- BankSA offers Lenders Mortgage Insurance (LMI) waivers to a range of professionals due to earning potential and job stability.
- Medical professionals, accountants, lawyers, nurses and veterinarians qualify for LMI Waiver with BankSA. For a full list of eligible professions, click here.
- LMI waivers potentially save you tens of thousands of dollars when buying a property.
- BankSA offers loans of up to 95% LVR with No LMI for certain medical professionals.
- For other eligible professions, you can borrow up to 90% LVR with No LMI.
BankSA offers eligible customers Lenders Mortgage Insurance (LMI) Waivers on home loans, creating an outstanding opportunity for professionals such as medical, legal, and accounting specialists to purchase property with a smaller deposit while avoiding the significant costs of LMI. This waiver enables buyers to enter the property market without needing a full 20% deposit, potentially saving tens of thousands of dollars in LMI fees and making homeownership more accessible.

While it’s possible to apply for the BankSA LMI Waiver directly through the bank, working with an experienced mortgage broker can make the process smoother and less stressful. At Eden Emerald Mortgages, we provide tailored advice, answer all your questions, and handle every step of the application process on your behalf. Our brokers also compare lenders to secure the most competitive rates and explore other LMI waiver options if BankSA isn’t the right fit for your needs. Best of all, our services are entirely FREE for borrowers, as we are compensated by the lender, ensuring our focus remains on helping you achieve your homeownership goals.
When you use the services of an expert mortgage broker from Eden Emerald Mortgages, you’ll benefit from:
- Time Savings: Let us handle the paperwork and liaise with BankSA on your behalf.
- Tailored Advice: Our experienced team understand the LMI Waiver criteria at BankSA and can help you determine eligibility.
- Access to Multiple Options: If you are ineligible for a LMI waiver at BankSA, or the interest rates are too high, we can find you the best alternatives from other lenders.
- Advocacy: We actively negotiate with BankSA and other lenders to secure the best terms and rates for you.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
BankSA LMI Waiver: Eligible Professions
Here is a quick table which summarises the industries that BankSA accepts for LMI waivers. Click on the industry or profession to find out specific information for your job, including maximum loan amounts and eligibility requirements.
Industry | Maximum LVR | Examples of Eligible Professionals |
---|---|---|
90 - 95% | ||
90% | ||
90% | ||
90% |
Medical Professionals
A range of medical professionals are accepted by BankSA for LMI Waivers. This is split into two categories, with differing eligibility:
- Hospital-employed doctors (intern, resident, registrar, staff specialist), GPs, medical specialists, dentists
- Audiologists, chiropractors, midwives, occupational therapists, osteopaths, physiotherapists, podiatrists, psychologists, radiographers, registered nurses, sonographers, speech pathologists, optometrists and pharmacists.
If you are a healthcare worker that is not listed above, you may not be eligible for BankSA LMI waiver, but you could qualify at other banks with No LMI loans for health professionals. Contact us here for assistance in finding lenders that will waive LMI for healthcare workers.
Here is some key information about BankSA LMI Waiver home loans for Doctors, GPs, Specialists and Dentists:
- Borrow up to 95% LVR with No LMI
- Maximum loan amount of $5 million
- No minimum income requirements
- Must be currently employed in Australia and registered with AHPRA
- Require documents to prove registration and profession
Here is some key information about BankSA LMI Waiver home loans for other eligible medical professionals:
- Borrow up to 90% LVR with No LMI
- Maximum loan amount of $5 million
- Minimum income requirement of $90,000 per annum
- Must be currently employed in Australia and registered with AHPRA
- Require documents to prove registration and profession

Legal Professionals
Legal professionals including solicitors, barristers, magistrates and judges are eligible for BankSA LMI Waiver. If your specific job title is not listed, but you work in the legal industry, you can check with us if you are eligible, by filling out this form.
Here is some key information about BankSA LMI Waiver home loans for Legal Professionals:
- Borrow up to 90% LVR with No LMI
- Minimum income requirement of $120,000 per annum
- Must be currently employed in Australia and hold relevant industry accreditation
- Require documents to prove registration and profession

Accounting Professionals
Accountants and auditors are eligible for BankSA LMI Waiver. If you work in the accounting industry but you are not an accountant or auditor, you may still qualify. Message us here so we can check your specific situation for you. Here is some key information about LMI Waiver home loans for eligible accounting professionals:
- Borrow up to 90% LVR with No LMI
- Minimum income requirement of $120,000 per annum
- Must be currently employed in Australia and hold relevant industry accreditation
- Require documents to prove registration and profession

Veterinarians
Veterinarians are eligible for No LMI home loans at BankSA, and here is some key information about these loans:
- Borrow up to 90% LVR with No LMI
- Maximum loan amount of $5 million
- Minimum income requirement of $90,000 per annum
- Must be currently employed in Australia and have a current registration with the relevant veterinary board
- Require documents to prove registration and profession

Application Process for LMI Waivers
Applying for an LMI waiver at BankSA involves several steps, and here is a quick outline of the process:
- Check Eligibility: Determine if your profession qualifies for a LMI waiver at BankSA and if you meet the other eligibility criteria.
- Consult a Mortgage Broker: A mortgage broker will guide you through the necessary documents required, and complete the application for you. Speak to a free mortgage broker now (free to you as a client, as the broker is paid a commission by the lender) to begin the process.
- Gather Documentation: Collect necessary documents as advised by the broker, such as proof of professional registration, employment history, income statements, and any other required paperwork.
- Submit Application: Apply for the mortgage, including a request for an LMI waiver. Provide all necessary documentation and information.
- Lender Assessment: BankSA will assess your application, including your eligibility for the LMI waiver. This may involve verifying your professional industry, spending habits, and employment history.
- Approval and Settlement: If approved, BankSA will proceed with the mortgage process without requiring you to pay LMI. This will significantly reduce your upfront costs and overall mortgage amount.
Contact a Mortgage Broker to Waive Your LMI
Speak to an expert at Eden Emerald Mortgages to begin the process, or even to ask any questions you have about eligibility. Leave your details below and we will call you back as soon as possible. Alternatively, you can call us directly on (02) 9188 9398.
Alternatives to LMI Waivers
For Australians who are not eligible for an LMI waiver with BankSA, check if your profession is able to access LMI waivers elsewhere, or see this list of banks with No LMI home loans. If you are not eligible with any lenders, here are some other ways to avoid or reduce LMI costs:
- Saving a Larger Deposit: Increasing your deposit to at least 20% of the property’s purchase price eliminates the need for LMI.
- Guarantor Loans: Having a family member act as a guarantor can help you secure a loan without paying LMI.
- First Home Guarantee (FHBG): For first-time homebuyers, the Australian government’s First Home Guarantee allows eligible buyers to purchase a home with a 5% deposit without paying LMI.
Conclusion
BankSA LMI waivers provide a great opportunity for a range of professionals to buy property with as little as 5% - 10% deposit, with no need to spend tens of thousands of dollars on LMI. If you have any more questions, or want to begin the process of applying for a home loan with BankSA, fill out the form below and an experienced mortgage broker from EE Mortgages will contact you.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.