Last updated: May 2026.
LMI Waiver for Professionals: Full List of Eligible Occupations (2026)
Quick Answer: If you're a doctor, lawyer, accountant, engineer, or allied health professional, you may qualify for an LMI waiver allowing you to borrow up to 90 to 95% of a property's value without paying lenders mortgage insurance. This can save you $10,000 to $40,000+ depending on loan size. Eligibility varies by lender and requires professional body membership and minimum income thresholds.
What Is an LMI Waiver?
Lenders Mortgage Insurance (LMI) is a fee charged by lenders when your deposit is less than 20% of the property value (loan-to-value ratio above 80%). LMI protects the lender if you default on the loan but you pay the premium, typically $5,000 to $60,000 depending on loan size and deposit size.
An LMI waiver means the lender forgoes this fee entirely for eligible professionals. Instead of paying LMI, you can borrow with a lower deposit while remaining insured the lender simply accepts the higher risk because your profession (doctor, lawyer, etc.) is considered stable and low-risk.
How Much Can You Save with an LMI Waiver?
Here's what LMI typically costs professionals without a waiver:
| Property Price | 10% Deposit | Typical LMI Cost (Without Waiver) | Savings with Waiver |
|---|---|---|---|
| $600,000 | $60,000 | ~$12,000 to $18,000 | $12,000 to $18,000 |
| $800,000 | $80,000 | ~$20,000 to $34,000 | $20,000 to $34,000 |
| $1,000,000 | $100,000 | ~$24,000 to $40,000 | $24,000 to $40,000 |
| $1,500,000 | $150,000 | ~$35,000 to $55,000 | $35,000 to $55,000 |
Example: Buying a $1M property with a 10% deposit ($100,000) normally requires paying ~$30,000 in LMI. With an LMI waiver, you borrow $900,000 with zero LMI premium saving $30,000 immediately and reducing your total borrowing costs. Sanity-check your specific numbers with the loan repayment calculator.
Eligible Professions for LMI Waivers (2026)
Most major Australian lenders (CBA, Westpac, NAB, ANZ, Macquarie, BankVic, BOQ, ME Bank, Bankwest) offer LMI waivers for these occupations:
Medical & Allied Health Professionals
| Profession | Max LVR (Typical) | Lenders Offering Waiver |
|---|---|---|
| Doctor / GP | 95% | CBA, Westpac, NAB, ANZ, Macquarie, BankVic, BOQ |
| Specialist / Surgeon | 95% | CBA, Westpac, NAB, ANZ, Macquarie |
| Dentist | 95% | CBA, Westpac, NAB, ANZ, Macquarie, BOQ |
| Veterinarian | 90% | Westpac, NAB, ANZ, BankVic |
| Pharmacist | 90% | CBA, Westpac, NAB, ANZ |
| Nurse / Midwife | 90% | Westpac (90% LVR, $90k+ pa), ANZ, NAB |
| Physiotherapist | 90% | ANZ, NAB, Westpac, BankVic |
| Chiropractor | 90% | ANZ, NAB, Westpac |
| Optometrist | 90% | ANZ, NAB, Westpac, BankVic |
| Podiatrist | 90% | Westpac, NAB, BankVic |
| Occupational Therapist | 90% | Westpac, NAB |
Legal Professionals
| Profession | Max LVR (Typical) | Lenders Offering Waiver |
|---|---|---|
| Solicitor | 90% | CBA, Westpac, NAB, ANZ, Macquarie |
| Barrister | 90% | CBA, Westpac, NAB, ANZ |
| Judge / Magistrate | 95% | CBA, Westpac, NAB, ANZ |
| Conveyancer | 90% | Westpac, NAB, ANZ |
Accounting & Finance Professionals
| Profession | Max LVR (Typical) | Lenders Offering Waiver |
|---|---|---|
| Chartered Accountant (CA / CPA / IPA) | 90% | CBA, Westpac, NAB, ANZ, Macquarie |
| Auditor | 90% | Westpac, NAB, ANZ |
| Actuary | 90% | CBA, Westpac, NAB, ANZ |
| Financial Planner (CFP / AFSL) | 90% | Some lenders (Westpac, NAB) |
| CFO / Finance Director | 90% | Macquarie, Westpac, NAB |
Engineering & Technical Professionals
| Profession | Max LVR (Typical) | Lenders Offering Waiver |
|---|---|---|
| Chartered Engineer (Civil / Mechanical / Electrical) | 90% | NAB, Westpac, Macquarie |
| Mining Engineer | 90% | NAB, Westpac, Macquarie |
| Structural Engineer | 90% | NAB, Westpac |
Other Eligible Professions
- Police officers (some lenders: Westpac, NAB)
- Teachers (some lenders: ANZ, Westpac)
- Banking professionals / senior managers (CBA, Westpac, NAB)
- Athletes (select professional sports: limited lender support)
Medical Professional LMI Waivers (Special Case)
Medical professionals typically receive the most generous LMI waiver terms. Here's why:
Medico Loan Features
- Maximum LVR: Up to 95 to 100% (depends on lender; some allow full property purchase price with zero deposit)
- Income requirement: Typically $150,000+ per annum (lower for specialists)
- Membership requirement: Australian Medical Association (AMA), state medical board registration
- Loan cap: Usually $2 to $3 million (some lenders offer higher)
- Special schemes: Many lenders have dedicated "medico" or "doctor loan" products with tailored terms
Example: Westpac Medico Policy
- Borrow up to 95% LVR with no LMI
- Minimum income: $150,000 pa
- Maximum loan: $2 million
- Requires AMA membership or state registration
- Covers GPs, specialists, surgeons, dentists
Example: CBA Medico Plus Policy
- Borrow up to 94.99% LVR with no LMI
- Covers doctors, dentists, specialists
- Recently expanded (July 2025) to include pharmacists and banking professionals
- Minimum income thresholds apply
If you sit in this category, our medico loans service handles the full structure end to end.
Legal Professional LMI Waivers
Legal professionals (solicitors, barristers, judges) also qualify for generous waivers:
- Maximum LVR: 90 to 95%
- Income requirement: $150,000 to $200,000 pa (varies by lender)
- Membership: Law Society of the relevant state (e.g. Law Society of NSW)
- Typical lenders: CBA, Westpac, NAB, ANZ, Macquarie
- Loan cap: $1.5 to $2 million
Accounting and Finance Professional LMI Waivers
Accountants, auditors, and actuaries are well-supported across lenders:
- Maximum LVR: 90%
- Income requirement: $120,000 to $150,000 pa
- Membership:
- Accountants: Chartered Accountants Australia and New Zealand (CA), CPA Australia, or Institute of Public Accountants (IPA)
- Actuaries: Institute of Actuaries Australia
- Typical lenders: CBA, Westpac, NAB, ANZ, Macquarie
- Loan cap: $1.5 to $2 million
Other Eligible Occupations
Nurses & Midwives (New in 2025-2026)
Westpac expanded its program in March 2024 to include registered nurses and midwives:
- Maximum LVR: 90%
- Minimum income: $90,000 pa
- Membership: AHPRA registration (Australian Health Practitioner Regulation Agency)
- Note: This is a recent expansion; check with your lender for current policies
Engineering Professionals
Engineering eligibility varies more than other professions:
- Maximum LVR: 90% (varies by lender and discipline)
- Membership: Engineers Australia (EA) chartered engineer status
- Typical lenders: NAB, Westpac, Macquarie
- Note: Mining and petroleum engineers often have better access than other disciplines
Police & Emergency Services
Some lenders offer LMI waivers for police officers, firefighters, and paramedics:
- Maximum LVR: 90%
- Typical lenders: Westpac, NAB, ANZ (varies)
- Eligibility: Vary significantly; check directly with your preferred lender
Lender-by-Lender Comparison (2026)
| Lender | Max LVR (Medical) | Max LVR (Legal) | Max LVR (Accounting) | Scope | Notes |
|---|---|---|---|---|---|
| Commonwealth Bank (CBA) | 94.99% | 90% | 90% | Broad (doctors, dentists, pharmacists, judges, accountants) | Medico Plus policy; recent expansion to pharmacists (July 2025) |
| Westpac | 95% | 90% | 90% | Broad + nurses (new) | Medico policy; expanded to nurses/midwives Mar 2024 |
| NAB | 95% | 90% | 90% | Broad (medical, legal, accounting, engineering) | Wide profession acceptance; good for engineers |
| ANZ | 95% (medical); 90% (allied) | 90% | 90% | Broad (medical, legal, accounting, engineers, teachers) | Allied health (physio, chiro) up to 90%; medical up to 95% |
| Macquarie Bank | 95% | 90% | 90% | Medical, legal, accounting, senior corporate | Smaller lender; often competitive on medico loans |
| BankVic | 90% | 90% | 90% | Medical, legal, accounting, allied health | Regional focus (Victoria); competitive rates |
| Bank of Queensland (BOQ) | 90% | Limited | 90% | Medical, accounting (limited legal) | Growing profession support |
| ME Bank | 90% | Limited | 90% | Medical, accounting | Niche focus on professional lending |
| Bankwest | 90% | 90% | 90% | Medical, legal, accounting, engineering | Standard support; Western Australia focus |
Lender Policy Note: These policies change frequently. Always verify current eligibility with your preferred lender or through a mortgage broker, as lenders update their criteria annually.
Eligibility Requirements for LMI Waivers
To qualify for an LMI waiver, you typically must meet ALL of these criteria:
1. Professional Qualification
- Your occupation is on your lender's approved professions list
- For most professions: you must be a full member or in good standing with the relevant professional body
- Doctors: AMA membership or state medical board registration
- Lawyers: Law Society registration (state-based)
- Accountants: CA, CPA, or IPA membership
- Engineers: Engineers Australia chartered engineer status
- Nurses: AHPRA registration
2. Minimum Income Threshold
- Most professions require $120,000 to $150,000+ per annum gross income
- Medical professionals often need $150,000+
- Allied health (nurses, physios) may accept $90,000 to $120,000
- Income must be demonstrated via recent tax returns, payslips, or financial statements
3. Employment Status
- Usually requires employed full-time or established self-employed (2+ years in business)
- Some lenders accept part-time if income meets threshold
- Self-employed professionals need accountant-verified financials
4. Citizenship / Residency
- Must be an Australian citizen or permanent resident
- Some lenders require permanent residency for non-citizens
5. Loan Purpose
- LMI waivers typically apply only to owner-occupied property purchases
- Investment property loans usually exclude waivers
- Owner-occupier requirements: you must intend to live in the property as your principal place of residence
6. Maximum Loan Amount
- Typical cap: $1.5 to $2 million (varies by lender)
- Some lenders (CBA, Westpac) cap at $2 million; others at $1.5 million
- Loan must be under the lender's maximum
7. Credit & Financial Serviceability
- Must pass standard credit checks and serviceability assessments
- Good credit history (usually 650+ credit score)
- Debt-to-income ratio and living expenses must be reasonable
How to Apply for an LMI Waiver
Step 1: Check Your Eligibility
- Confirm your profession is on your lender's approved list
- Verify you meet income requirements and professional membership
- Ask your broker or lender for their current profession criteria
Step 2: Gather Required Documentation
- Professional proof:
- Copy of professional licence or registration (medical board, Law Society, CA/CPA membership card)
- Professional body membership card
- Income proof:
- Last 2 years of tax returns
- Recent payslips (if employed) or financial statements (if self-employed)
- Identification:
- Drivers licence / passport
- Proof of permanent residency (if applicable)
- Property details:
- Property address and contract of sale
Step 3: Contact Your Preferred Lender or Mortgage Broker
- Work with a broker: They know which lenders offer the best rates and waivers for your profession
- Or contact lenders directly: Most have professional lending teams
- Provide profession documentation and income proof
- Request a pre-qualification letter if possible
Step 4: Lender Assessment
- Lender reviews your profession eligibility
- Verifies professional body membership and income
- Confirms loan-to-value and loan amount against waiver criteria
- Issues formal waiver approval (in-principle offer)
Step 5: Formal Application
- Submit formal home loan application with waiver approval
- Lender orders property valuation and conducts final servicing checks
- Settlement occurs as per standard loan process
Common Mistakes to Avoid
- Assuming all lenders offer waivers for your profession. Many professionals assume their occupation qualifies with every lender. Reality: eligibility varies significantly. Nurses only recently qualified with Westpac; engineers have limited acceptance. Always check directly.
- Missing professional body membership. Some professionals don't maintain membership in their professional association, thinking it's optional. Reality: most lenders require current membership. Doctors must be AMA members; lawyers must be Law Society members. Update before applying.
- Mixing investment and owner-occupier properties. LMI waivers typically apply to owner-occupied properties only. If you're buying an investment property or second home, you likely won't qualify. Check with your lender.
- Underestimating income thresholds. A professional earning $100,000 may not qualify if the lender requires $150,000. Income must be stable and verifiable. Self-employed professionals need 2+ years of financial history.
- Not using a mortgage broker. Brokers have relationships with lenders and know which ones offer the best rates and waivers for your profession. Using a broker often saves $10,000+ and speeds up approval.
- Forgetting about loan caps. Most lenders cap waiver loans at $1.5 to $2 million. If you're borrowing $2.5 million, you won't qualify for a waiver on the entire loan. Check maximum amounts first.
- Ignoring updated policies. Lender policies change annually. A profession that qualified last year might not qualify this year or new professions might be added. Always verify current criteria.
Related guides from RyRo Loan Centre
More reading for high-income borrowers and specialists:
- Self-employed home loan Australia: how to get approved, key reading for medical and legal specialists who run their own practice.
- Guarantor home loan Australia, an alternative LMI workaround for younger professionals.
- What credit score do you need for a home loan in Australia?, what your file looks like to LMI-waiver lenders.
- Borrowing power calculator, get a quick view of your eligible loan size before applying.
- For face-to-face structuring, book a strategy call or contact us.
Bottom Line
If you're a medical professional, lawyer, accountant, engineer, or allied health professional, an LMI waiver could save you $10,000 to $40,000+ on your home loan. The key steps are:
- Confirm your profession qualifies with your preferred lender
- Maintain professional body membership
- Verify you meet income requirements ($120,000 to $150,000+ typically)
- Use a mortgage broker to find the best lenders for your occupation
- Apply with correct documentation
Lender policies change regularly, so always verify current eligibility before applying. A good mortgage broker will know which lenders offer the best rates and waivers for your specific profession in 2026.
Disclaimer: Lender policies change frequently the information above reflects common 2026 criteria but may vary. Always verify current eligibility with your preferred lender or mortgage broker before committing to a home loan application.
Last updated: April 2026
Quick answers
Frequently asked questions
A: An LMI waiver costs nothing it's a complete exemption. You don't pay any LMI premium. There may be other fees (application, valuation, settlement), but LMI itself is waived entirely.
A: No. LMI waivers are for owner-occupied properties only. Investment property loans do not qualify. However, you can still borrow at high LVR; you'll just pay standard LMI.
A: Most lenders require you to be in your new profession for 2+ years. If you've recently transitioned, you may not qualify yet. Ask your broker about lenders with shorter eligibility periods.
A: No that's the point of a waiver. You borrow without paying LMI. The lender accepts the higher loan-to-value ratio (90 to 95% LVR) because your profession is considered low-risk.
A: Capitalised LMI = you pay the LMI premium, but it's added to your loan amount instead of paid upfront. LMI waiver = you don't pay LMI at all. A waiver is always better financially.
A: Yes. Without a waiver, you can borrow up to 80% of property value without LMI. With a waiver, you can borrow 90 to 95% without LMI. This lets you buy with a smaller deposit.
A: Most lenders require full-time employment. If you're part-time or self-employed, you must have worked in your field for 2+ years and have verified income. Ask your broker about flexible lenders.
A: Pre-qualification typically takes 1 to 2 business days. Formal approval (as part of your loan application) takes 5 to 10 business days, depending on the lender's assessment timeline.
The big categories are medical (doctors, dentists, vets, optometrists, pharmacists), legal (solicitors, barristers, judges), accounting (CA, CPA, IPA members), and a growing list of others, including engineers, actuaries, mining professionals, professional athletes, and some senior IT and finance roles. Each lender has its own approved list, so the exact eligibility depends on which lender you go to.
$10,000 to $40,000 on a typical Sydney purchase, depending on loan size, LVR, and lender. On a $1,200,000 property with a 90% loan, LMI can sit between $25,000 and $35,000. A waiver eliminates that cost entirely. The saving usually goes straight into your offset account or reduces the loan balance from day one.
Yes, with a small number of lenders. Registered nurses, midwives, and clinical specialists are on the approved list with several second-tier and specialist lenders, typically up to 90% LVR. The list is narrower than for doctors, but the waiver is real and worth chasing.
Some lenders include public school teachers and university lecturers on their LMI waiver list, typically capped at 85% to 90% LVR. The professional teacher waivers are far less common than medical or legal waivers. A broker will know which lenders currently extend it.
Most lenders cap LMI waivers at 90% LVR. A select few (notably for medical specialists with high incomes) extend to 95% LVR with full waiver. Beyond 95%, even waiver-eligible professionals usually pay LMI or use a guarantor.
Usually yes. Lenders verify your profession via AHPRA registration (medical, dental, nursing), Law Society or Bar Association membership (legal), or CA / CPA / IPA membership (accounting). Active and current membership at the time of application is required.
The most consistent options are Bank of Queensland Specialist, BankSA, St George, Westpac, Macquarie, and a small group of non-bank specialists. Rates and LVR caps shift quarterly, so a broker who specialises in medico loans will know the current best fit for your situation.
Yes, but the rules tighten. You usually need 2 years of business activity, evidence of consistent income, and good debt-to-income ratios. Some lenders restrict the waiver to PAYG professionals only. If you have only 1 year of self-employed history, see our self-employed home loan guide for alternatives.
Yes with some lenders, no with others. The waiver was originally designed for owner-occupier purchases. Today, about half the lenders that offer the waiver extend it to investment properties for the same professions, often at a slightly lower LVR cap (85% instead of 90%).
Through a lender or broker. You submit your standard home loan application plus proof of profession (registration certificate or membership card). The lender's policy team confirms eligibility, and the LMI line item drops to zero in your loan offer. No separate application form is needed in most cases.
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