An LMI waiver can save an eligible professional tens of thousands of dollars when buying property with less than a 20% deposit. For a Sydney buyer with a 10% deposit, lenders mortgage insurance can easily run into five figures, which makes knowing whether you qualify for an LMI waiver worth checking before choosing a lender.
The important part is that there is no single “professional waiver” rule across the banks. A doctor, nurse, accountant, lawyer or pharmacist can qualify with one lender and not another.
This guide explains which professions qualify, which lenders offer waivers, how joint applications work, the catches, and the other ways to avoid LMI. APRA says 29.7% of new home loans funded in the June 2026 quarter had an LVR of 80% or more.
Key Takeaways
- An LMI waiver allows an eligible borrower to take a home loan above 80% of a property’s value without paying the usual lender’s mortgage insurance premium.
- The rules are set by each lender. Your profession may qualify at one bank and be excluded at another.
- Eligible doctors and dentists can access up to 95% LVR without LMI with some lenders, while others cap their medical waiver at 90% or 89.99%.
- Nurses and allied health professionals have some of the biggest differences between lenders. Some banks accept a broad list of occupations, while others only accept selected allied health roles.
- Accountants and lawyers can qualify with several lenders, generally up to around 90% LVR, but qualification, income, employment and loan-size rules vary.
- On a $1.5 million Sydney purchase with a 10% deposit, the estimated LMI avoided is about $35,800. Actual premiums differ by lender and insurer.
- Professional waivers can also be available for investment properties, but the maximum LVR and repayment rules can differ from owner-occupied lending.
- If your profession does not qualify, the Australian Government 5% Deposit Scheme, a family guarantee or a 20% deposit are other ways to avoid LMI.
What an LMI Waiver Is, and What It Saves in Sydney
Lenders mortgage insurance (LMI) is insurance that protects the lender if a borrower defaults, and it is commonly charged when you borrow more than 80% of the lender-assessed property value. An LMI waiver is when a lender lets an eligible borrower exceed that level without paying the usual premium.
Lenders offer these waivers to certain professions because their credit policy treats those borrowers as lower risk.
That does not mean everyone with the same job receives the same result. The lender can still have rules around professional registration, income, employment, loan amount, property type, repayment type and the loan-to-value ratio (LVR), which is the loan amount divided by the lender’s accepted property value.
At Sydney prices, the difference can be significant.
Sydney Purchase Price | 10% Deposit | Estimated LMI |
$900,000 | $90,000 | About $18,700 |
$1,200,000 | $120,000 | About $28,600 |
$1,500,000 | $150,000 | About $35,800 |
Estimates from a QBE premium rate card, standard owner-occupier scale, effective 1 September 2025. Premiums differ by lender and insurer.
Those numbers are estimates because how lenders mortgage insurance works depends on the lender, insurer, deposit, loan amount and individual application.
If you are comparing different deposit sizes, our loan repayment calculator can also help show how the loan amount affects your ongoing repayments.
Which Professions Qualify for an LMI Waiver
A profession appearing below means at least one lender we have reviewed accepts it. It does not mean every lender does.
Doctors, Dentists, and Medical Specialists
Doctors have the widest choice of professional waiver policies.
Depending on the lender, eligible GPs, hospital doctors, specialists, surgeons and dentists can access up to 95% LVR without LMI. CBA, NAB, ANZ, Westpac, St.George, Bankwest and Suncorp all have medical professional policies, but the maximum LVR, loan cap and eligible occupations are not identical.
Proof is generally current AHPRA registration.
For a deeper look at how the policies work specifically for medical borrowers, we cover the main options in our information on LMI waivers for doctors.
Nurses, Midwives, and Allied Health
This is where lender selection becomes much more important.
Eligible professions across the market can include registered nurses, midwives, pharmacists, physiotherapists, psychologists, optometrists, chiropractors, podiatrists, radiographers, sonographers, occupational therapists, speech pathologists, osteopaths, audiologists and vets.
But the lists vary considerably.
Westpac and St.George accept a broad allied health group at up to 90% LVR, subject to a $90,000 eligible-profession income requirement.
NAB includes selected professions such as physiotherapists, optometrists, pharmacists, chiropractors and vets, but does not list nurses or midwives.
ANZ accepts physiotherapists, chiropractors, optometrists and vets, while excluding a number of other allied health occupations.
CBA and Bankwest both include selected occupations such as optometrists and pharmacists, while excluding nurses, physiotherapists and psychologists.
The point is not which lender has the longest list. It is whether your particular profession fits the right lender’s policy.
Accountants, Actuaries, and Finance Professionals
Accountants and finance professionals can also qualify with several lenders.
CBA offers eligible accountants and related finance professionals a waiver up to 89.99% LVR, with a $100,000 minimum gross annual income for each eligible applicant.
NAB and ANZ allow eligible accounting professionals up to 90% LVR, while Bankwest also offers a waiver up to 89.99%, subject to its per-security loan limits.
Westpac and St.George offer accounting professionals up to 90%, with a $120,000 qualifying-professional income requirement.
Professional membership matters. Depending on the lender, this can include CA ANZ, CPA Australia, IPA, CFA or FIAA membership.
Lawyers, Barristers, and Judges
Legal professionals are another well-supported group, but the qualifying rules differ between banks.
CBA, NAB, ANZ, Bankwest, Westpac and St.George all have policies covering eligible legal professionals.
Maximum LVRs generally sit around 90%, with CBA and Bankwest using a maximum of 89.99% under their standard professional offerings.
Some lenders require a minimum income, while others do not publish one. A current Australian practising certificate is generally required, and some policies also recognise judges or magistrates with alternative evidence of appointment.
Engineers, Teachers, IT, and Emergency Services
There is no broad professional waiver across the big lenders simply for being an engineer, teacher or emergency-services worker.
Technology is a little different.
Bankwest has an employer-based waiver for eligible PAYG employees of selected major technology companies, including Adobe, Alphabet, Amazon, Apple, Atlassian, Meta, Microsoft, Salesforce and Xero.
That is not a general waiver for anyone working in IT.
Bankwest also has a separate policy for certain senior Federal Government employees, but that should not be confused with a teacher or emergency-services waiver.
If your occupation is not covered, there may still be other ways to avoid LMI.
Which Lenders Offer LMI Waivers
This is where professional lending becomes less about finding “the professional lender” and more about matching the borrower to the right policy.
The same borrower can be accepted at one lender and rejected under another lender’s professional waiver because the occupation list, income requirement, maximum LVR, loan cap or property purpose is different.
Lender | Eligible Professionals/ Maximum LVR | Key Income and Loan Limits |
CBA | Standard Professionals Offer up to 89.99%. Eligible medical professionals, accountants and lawyers. Medico Plus+ can reach 94.99% for qualifying investment property purchases. | Most medical professions have no income minimum; pharmacists require $100,000. Accountants and lawyers require $100,000 per eligible applicant. Professionals Offer max $5m per customer; Medico Plus+ waiver lending up to $7.5m aggregated. |
NAB | Eligible medical professionals up to 95% owner-occupied / 90% investment. Accounting, actuarial, financial analyst and legal professions up to 90%. | No specific dollar income minimum in the policy reviewed. Up to $4.5m per security / $7m aggregated consumer lending. |
ANZ | Eligible Group 1 medical and dental professionals up to 95%, subject to criteria. Selected allied health, accounting and legal professionals up to 90%. | No minimum income threshold. Several allied health professions are excluded, including nurses, pharmacists and psychologists. |
Westpac | Doctors, dentists, hospital doctors and specialists up to 95%. Broader allied health up to 90%. Accounting and legal professionals up to 90%. | No minimum income for the main medico group. $90,000 for broader allied health. Accounting/legal $120,000 qualifying-professional income. Main medico loan max $5m, with $7.5m total waiver exposure. |
St. George | Same core professional tiers as Westpac: 95% main medical group and 90% broader health, accounting and legal. | Same Westpac Group professional policy framework and relevant income and exposure limits. |
Bankwest | Medical, accounting, legal, banking, selected technology-company employees and eligible Federal Government employees. 89.99% up to a $2m loan per security, or 84.99% up to $3m per security. | No dollar income minimum stated. Maximum $5m per borrower. Owner-occupied and investment lending permitted. |
Suncorp | Eligible AHPRA-registered medical practitioners up to 90%. | No minimum income stated. Loan minimum $250,000 and maximum aggregated exposure $1.5m. At least one borrower must be eligible. |
UBank | Not profession-specific. Eligible borrowers can purchase owner-occupied or investment property with P&I repayments up to 90% LVR without LMI. | Applications above 85% LVR limited to $2m. This is a general no-LMI proposition rather than a professional waiver. |
BOQ Specialists | Eligible professional clients may be able to borrow up to 90% without LMI under its specialist offering. | Exact profession-specific income and loan limits should be confirmed for the individual application. |
There is no single lender that is automatically best simply because it offers the highest LVR.
A 95% policy may be irrelevant if your profession is excluded, the loan exceeds that lender’s cap, the property falls outside policy, or another bank gives you a better overall borrowing position.
This is where working with a home loan broker in Sydney becomes useful. AFMS Group checks your profession, registration, income, deposit, property and loan purpose against current policy across more than 30 lenders, at no cost to you.
Lender policy checked: 21 September 2026.
Buying With a Partner Who Is Not in an Eligible Profession
A partner does not necessarily need to work in an eligible profession, but the rules differ by lender.
Suncorp expressly requires only one borrower to be an eligible medical practitioner.
ANZ can also accommodate one eligible professional in a joint application, subject to its ownership requirements.
Westpac and St.George can accommodate structures involving a non-eligible spouse, but the qualifying professional still needs to satisfy the relevant professional and income criteria.
CBA applies its $100,000 threshold to each eligible accountant or lawyer rather than total household income.
For NAB and Bankwest, the joint-borrower structure should be confirmed before relying on the waiver.
The Catches With an LMI Waiver
- You are still borrowing at a high LVR. Removing the LMI premium does not make a 90% or 95% loan equivalent to an 80% loan. Pricing and lending policy can still reflect the higher LVR.
- The lender with the waiver is not automatically the best lender. A different bank may offer a better servicing result, loan structure or policy fit. The LMI saving should be considered alongside the overall loan.
- The waiver does not transfer when you refinance. If you are refinancing with a broker while still above 80% LVR, the new lender needs to offer a waiver you qualify for or LMI may apply again.
- Loan caps vary. CBA, NAB, Bankwest, Suncorp, Westpac and St.George all apply different per-loan, per-security or total exposure limits.
- Loan purpose can change the outcome. Some lenders restrict construction, bridging, interest-only lending, refinances or particular property types.
- The lender’s valuation is what counts. If a valuation comes in below the purchase price, the LVR can move above the waiver limit even though your cash deposit has not changed.
Not Eligible? Other Ways to Avoid LMI
Professional LMI Waiver | 5% Deposit Scheme | Family Guarantee | 20% Deposit | |
Minimum Deposit | Usually 5%-10%, depending on lender/profession | 5%, or 2% for eligible single parents/legal guardians | None to a small deposit, lender-dependent | 20% |
Who qualifies? | Eligible professions meeting lender policy | Eligible first home buyers, including people who have not owned Australian property/land in the previous 10 years; citizens and permanent residents. Single-parent stream has separate rules | Borrower with an eligible family member who has sufficient equity | Anyone who otherwise meets lending criteria |
Income cap | Depends on profession and lender | No income cap | Lender policy | None specifically for LMI |
Price / loan limits | Lender-specific | $1.5m Sydney and specified NSW regional centres; $800,000 elsewhere in NSW | Lender-specific | No government price cap |
Investment property? | Yes with several lenders | No | Available under some lender policies | Available under some lender policies |
Main catch | Profession and lender restrictions | Owner-occupier only and Scheme eligibility applies | Guarantor’s property supports part of the debt | Requires significantly more savings |
For an eligible first home buyer, the 5% Deposit Scheme (First Home Guarantee) can make a professional waiver less important because the Scheme already allows an eligible purchase without LMI using a 5% deposit.
Eligible single parents and legal guardians can use the 2% stream.
Since 1 October 2025 there are no income caps or place limits. In Sydney and specified NSW regional centres, the property price cap is $1.5 million, while elsewhere in NSW it is $800,000.
Professional waivers tend to matter more when you are buying above the Scheme cap, buying your next property, investing, or otherwise do not qualify for the government Scheme.
A guarantor home loan is another option where an eligible family member has enough equity to support part of the loan.
For a first home buyer, comparing the Scheme, a professional waiver, a guarantor structure and a standard low-deposit loan can be more important than focusing on any one option. A first home buyer mortgage broker can assess them against the same purchase.
Treasury estimated first home buyers using the expanded 5% Deposit Scheme would avoid around $1.5 billion in potential mortgage insurance costs in its first year.
When Paying LMI Is the Better Call
Avoiding LMI is not always worth delaying a purchase.
Cotality’s November 2025 Housing Affordability Report estimated it took 16.7 years to save a 20% deposit for a Sydney house and 9.5 years for a unit.
If waiting for a larger deposit means missing the property you want, paying LMI may still be a reasonable option.
The same applies if a lender without a professional waiver is otherwise a substantially better fit for your borrowing position. LMI can often be added to the loan, subject to policy and LVR limits, but it generally does not transfer or get refunded simply because you later refinance.
Frequently Asked Questions
Which Banks Offer an LMI Waiver in Australia?
CBA, NAB, ANZ, Westpac, St.George, Bankwest and Suncorp all have confirmed professional LMI waiver policies for at least some occupations. UBank also has a broader no-LMI offering that is not profession-specific. The profession lists, LVR limits, income rules and loan caps differ between lenders.
Who Is Eligible for an LMI Waiver?
Doctors, dentists, selected allied health professionals, accountants, actuaries, finance professionals, lawyers and barristers are among the main eligible groups. Qualification depends on the lender, and proof can include AHPRA registration, professional membership or a current practising certificate.
Do You Need a 20% Deposit to Avoid LMI?
No. Eligible professionals can use a professional waiver, eligible first home buyers may qualify for the Australian Government 5% Deposit Scheme, and some borrowers can use a family guarantee. Each option has different eligibility and lending conditions.
Can I Get an LMI Waiver on an Investment Property?
Yes. Investment-property waivers are available through several lenders, including CBA, NAB, ANZ, Bankwest, Westpac/St.George and Suncorp, subject to the individual lender’s profession and loan rules.
The government 5% Deposit Scheme is different because it is limited to eligible owner-occupiers. If you are buying an investment, an investment property mortgage broker can compare the applicable professional and standard investment policies.
Do Nurses Get an LMI Waiver?
Yes, with some lenders. Westpac and St.George accept registered nurses up to 90% LVR where the relevant income requirement is met. ANZ excludes nurses from its professional waiver, while nurses are not included on NAB’s published eligible-profession list.
Is an LMI Waiver the Same as the 5% Deposit Scheme?
No. An LMI waiver is a lender policy linked to an eligible profession, while the Australian Government 5% Deposit Scheme uses a government guarantee to help eligible buyers avoid LMI. The better pathway depends on the borrower and the property.
Check Your LMI Waiver Eligibility With a Sydney Broker
An LMI waiver can remove a significant upfront cost, but the right lender depends on much more than your occupation.
Working with a home loan broker in Sydney allows your profession, income, deposit, purchase price and loan purpose to be checked against current lender policy and compared with the other ways to avoid LMI.
Call AFMS Group on 1300 659 756 or book a consultation to discuss your position.
This article does not take into account your objectives, financial situation or needs. Lender policies, LMI waiver criteria, property rules and government scheme settings can change without notice and remain subject to lender credit approval. Consider whether the information is appropriate for your circumstances before acting.