Vet home loans: no LMI, from 90% to 95%
Yes, a registered vet can buy without paying lenders mortgage insurance (LMI) at most major lenders, but not on doctors' terms everywhere. NAB goes to 95% for a home to live in. ANZ and Westpac Group go to 90%, and Westpac Group wants at least $90,000 of income. CommBank and Bankwest go to 89.99%. Suncorp's waiver doesn't cover vets. On an $800,000 home at 90%, the waiver saves about $19,300.
Which lenders waive LMI for vets, and to what limit
For a registered vet buying a home to live in, from each lender's own policy or page.
| Lender | Highest loan without LMI | Main conditions | Checked |
|---|---|---|---|
| NAB | 95% for a home, 90% for an investment | Registration with the veterinary board; your main income from the profession; property up to $4.5 million | |
| ANZ | 90%, for a home or an investment | Principal and interest; vets sit in its second medical group, not the 95% group | |
| Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA) | 90% | Principal and interest; at least $90,000 of gross income from the qualification; self-employed and casual vets included | |
| CommBank | 89.99% | State-board registration; its MAV package; principal and interest | |
| Bankwest | 89.99% on loans up to $2 million, 84.99% up to $3 million | Principal and interest; in your own name, not a company or trust; same limits for an investment |
Suncorp's medical waiver is for medical practitioners only, so vets aren't eligible. ING and AMP don't offer a professional LMI waiver. Every lender still applies its normal credit tests: the waiver removes LMI, not the assessment.
Who counts as a vet to a lender
Registered veterinarians.
Vets register with their state or territory veterinary board, not with AHPRA as doctors do. NAB and CommBank name the veterinary board in their policies, so that registration is what you'll show.
Veterinary nurses: not under these policies.
Every lender above names veterinarians, not veterinary nurses or technicians, so the vet's terms don't carry over.
Vets at Suncorp: no.
Suncorp's waiver is for medical practitioners only. A vet there pays LMI above 80%.
Employed, locum or practice owner: three different applications
The waiver depends on your registration. What you can borrow depends on how you're paid.
Employed in a clinic.
Paid a salary, with payslips and a contract. Lenders read your payslip, and the waiver does the rest. This is the simplest case.
Locum or contractor on an ABN.
Most lenders read this as self-employed income and ask for tax returns, usually two years of them. St.George says its waiver covers self-employed and casual vets, as long as the income clears $90,000.
Practice owner.
Your income comes through the practice, often a company or trust, so lenders read its financial statements and your returns. Bankwest's waiver is for loans in your own name only, and NAB's needs your main income to come from the profession.
The income floor is the usual disqualifier
Only one of these lenders sets a minimum income for vets. Westpac Group asks for at least $90,000 of gross income from the qualification, and it counts your own income across all your eligible jobs, not a partner's. ANZ sets no minimum, and the NAB, CommBank and Bankwest policies state none.
So a vet earning under $90,000, a new graduate or someone working part-time, still has ANZ to 90% and NAB to 95%. Every lender still checks that your income carries the repayments.
What the waiver is worth, in dollars
LMI to buy a home to live in, on one lender's standard rates. With a waiver, you don't pay it.
| Purchase price | 10% deposit (loan at 90%) | 5% deposit (loan at 95%) |
|---|---|---|
| $700,000 | about $16,900 | about $30,500 |
| $800,000 | about $19,300 | about $34,800 |
| $1,000,000 | about $24,100 | about $43,500 |
The 5% column is what NAB's waiver saves; at the other lenders, the 10% column. LMI varies between lenders, so these are illustrations from one rate card, not a quote.
When the waiver isn't worth taking
When the rate costs more than the LMI. A lender that waives LMI isn't always the one with the lowest rate. Over a long loan, a higher rate can cost more than the LMI you saved, so compare the whole loan.
When a 95% loan leaves nothing in reserve. Borrowing 95% keeps cash in your account but gives you the largest repayments. If you're about to buy into a practice, that cash may be worth more there.
When the package costs more than it saves. CommBank's waiver comes with its MAV package. Weigh what the package costs over the years you'll hold the loan.
When a first home buyer could use the scheme. The 5% Deposit Scheme removes LMI for eligible first home buyers under a price cap, at any participating lender.
Buying an investment property as a vet
Some of these waivers carry over to investment loans. NAB goes to 90% on an investment, against 95% for a home. ANZ goes to 90% for either. Bankwest applies the same limits to an investment as to a home. St.George says its profession offer applies whether you're buying to live in or to invest.
What you'll need to provide
Proof of registration. Your current registration with your state or territory veterinary board.
Proof of income. Payslips and a contract if you're employed; tax returns, and the practice's financial statements if you own it, if you're self-employed.
Any practice debts. Statements for practice or equipment loans you're on, and any guarantee you've signed.
The deposit and costs. 5% or 10%, plus stamp duty and fees.
Questions vets ask us
Yes, at most major lenders. NAB waives lenders mortgage insurance for vets up to 95% for a home, ANZ and Westpac Group to 90%, and CommBank and Bankwest to 89.99%. Suncorp's waiver doesn't cover vets (Money Brain, lender policies checked 1 October 2026).
A vet buying a home, or a practice and a home?
Tell me your registration, how you're paid, the price you're looking at and what you've saved. I'll tell you which lenders would waive LMI for you, at what limit, and which 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: NAB, ANZ, Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA), CommBank, Bankwest, Suncorp, ING, AMP. Checked 1 October 2026.
- 2
St.George, Home loan options for healthcare and trade professionals (no page date shown). Read 2 October 2026.
https://
www.stgeorge.com.au/ personal/ home-loans/ profession-home-loans - 3
LMI premiums: one lender's published rate card, owner-occupier standard rates. Checked 1 October 2026.
Updated 2 October 2026