- Lenders Mortgage Insurance (LMI) waivers in Australia are commonly granted to certain professionals due to their stable income and low-risk profiles.
- LMI waivers can be granted to medical professionals (doctors, dentists, pharmacists, and specialists), legal professionals (lawyers and judges), accounting and finance professionals (chartered accountants, CPAs, and actuaries), and veterinarians.
- For a full list of eligible professions with LMI waivers, click here.
- LMI waivers can help eligible borrowers save tens of thousands of dollars when buying a property.
- Eligibility criteria typically include minimum income requirements, professional registration, and stable employment history.
Lenders Mortgage Insurance (LMI) is standard for Australians who want to borrow more than 80% of the property's value, and the amount you need to pay is usually tens of thousands of dollars, depending on how much you borrow. This is a significant initial outlay when buying a home, on top of stamp duty and the deposit you need to put down.
Luckily for some Australians, certain professions are granted waivers for LMI, making homeownership more accessible. This article explores the criteria for eligibility, the banks and lenders offering these waivers, the application process and an LMI waiver for professionals list.
LMI Waiver for Professionals List
This is a quick table which summarises the professions that are eligible for LMI waivers. Click on the profession to see more detailed information, such as what specific jobs qualify.
Profession | Maximum LVR | Lenders that offer LMI Waiver |
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90 - 95% | ||
90 - 95% | ||
90 - 95% | ||
90 - 95% | ||
90% | ||
90 - 95% | ||
90% | ||
95% | ||
90% | ||
90 - 95% | ||
95% | ||
95% | ||
90% | ||
90% |
Apply for LMI Waiver with Free Advice
Certain professions, such as medical professionals, lawyers, and accountants, have multiple lenders offering LMI waivers, each with unique eligibility criteria and loan terms. Using a mortgage broker is a smart choice, as they can quickly explain the differences between lenders, help you compare rates, and find the best option to suit your specific needs.
Additionally, some lenders, like Granite Home Loans, do not deal directly with the public, so working with a broker is essential to access their exclusive LMI waivers. A broker’s expertise ensures you secure the ideal lender and loan for your circumstances, saving you time and money.
To speak to a mortgage broker from Eden Emerald Mortgages, fill out the form below. Their mortgage brokers are experienced with LMI waivers, and can guide you through the process of securing a home loan with No LMI. Their services are also 100% free of charge to you as a client (they are paid a commission by the lender).
Overview of Professions Eligible for LMI Waivers
LMI waivers are generally offered to professionals in fields that are perceived to have stable and high-income prospects. This perception of stability and reliability reduces the lender's risk, thereby justifying the waiver of LMI.
Medical Professionals
Medical professionals are among the most commonly granted LMI waivers. The high earning potential, job stability, and demand for medical professionals make them low-risk borrowers in the eyes of lenders. Eligible medical professionals typically include:
- Doctors: This category includes general practitioners, specialists, and surgeons.
- Registered Nurses: This also applies to dental nurses, midwives, Mothercraft nurses, midwifery professionals and nursing professionals.
- Dentists: Dentists and dental specialists are often included due to their high earning capacity.
- Optometrists: Includes orthoptists.
- Pharmacists: Pharmacists working in various settings, including retail and hospital environments, are also eligible.
- Specialists: Medical specialists, such as anaesthetists, radiologists, and oncologists, are frequently granted LMI waivers.

Healthcare Workers
Besides the medical professionals listed above, there are many other healthcare workers and health professionals that are eligible for LMI waivers. Here is a comprehensive list:
- Health and welfare service managers
- Nurse educators and researchers
- Nurse managers
- Nursing support and personal care workers
- Dieticians
- Occupational Therapists
- Environmental health professionals
- Pharmacists
- Chiropractors, osteopaths, physiotherapists and podiatrists
- Speech professionals
- Audiologists
- Medical imaging professionals
- Diversional therapists
- Social workers and professionals
- Welfare workers and professionals
- Counsellors
- Psychologists
- Aged carers
- Disabled carers
- Carers, aides and special care workers
- Massage therapists
- Paramedics
Legal Professionals
Legal professionals, due to their rigorous training, high earning potential, and the demand for their services, are another group commonly granted LMI waivers. Eligible legal professionals include:
- Lawyers: Solicitors, barristers and partners can qualify for LMI waivers.
- Judges: Due to their prominent and stable positions within the judicial system, judges are also eligible.

Accounting and Finance Professionals
Professionals in accounting, auditing and finance are considered low-risk by lenders due to their financial expertise and strong earning potential. Those typically eligible for LMI waivers include:
- Chartered Accountants: Accountants who are members of professional bodies such as Chartered Accountants Australia and New Zealand (CA ANZ) are recognised for their rigorous qualifications and career stability.
- Certified Practicing Accountants (CPAs): Members of CPA Australia are often eligible due to their financial acumen and consistent demand in the workforce.
- Actuaries: With their specialised expertise in risk management and financial analysis, actuaries are considered stable, high-income professionals, making them attractive candidates for LMI waivers.
- Bank Employees: Employees in banking are often eligible for LMI waivers due to their deep financial knowledge, stable income, and close association with the lending industry.
- Finance Managers: Chief Financial Officers, finance managers, finance directors and financial controllers are viewed as reliable and high-earning borrowers, qualifying them for LMI waivers.

Teachers and Educational Workers
Teachers and University lecturers are also eligible for LMI waivers, but you can also claim the waiver if you work for any of the following Education Employers:
- Government Schools (Primary, Secondary, Specialist)
- Non-Government Schools (Primary, Secondary, Specialist)
- Catholic Schools
- Universities
- TAFEs
- Preschools and Kindergartens
- Child Care Centres
- Family Day Care Australia
- Education Unions
- Department of Education and Training
- Private Colleges
Additionally, if you are a tutor, trainer (within a professional capacity and related to Education) or a student studying teaching, you are eligible.

Engineers
Engineers can access LMI waivers due to their strong earning potential, career stability, and high demand across various industries such as construction, technology, and infrastructure. Their specialised skills, often backed by professional accreditation from bodies like Engineers Australia, position them as low-risk borrowers in the eyes of lenders.

Emergency Services Workers
Since they provide an essential service for the community, some lenders grant LMI waivers for those who work in emergency services, such as police officers, paramedics and firefighters. They can usually secure No LMI loans with 90% LVR.

Veterinarians
Veterinarians are another group that often qualifies for LMI waivers. Their specialised training, stable career prospects, and significant earning potential contribute to their eligibility.

IT Professionals
IT professionals are eligible for LMI waivers due to their critical role in driving digital innovation, consistent demand across industries, and high earning potential. Their technical expertise, coupled with certifications from globally recognised organisations like CompTIA or Cisco, makes them reliable and low-risk borrowers for lenders.

Executives and Senior Managers
Executives, directors and senior managers can receive LMI waivers due to their high-income levels, leadership roles, and stable career trajectories. Lenders view these individuals as low-risk borrowers because they often demonstrate financial discipline and resilience in managing organisational responsibilities. Additionally, their positions in decision-making and strategic planning underscore their reliability and ability to maintain consistent earnings, making them attractive to lenders.

Professional Athletes and Sports People
Professional athletes are a unique group that are eligible for LMI waivers on loans of up to 90% LVR. While they are usually considered high risk by lenders, they are given the opportunity to access No LMI home loans due to their high future earning potential as well as high-profile status, which can enhance the lenders' brand image.

Entertainment Professionals
Those who work in the entertainment industry may be able to avoid LMI for home loans of up to 90% LVR. This category includes actors, musicians, journalists, TV presenters, models, photographers, directors, singers and more. For a more exhaustive list, read this article.

Criteria for Eligibility
To be eligible for an LMI waiver, professionals typically need to meet certain criteria beyond their occupation. These criteria may include:
- Minimum Income Requirements: Lenders often set a minimum income threshold that professionals must meet to qualify for an LMI waiver. This threshold ensures that the borrower has a stable and sufficient income to manage their mortgage payments.
- Professional Registration or Membership: Borrowers usually need to be registered with or members of relevant professional bodies. For instance, doctors must be registered with the Australian Health Practitioner Regulation Agency (AHPRA), and lawyers must be admitted to practice in their state or territory.
- Employment Stability and History: Lenders prefer borrowers with a stable employment history, typically requiring a certain number of years of continuous employment in their profession.
- Loan-to-Value Ratio (LVR) Considerations: While LMI waivers can be granted, they often come with specific LVR conditions. For example, a lender might waive LMI for loans with an LVR of up to 90% or up to 95%, instead of the standard 80%.
Banks and Lenders Offering LMI Waivers
Several major banks (Commonwealth Bank, Westpac, ANZ & NAB) offer LMI waivers to eligible professionals. Each lender has its specific conditions and eligibility criteria, so it is best to consult with a mortgage broker who can compare the loan products and communicate the exact requirements to you.
Application Process for LMI Waivers
Applying for an LMI waiver involves several steps, including providing documentation and meeting specific lender requirements. Here’s a general outline of the process:
- Check Eligibility: Determine if your profession qualifies for an LMI waiver and if you meet the minimum income and other criteria.
- Gather Documentation: Collect necessary documents such as proof of professional registration, employment history, income statements, and any other required paperwork.
- Consult a Mortgage Broker: A mortgage broker can help navigate the specific requirements of different lenders and increase your chances of securing an LMI waiver. Speak to a free mortgage broker now (free to you as a client, but the broker is paid a commission by the lender) to begin the process.
- Submit Application: Apply for the mortgage with the lender, including a request for an LMI waiver. Provide all necessary documentation and information.
- Lender Assessment: The lender will assess your application, including your eligibility for the LMI waiver. This may involve verifying your professional status, income, and employment history.
- Approval and Settlement: If approved, the lender will proceed with the mortgage process without requiring LMI. This can 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 simply 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 LMI waivers, there are 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
LMI waivers provide a significant financial advantage for eligible professionals, making homeownership more accessible and affordable. By understanding the eligibility criteria, the professions that qualify, and the application process, you could potentially save tens of thousands of dollars in LMI costs. It’s essential to consult with a top mortgage broker via the form below to navigate the specifics and maximise the amount you can borrow without paying any LMI. If you would like to apply for a home loan completely online, you can also enlist the services of an online mortgage broker.
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