LMI Waivers for Professionals: Who Qualifies and What You Could Save

By Andrew Paterson

General information only. This is not financial, credit or tax advice and does not consider your personal objectives, situation or needs.

An LMI waiver can save an eligible professional many thousands of dollars on a home loan. The catch is that each lender sets its own list, and those lists change more often than most guides admit.

I regularly see doctors, nurses, accountants and allied health workers who have been told mixed things about no-LMI home loans. Some qualify at 90% or 95% of the property value. Others get declined at one bank and approved at the next with the same registration.

This guide covers who tends to qualify, what lenders check and how much the waiver is worth on a typical purchase.

What an LMI waiver is

Lenders Mortgage Insurance protects the lender if you borrow more than 80% of the property value and the loan goes bad. You pay the premium, yet the cover is for the bank. Our guide to how Lenders Mortgage Insurance works explains the mechanics.

With a professional waiver, the lender agrees to skip LMI altogether because it sees your occupation as lower risk. Two points are worth knowing from the start:

• The premium is waived in full, so there is nothing to pay or add to the loan.
• The waiver is a commercial lender policy. It has no connection to any government scheme.

Because each lender writes its own rules, the same job title can be accepted at one bank and declined at another. Choosing the right lender does most of the work here.

Who usually qualifies

Most lenders group eligible occupations into three broad bands. The example figures below come from Westpac’s published policy, which is one of the clearest on the market.

Doctors, dentists and medical specialists

• Up to 95% LVR with no LMI at some lenders, so a 5% deposit.
• Often no minimum income. Westpac sets none for GPs, dentists, specialists and hospital doctors from intern level up.
• Higher loan limits. Westpac allows up to $5 million per loan under its waiver.

Doctors early in their careers have also gained ground. Commonwealth Bank extended its waiver to interns and doctors on limited registration in supervised practice from July 2025.

If family support is part of the plan, our guarantor home loans guide explains how that structure works.

Nurses, midwives, allied health and vets

• Up to 90% LVR with no LMI, so a 10% deposit.
• An income test applies. Westpac requires at least $90,000 a year.
• Current registration in your profession is checked.

Westpac’s list covers registered nurses and midwives, plus audiologists, chiropractors, occupational therapists, optometrists and osteopaths. It also includes pharmacists, physiotherapists, podiatrists, psychologists, radiographers, sonographers, speech pathologists and vets.

Income tests vary between banks. Commonwealth Bank, for example, cut its minimum for pharmacists from $150,000 to $100,000 in July 2025.

Lender lists usually name registered nurses. If you are an enrolled nurse, check the specific policy before relying on a waiver.

Lawyers, accountants and other professionals

• Up to 90% LVR with no LMI at participating lenders.
• Recognised accreditation is needed, such as a current practising certificate or CA, CPA or IPA membership.
• A minimum income usually applies, and the figure differs by lender and profession.

Some lenders also cover related roles such as barristers, actuaries or financial planners. Coverage is patchy, so treat any general list as a starting point.

Why engineers should check first

Older occupation lists often include engineers as a blanket category. That can lead to a nasty surprise.

Westpac’s current waiver list, for example, does not include engineers at all. Some other lenders do accept them, often with conditions such as professional membership or a higher income.

If you are an engineer, confirm the specific lender’s policy before you set your deposit target around a waiver.

How much a waiver saves

The premium climbs steeply as your deposit shrinks. Going from 85% to 90% LVR roughly doubles the rate, and 95% is higher again.

The figures below are indicative for an owner-occupier buying a $750,000 home in Victoria. They use Helia’s published estimator rates of about 1.2%, 2.3% and 4.0% of the loan, plus Victoria’s 10% duty on the premium.

Deposit / LVR	Loan amount	Indicative LMI incl. 10% VIC duty
15% deposit (85% LVR)	$637,500	~$8,300
10% deposit (90% LVR)	$675,000	~$17,200
5% deposit (95% LVR)	$712,500	~$31,100

These are estimates only. Premiums differ between insurers and lenders, and some lender calculators return noticeably higher figures for the same loan.

The 10% duty is a Victorian charge, and other states apply their own rates. For more on what the insurance protects, see what Lenders Mortgage Insurance covers.

A worked example at 90% LVR

Say you are a registered nurse earning $95,000 and you have found a $750,000 home. You have saved a $75,000 deposit and need to borrow $675,000.

1. Without a waiver, the premium on that loan is roughly $15,700 at the rate above.
2. Victoria’s 10% duty adds about $1,600, bringing the total to around $17,200.
3. With a waiver from a lender that accepts your profession and income, you pay none of it.

That money can stay in your offset account or go toward stamp duty and moving costs. Adding it to the loan instead would also mean paying interest on it for years.

A waiver does not change how much you can borrow. Lenders still test your repayments at a buffer above the actual rate, so check how lenders calculate borrowing power before you plan around a bigger loan.

How a waiver compares with government schemes

A professional waiver is one of several ways to avoid LMI. First home buyers also have two federal options, and each has its own rules.

5% Deposit Scheme

• Eligible buyers can purchase with a 5% deposit and no LMI, or 2% for eligible single parents.
• Income caps and annual place limits were removed from 1 October 2025.
• Property price caps apply and vary by location.

In Victoria, the cap is $950,000 in Melbourne and Geelong and $650,000 elsewhere. See how the 5% Deposit Scheme has helped more than 300,000 buyers.

Help to Buy

• The government takes an equity share of up to 40% for new homes or 30% for existing homes.
• You need a deposit of at least 2%, and no LMI is charged.
• Taxable income caps are currently $103,000 for singles and $165,000 for joint applicants and single parents.

Help to Buy already removes LMI, and it cannot be combined with state or territory shared equity schemes, loans or guarantees. Most buyers weigh it against the 5% Deposit Scheme as an alternative.

The right option depends on your income, deposit, first home buyer status and plans for the property. A professional earning above the Help to Buy caps may find a waiver or the 5% Deposit Scheme a better fit, and the two are worth comparing side by side.

Documents lenders ask for

Lenders want proof of both your registration and your income. Having these ready speeds things up:

• AHPRA registration for medical, nursing and allied health roles.
• A current practising certificate for lawyers.
• CA, CPA or IPA membership for accountants.
• An employment letter confirming your role, salary and start date.
• Two or three recent payslips and your ATO income statement.

If your pay includes overtime or allowances, ask how the lender treats it. Westpac, for example, can count all overtime and allowances for eligible healthcare workers.

Common sticking points

Plenty of professionals sit in grey areas. These are the situations that most often need extra care:

• New graduates. You generally need current registration, so the timing of your application matters.
• Locum, contract or self-employed income. Barristers and sole practitioners are often assessed as self-employed, which changes the paperwork and the lender list.
• Company or trust structures. Lenders handle these differently and some exclude them.
• Lapsed registration or membership. A lapsed practising certificate or professional membership can rule you out.
• Investment purchases. Some waivers apply only to owner-occupied loans or at a lower LVR, so check before you buy an investment.

None of these is an automatic rejection. Each one does narrow the field, which makes lender choice even more important.

The bottom line

For an eligible professional, a waiver can save anywhere from several thousand dollars to more than $30,000, depending on the loan size and deposit.

Policies shift and differ sharply between lenders, so last year’s list may no longer apply. Before you settle on a bank or a deposit target, have your profession, income and structure checked against current lender policy.

LMI waiver eligibility, income thresholds, LVR limits and occupation lists are lender policies that change often. Lender examples reflect published policy as at September 2026.

LMI figures are indicative and your lender will quote the exact premium. Government scheme rules are set by Housing Australia and can change.

Frequently asked questions

Do nurses qualify for an LMI waiver?

Registered nurses and midwives can qualify at some lenders. Westpac, for example, offers up to 90% LVR with no LMI if you earn at least $90,000 a year. Enrolled nurses are generally not named on these lists.

Can a doctor borrow 95% with no LMI?

Yes, at some lenders. Westpac allows GPs, dentists, specialists and hospital doctors to borrow up to 95% with no minimum income, and loans up to $5 million.

Are engineers eligible for a professional LMI waiver?

It depends on the lender. Westpac does not include engineers, while some other lenders accept them with conditions. Check the lender’s current policy before counting on it.

How much does an LMI waiver save on a $750,000 home?

With a 10% deposit, the premium on a $675,000 loan is roughly $17,200 in Victoria including duty, based on Helia’s published rates. Other insurers and lenders may quote more or less.

Is an LMI waiver a government scheme?

No. It is a policy each lender sets for itself. The 5% Deposit Scheme and Help to Buy are separate government programs with their own price caps and eligibility rules.

What income do I need for a professional LMI waiver?

It depends on your occupation and lender. Many medical policies have no minimum, while Westpac asks nurses and allied health workers for $90,000. Accountants and lawyers usually face a lender-specific minimum.