LMI waiver · November 2026
LMI waivers:who doesn’t pay LMI
8 of 15 lenders waive it for listed professions, up to 95% LVR.
5 lenders waive LMI up to 95% of the price, and 2 stop at 90%. 7 publish no profession waiver.
We read each lender’s own policy page on 3 November 2026. On a $720,000 loan with a 10% deposit, a waiver is worth about $15,840.
- Lenders checked
- 15
- Publish a waiver
- 8
- To 95% LVR
- 5
- No income test
- 4
What this means for you
If you're a doctor
8 lenders waive LMI for doctors, up to 95% of the price (a 5% deposit). On a $720,000 loan at 90%, that is about $15,840 of insurance you don’t pay. Every lender for doctors.
If you're a nurse
4 lenders waive LMI for nurses, up to 95% of the price (a 5% deposit). On a $720,000 loan at 90%, that is about $15,840 of insurance you don’t pay. Every lender for nurses.
If you're a lawyer
7 lenders waive LMI for lawyers, up to 95% of the price (a 5% deposit). On a $720,000 loan at 90%, that is about $15,840 of insurance you don’t pay. Every lender for lawyers.
If you're an accountant
8 lenders waive LMI for accountants, up to 95% of the price (a 5% deposit). On a $720,000 loan at 90%, that is about $15,840 of insurance you don’t pay. Every lender for accountants.
Which lenders fit you
Your profession, your deposit and, if you like, your income.
8 lenders publish a waiver that fits: ANZ, Westpac, St.George, Bank of Melbourne, BankSA, CommBank, Bank of Queensland and NAB (LVR not published).
This filters what lenders publish: the professions they list, how small a deposit they accept, and any income test. Each lender still checks your registration and your loan, and a broker at 1st Street sees credit policy the lenders’ own sites don’t show.
By profession
How many lenders include each profession, and the page for it.
Lender by lender
The LVR you can borrow to without insurance, the income test, and who qualifies, in each lender’s own words.
| Lender | Max LVR, no LMI | Income test | Professions |
|---|---|---|---|
| ANZ | 95% | Not published | 95% LVR, group one: medical practitioners, dental practitioners and specialists; Group two: physiotherapists, chiropractors, optometrists and vets; Lawyers and solicitors, barristers, judges and magistrates; Accountants with current membership of an eligible accounting institute (CA ANZ, CPA partner bodies, AICPA, ICAEW and other Global Accounting Alliance members) |
| Westpac | 95% | $90,000 a year for the 90% tier; none for the 95% medical tier | 95% LVR, no income test: dentists, GPs, hospital-employed doctors (intern, resident, registrar, staff specialist), medical specialists; 90% LVR, $90k income: audiologists, chiropractors, midwives, occupational therapists, optometrists, osteopaths, pharmacists, physiotherapists, podiatrists, psychologists, radiographers, registered nurses, sonographers, speech pathologists, veterinary practitioners; 90% LVR (broker policy): accounting and legal professionals |
| St.George | 95% | $90,000 a year for the 90% tier; none for the 95% medical tier | 95% LVR, no income test: dentists, GPs, hospital-employed doctors (intern, resident, registrar, staff specialist), medical specialists; 90% LVR, $90k income: audiologists, chiropractors, midwives, occupational therapists, optometrists, osteopaths, pharmacists, physiotherapists, podiatrists, psychologists, radiographers, registered nurses, sonographers, speech pathologists, veterinary practitioners; 90% LVR (broker policy): accounting and legal professionals |
| Bank of Melbourne | 95% | $90,000 a year for the 90% tier; none for the 95% medical tier | 95% LVR, no income test: dentists, GPs, hospital-employed doctors (intern, resident, registrar, staff specialist), medical specialists; 90% LVR, $90k income: audiologists, chiropractors, midwives, occupational therapists, optometrists, osteopaths, pharmacists, physiotherapists, podiatrists, psychologists, radiographers, registered nurses, sonographers, speech pathologists, veterinary practitioners; 90% LVR (broker policy): accounting and legal professionals |
| BankSA | 95% | $90,000 a year for the 90% tier; none for the 95% medical tier | 95% LVR, no income test: dentists, GPs, hospital-employed doctors (intern, resident, registrar, staff specialist), medical specialists; 90% LVR, $90k income: audiologists, chiropractors, midwives, occupational therapists, optometrists, osteopaths, pharmacists, physiotherapists, podiatrists, psychologists, radiographers, registered nurses, sonographers, speech pathologists, veterinary practitioners; 90% LVR (broker policy): accounting and legal professionals |
| CommBank | 90% | Not published | Doctors; Lawyers; Accountants |
| Bank of Queensland | 90% | Not published | Doctors, dentists, veterinarians and accountants (through BOQ Specialist) |
| NAB | Not published | Not published | AHPRA-registered medical professionals: anaesthetists, chiropractors, dental practitioners, dermatologists, GPs, obstetricians and gynaecologists, ophthalmologists, optometrists, paediatricians, pathologists, pharmacists, physicians, physiotherapists, psychiatrists, radiation oncologists, radiologists, surgeons, veterinary practitioners; Financial professionals: accountants (CA, CPA, IPA), actuaries (FIAA), financial analysts (CFA); Legal professionals: barristers, lawyers and solicitors |
| Bankwest | Not published | No waiver | No waiver |
| ING | Not published | No waiver | No waiver |
| Ubank | No waiver | No waiver | No waiver |
| Macquarie | No waiver | No waiver | No waiver |
| ME Bank | Not published | No waiver | No waiver |
| Bendigo Bank | Not published | No waiver | No waiver |
| AMP Bank | Not published | No waiver | No waiver |
Rows with a green dot are the highest LVR. Lender names link to our page on that lender where there is one, otherwise to the page we read. “Not published” means the lender’s site is silent; brokers can often access a policy the consumer site doesn’t show.
Check which lender takes your profession, on your own numbersOpens the chat with this question filled in
Why banks do this, and what to check
Lenders mortgage insurance protects the lender, not you, and you pay for it whenever the loan is more than 80% of the property’s value. The premium runs to tens of thousands at 95%. Banks waive it for professions whose income is stable and high, because the default risk they are insuring against is lower, and because those borrowers are worth competing for. The policies are real but they are written for brokers, which is why the consumer sites say so little.
Three things decide whether it works for you. The profession list, which is narrower than “health professionals” suggests. The income test, which is where junior doctors and graduate lawyers fall out. And the LVR cap, which is 90% at most lenders and 95% at a few, and often lower for investment. How much you could borrow with it gone is on the borrowing pages.
Read each lender’s exact words
In the lender’s words
One sentence from each policy page, then the evidence and conditions.
CommBank — LMI waiver
“Are you a doctor, lawyer or accountant? Speak to a Home Lending Specialist to check if your profession is eligible for a LMI waiver with a deposit of as little as 10%.” CommBank publishes only the deposit: as little as 10%, which is 90% LVR. The income test, the evidence, whether investment loans qualify and the full profession list are not on its site; it says to ask a Home Lending Specialist.
ANZ — ANZ LMI Waiver
“If your customer is an eligible medical professional and applies for new or increased lending and has a loan to value ratio (LVR) of up to 95% (as assessed by ANZ), ANZ will waive the premium on the Lenders Mortgage Insurance for that loan.” Evidence: Current AHPRA general or specialist registration for medical and dental (provisional, limited and non-practising registration don't qualify); a current practising certificate from the state body for lawyers and barristers (supervised-practice conditions accepted); a commission or letter of appointment for judges and magistrates; current institute membership for accountants. The 95% tier assumes an owner-occupier principal-and-interest loan with a debt-to-income ratio under 6; investment and interest-only need a different deposit. Borrowing up to $4.75m, on a house or townhouse ANZ values at up to $5m or a unit at up to $4m (higher in some postcodes), with total ANZ home lending of $8m or less, and the applicant must hold at least an equal share of the property. Not on ANZ Plus loans. ANZ's LMI waiver fact sheet gives the profession groups but no LVR for groups other than medical, and lists nurses, midwives, pharmacists, psychologists, podiatrists, osteopaths, occupational therapists, radiographers and dental hygienists as ineligible.
Westpac — Medico and industry LMI waivers
“Medico - 95% LVR+ LMI waiver: Dentists, General Practitioners, Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist), Medical Specialists. Medico - 90% LVR+ LMI waiver: Minimum income threshold of $90,000 per annum.” Evidence: Professional qualifications are verified with the application; nurses and midwives must be registered. The accrediting bodies are not named on the public pages. Maximum loan $5m, $7.5m total lending with a waiver. The 90% tier can't be combined with Fast Track. Whether investment loans and packages qualify is not stated on the public pages.
NAB — LMI waivers for medical and professional services
“This waiver is subject to eligibility criteria dependent on profession, loan type and loan-to-valuation (LVR) ratio thresholds. To qualify for a LMI waiver, medical professionals must be practicing in an acceptable field (outlined here) and a current registered member of the Australian Health Practitioner Regulation Agency (AHPRA).” Evidence: Current AHPRA registration for medical professions; current membership of CA, CPA, IPA, FIAA or the CFA Institute for financial professions; a current practising certificate for legal professions. NAB publishes the profession lists and the registration bodies but not the maximum LVR, an income test or a loan cap; it says eligibility depends on profession, loan type and LVR thresholds and directs you to a lender or broker.
St.George — Medico Policy and Industry Specialisation Policies
“No minimum income is needed for these professions, with a maximum LVR of up to 95%, with no LMI. Dentist, General Practitioners, Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist), Medical Specialists (as per the Medical Board of Australia).” Evidence: Medical specialists as defined by the Medical Board of Australia; self-employed and casual professionals in the listed fields are included. Registration documents are not specified on the consumer page. Applies to variable and fixed loans, owner-occupied or investment, whether employed, self-employed, casual or contract. The consumer page no longer prints a loan cap or the Fast Track rule; Westpac's group broker policy still sets a $5m maximum loan ($7.5m total lending with a waiver) and bars the 90% tier from Fast Track.
Bank of Melbourne — Medico Policy and Industry Specialisation Policies
“Those in the listed healthcare and emergency service professions can apply for up to 90% LVR with no LMI, and must have a minimum income of $90k per year.” Evidence: Medical specialists as defined by the Medical Board of Australia; self-employed and casual professionals in the listed fields are included. Applies to variable and fixed loans, owner-occupied or investment, whether employed, self-employed, casual or contract. The consumer page no longer prints a loan cap or the Fast Track rule; Westpac's group broker policy still sets a $5m maximum loan ($7.5m total lending with a waiver) and bars the 90% tier from Fast Track.
Bankwest — Industry Professional LMI waiver
“Industry Professional LMI waiver - Ensure application meets policy, and LMI waiver is requested by providing commentary and supportive evidence via the Broker Portal.”
ING
“LMI is payable where your deposit is less than 20% of the value of the property.” Also: The First Home Guarantee and guarantor loans, as the published routes to no LMI.
Ubank
“With Ubank, you can apply for an owner occupied or investment home loan repaying principal and interest (P&I) without paying LMI even if you have a deposit as low as 10% (for purchases) or for owner occupied home loans repaying P&I if you have equity as low as 15% (if refinancing).” Also: Ubank charges no LMI to anyone: owner-occupied and investment principal-and-interest purchases from a 10% deposit, owner-occupied refinances with 15% equity, capped at $2m when LVR is over 85%.
Bank of Queensland — BOQ Specialist no-LMI lending
“You may be able to borrow up to 90% of your property's value and avoid paying lenders mortgage insurance (LMI).” Published by BOQ Specialist, a division of Bank of Queensland, not on boq.com.au. Stated conditionally and subject to credit approval; the Banking Package carries an annual package fee the page does not state. Whether the 90% applies to investment loans, and any income test or evidence, is not published. Also: Mainstream BOQ: a 15% LMI discount when a family member pays the premium upfront, and the Family Guarantee for first home buyers.
Macquarie
“Macquarie doesn't offer LMI waivers, or the equivalent for the LDF, for home loans with an LVR greater than 80%.” Also: Macquarie charges a Low Deposit Fee instead of LMI above 80% LVR and says plainly it waives neither. Its professional list (accountants, actuaries, lawyers, medicos, engineers, vets, architects, pharmacists and others) only relaxes self-employed income verification, capped at 80% LVR.
BankSA — Medico Policy and Industry Specialisation Policies
“No minimum income is needed for these professions, with a maximum LVR of up to 95%, with no LMI. Dentist, General Practitioners, Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist), Medical Specialists (as per the Medical Board of Australia).” Evidence: Medical specialists as defined by the Medical Board of Australia; self-employed and casual professionals in the listed fields are included. Applies to variable and fixed loans, owner-occupied or investment, whether employed, self-employed, casual or contract. The consumer page no longer prints a loan cap or the Fast Track rule; Westpac's group broker policy still sets a $5m maximum loan ($7.5m total lending with a waiver) and bars the 90% tier from Fast Track.
ME Bank
“As a borrower with ME, you'll need to pay an extra fee to cover lenders mortgage insurance if you're borrowing more than 80% of the property's value.” Also: A $2,000 cashback on loans of $400,000 or more over 80% LVR where LMI is paid (applications 18 August 2026 to 7 December 2026), which is a cashback rather than a waiver.
Bendigo Bank
“The LVR is inclusive of capitalised LMI. LVR is subject to LMI acceptability, location and loan purpose.” Also: The 5% deposit first home buyer and 2% deposit single-parent government schemes, which avoid LMI through the guarantee rather than a waiver.
AMP Bank
“No LMI Premium, Max LVR: Zones 1/2 (Incl. High Density) Up to $2,000,000 80% (P&I or I/O).” Also: A $2,000 LMI rebate ran from June to August 2024 and has expired.
Questions
Which professions get an LMI waiver?
Medical practitioners are on every list that exists. Beyond that it varies by lender: doctors at 8 lenders, nurses at 4 lenders, teachers at 0 lenders, lawyers at 7 lenders, accountants at 8 lenders, engineers at 0 lenders, as at 3 November 2026. Each lender's own wording is in the table, because "health professionals" at one bank means doctors only and at another includes physiotherapists.
How much does an LMI waiver save?
On a $720,000 loan at 90% LVR, lenders mortgage insurance is roughly $15,840; at 95% LVR roughly $30,240. It is a one-off premium, usually added to the loan, so you pay interest on it for thirty years as well. A waiver removes the whole figure.
Do I need a minimum income for the waiver?
CommBank, ANZ, NAB and Bank of Queensland publish no income test. Where there is one it runs from $90,000 to $90,000, sometimes sole and sometimes combined. The income test is the thing that catches junior doctors and graduate lawyers: the profession qualifies but the salary doesn't yet.
Can I get an LMI waiver on an investment property?
At some lenders. Most policies apply to owner-occupied and investment loans alike, but a few limit the waiver to the home you live in, and the LVR cap is often lower for investors. The conditions column says which, in the lender's own words.
What evidence do I need?
Proof you are what you say: AHPRA registration for medical and nursing professions, a current practising certificate for lawyers, CPA or CA ANZ membership for accountants, Engineers Australia membership for engineers, and payslips for the income test. Some lenders want the registration to be current at settlement, not just at application.
Each lender, one by one
Does NAB waive LMI for professionals?
Yes. NAB lists: AHPRA-registered medical professionals: anaesthetists, chiropractors, dental practitioners, dermatologists, GPs, obstetricians and gynaecologists, ophthalmologists, optometrists, paediatricians, pathologists, pharmacists, physicians, physiotherapists, psychiatrists, radiation oncologists, radiologists, surgeons, veterinary practitioners; Financial professionals: accountants (CA, CPA, IPA), actuaries (FIAA), financial analysts (CFA); Legal professionals: barristers, lawyers and solicitors. NAB's own page says: "This waiver is subject to eligibility criteria dependent on profession, loan type and loan-to-valuation (LVR) ratio thresholds. To qualify for a LMI waiver, medical professionals must be practicing in an acceptable field (outlined here) and a current registered member of the Australian Health Practitioner Regulation Agency (AHPRA)." NAB publishes the profession lists and the registration bodies but not the maximum LVR, an income test or a loan cap; it says eligibility depends on profession, loan type and LVR thresholds and directs you to a lender or broker. Checked 3 November 2026.
Does CommBank waive LMI for professionals?
Yes, up to 90% LVR. CommBank lists: Doctors; Lawyers; Accountants. CommBank's own page says: "Are you a doctor, lawyer or accountant? Speak to a Home Lending Specialist to check if your profession is eligible for a LMI waiver with a deposit of as little as 10%." CommBank publishes only the deposit: as little as 10%, which is 90% LVR. The income test, the evidence, whether investment loans qualify and the full profession list are not on its site; it says to ask a Home Lending Specialist. Checked 3 November 2026.
Does ANZ waive LMI for professionals?
Yes, up to 95% LVR. ANZ lists: 95% LVR, group one: medical practitioners, dental practitioners and specialists; Group two: physiotherapists, chiropractors, optometrists and vets; Lawyers and solicitors, barristers, judges and magistrates; Accountants with current membership of an eligible accounting institute (CA ANZ, CPA partner bodies, AICPA, ICAEW and other Global Accounting Alliance members). ANZ's own page says: "If your customer is an eligible medical professional and applies for new or increased lending and has a loan to value ratio (LVR) of up to 95% (as assessed by ANZ), ANZ will waive the premium on the Lenders Mortgage Insurance for that loan." The 95% tier assumes an owner-occupier principal-and-interest loan with a debt-to-income ratio under 6; investment and interest-only need a different deposit. Borrowing up to $4.75m, on a house or townhouse ANZ values at up to $5m or a unit at up to $4m (higher in some postcodes), with total ANZ home lending of $8m or less, and the applicant must hold at least an equal share of the property. Not on ANZ Plus loans. ANZ's LMI waiver fact sheet gives the profession groups but no LVR for groups other than medical, and lists nurses, midwives, pharmacists, psychologists, podiatrists, osteopaths, occupational therapists, radiographers and dental hygienists as ineligible. Checked 3 November 2026.
Does Bankwest waive LMI for professionals?
Bankwest doesn't publish a profession waiver on its own site. Brokers can often access one; ask before you rule it out. Checked 3 November 2026.
Does Westpac waive LMI for professionals?
Yes, up to 95% LVR with $90,000 a year for the 90% tier; none for the 95% medical tier. Westpac lists: 95% LVR, no income test: dentists, GPs, hospital-employed doctors (intern, resident, registrar, staff specialist), medical specialists; 90% LVR, $90k income: audiologists, chiropractors, midwives, occupational therapists, optometrists, osteopaths, pharmacists, physiotherapists, podiatrists, psychologists, radiographers, registered nurses, sonographers, speech pathologists, veterinary practitioners; 90% LVR (broker policy): accounting and legal professionals. Westpac's own page says: "Medico - 95% LVR+ LMI waiver: Dentists, General Practitioners, Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist), Medical Specialists. Medico - 90% LVR+ LMI waiver: Minimum income threshold of $90,000 per annum." Maximum loan $5m, $7.5m total lending with a waiver. The 90% tier can't be combined with Fast Track. Whether investment loans and packages qualify is not stated on the public pages. Checked 3 November 2026.
Checked 3 November 2026 against each lender’s own policy page, linked in the table; re-read monthly. Lenders change profession lists, income tests and LVR caps without notice, so confirm with the lender before you rely on a row. The LMI estimates are a guide from insurers’ published tables, not a quote. If a lender’s page has changed since, tell us at hello@arthr.com.au and we’ll fix the row.
In one of these professions?
A broker at 1st Street can see every lender’s credit policy, including the waivers the consumer sites don’t show, and which one gives you the rate as well.
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