bankwest and CBA name pharmacists, on different terms. ANZ, Suncorp, Macquarie, ING, AMP and the Teachers Mutual Bank group don't.
Buying as a pharmacist?
Tell me how you're paid, roughly your income, your deposit and the price you're looking at. I'll tell you which of the four lenders you'd clear, what the waiver is worth on your loan, and whether it's the cheapest way in.
You'll hear back within the hour in business hours, and by 9am the next business day after hours.
Sources
- 1
Each lender's current LMI waiver policy, read 9 August 2026 and re-checked at source on 1 October 2026: NAB (LMI waivers, 12 May 2026; medical practitioners, 31 July 2025), Westpac Group (Medico policy, 12 March 2026; LMI waiver page, 2 July 2026), Bankwest (LMI waiver, effective 18 June 2026), CBA (Professionals Offer, 20 April 2026), ANZ (package documents, 10 July 2026), Suncorp (medical practitioners waiver, 28 May 2026), Macquarie, ING (policy, 12 June 2026), AMP (LVR documents, 30 July 2026), Teachers Mutual Bank group (lending reference guide, 5 August 2026).
- 2
The illustrations: Money Brain's arithmetic on one insurer's LMI rate card and on the stated rate.
Updated 2 October 2026