Physiotherapist home loans: who waives LMI
Three major lenders waive lenders mortgage insurance (LMI) for physiotherapists. NAB goes to 95% of the property's value for a home to live in and 90% for an investment. ANZ goes to 90% on principal and interest, with no minimum income. Westpac Group (Westpac, St.George, Bank of Melbourne and BankSA) goes to 90% on principal and interest if you earn at least $90,000 a year from your eligible qualifications. CommBank, Bankwest and Suncorp leave physiotherapists out of their waivers.
Can physiotherapists get LMI waived?
Yes, at three major lenders, on different terms. LMI is the one-off insurance most lenders charge when you borrow more than 80% of a property's value. A waiver removes it, so a physiotherapist can buy with a 10% deposit, or 5% at NAB, without paying it.
Where a lender puts physiotherapists decides the terms. NAB lists physios in its medical practitioners group, alongside doctors and dentists. ANZ and Westpac Group put physios in a second group with other allied health roles, which stops at 90%. That's why the doctor terms on our medical page don't carry across to physios at those two.
What the lenders check
Registration. NAB asks for current AHPRA registration, and for your main income to come from the profession. A physio whose registration has lapsed doesn't qualify.
Income. Westpac Group asks for at least $90,000 a year gross from your eligible qualifications, added up across your jobs if you work more than one, not counting a partner's income. ANZ sets no minimum income for the waiver.
Which lenders waive LMI for physiotherapists, and to what LVR
From each lender's own policy, checked 1 October 2026. LVR is the loan as a share of the property's value.
| Lender | Home to live in | Investment | Conditions |
|---|---|---|---|
| NAB | 95% | 90% | AHPRA registration; main income from the profession; property value up to $4.5 million |
| ANZ | 90% | 90% | Principal and interest; no minimum income; not available at 95% |
| Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA) | 90% | 90% | Principal and interest; at least $90,000 a year gross from eligible qualifications |
| CommBank | — | — | Its medical waiver leaves out physios, psychologists and nurses |
| Bankwest | — | — | Its medical waiver leaves out physios, psychologists and nurses |
| Suncorp | — | — | Its waiver is for medical practitioners only and says physios aren't eligible |
ING and AMP don't offer a professional LMI waiver at all. Every lender also runs its normal credit assessment: the waiver removes LMI, not the test of whether you can repay.
What the waiver is worth
LMI on a home to live in, on one lender's standard rates. With a waiver, you don't pay it.
| Purchase price | LMI at 90% | LMI at 95% |
|---|---|---|
| $600,000 | about $11,300 | about $19,400 |
| $800,000 | about $19,300 | about $34,800 |
| $1,000,000 | about $24,100 | about $43,500 |
LMI varies between lenders, so these are illustrations from one rate card, not a quote. The 95% column applies only at NAB, the one lender here that waives to 95% for physios.
Clinic payslip, contracting, or your own practice
Employed by a clinic. The simplest case: payslips and a contract show income from the profession, and each lender's conditions apply as the table sets out.
Contracting or on an ABN. Many physios work as contractors to a clinic. Lenders usually read that income from your tax returns rather than payslips. The policies as we hold them don't say how each lender treats a self-employed physio for the waiver, so that needs confirming with the lender before you rely on it.
Practice owners. Income from a company or trust is read from the business's financials as well as your own returns. NAB's condition that your main income comes from the profession matters here if the practice also earns from other services.
Minimum income, by lender
Westpac Group is the only one of the three with an income floor: $90,000 a year gross from eligible qualifications. ANZ sets no minimum income for the waiver. NAB's conditions, as checked, are registration and earning your main income as a physio, with no dollar figure.
That makes the threshold matter most early in a career or for part-time work. A physio earning under $90,000 doesn't clear Westpac Group's floor, but can still meet ANZ's and NAB's conditions, subject to their normal assessment.
Who doesn't qualify
At CommBank, Bankwest and Suncorp. All three leave physiotherapists out of their waivers by name.
At 95%, outside NAB. ANZ says physios aren't eligible for its 95% tier, and Westpac Group's allied group stops at 90%.
Without current registration. NAB's waiver depends on AHPRA registration, so a lapsed registration rules it out.
When taking the waiver costs more
A waiver ties you to one lender and its terms, often principal and interest repayments and that lender's pricing. If another lender would price your loan better over the years you'll hold it, or lend you more, the difference can outweigh the LMI you save. And borrowing 95% at NAB means a bigger loan and more interest than borrowing 90%, even with no LMI. The waiver is worth most when the lender's loan is also competitive for you.
What to do next
Check your registration is current, and how much of your income comes from physiotherapy.
Work out how you're paid: clinic payslip, contract or practice. It decides what a lender reads.
Compare the three lenders on your price, deposit and income, with the other routes past LMI alongside.
Questions physiotherapists ask
Yes. NAB waives LMI for physiotherapists to 95% for a home to live in and 90% for an investment; ANZ and Westpac Group to 90% on principal and interest (Money Brain, lender policies checked 1 October 2026).
A physio buying with less than 20%?
Tell me how you're paid, what you earn, the price you're looking at and what you've saved. I'll tell you which of the three lenders' waivers fits, and how it compares with the other routes.
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: NAB, ANZ, Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA), CommBank, Bankwest, Suncorp, ING, AMP. Checked 1 October 2026.
- 2
LMI premiums: one lender's published rate card, owner-occupier standard rates. Checked 1 October 2026.
Updated 2 October 2026