LMI Waivers for Medical Professionals
There is no single "medical professionals" LMI waiver. Doctors and dentists reach 95% LVR at several lenders, allied health usually 90%, and some professions that broker sites list are not eligible anywhere. Below is the eligibility table, lender by lender, including where the answer is no. Verified 2 September 2026. RyRo Loan Centre compares home loans with an LMI waiver from 50+ lenders and structures your application to get you approved. Based in Norwest, Sydney, helping medical professionals across NSW and Australia.
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Why Medical Professionals Use a Specialist Broker for Their Home Loan
Doctors, dentists, and allied health professionals occupy a unique position in the home loan market. They earn strong, stable incomes, but early in their careers, they often have limited savings history, significant HECS debt, and demanding rosters that leave little time to navigate complex lender requirements. The irony is that despite excellent long-term financial profiles, they're frequently assessed like any other borrower by lenders who don't understand their situation.
A home loan with an LMI waiver, offered by a select group of lenders who recognise the risk profile of medical professionals, changes that. The headline benefit is the LMI waiver: the ability to borrow up to 90% or 95% of the property value without paying Lenders Mortgage Insurance, where your profession and lender both allow it. On a $1,000,000 property a QBE rate card puts the premium near $20,800 at 90% LVR and $42,100 at 95%. We work with doctors, registrars, GPs, specialists, dentists, and allied health professionals to access these products and structure loans that account for income type, HECS obligations, and career stage.
What Is an LMI Waiver, and Who Actually Gets One?
Lenders Mortgage Insurance (LMI) is a premium charged to borrowers who borrow more than 80% of a property's value. It protects the lender (not you) in the event of default, and it's not cheap, on a $1,000,000 property purchased with a 10% deposit, LMI can add tens of thousands to your loan balance, on top of which you pay interest for the life of the loan.
Select lenders waive LMI for medical professionals because actuarial data consistently shows doctors have among the lowest mortgage default rates of any profession. A registrar earning $120,000 today will likely be earning $300,000+ within five years. Lenders who understand the medical career trajectory are willing to extend higher LVR borrowing without the LMI premium, treating the profession itself as the risk offset.
- 1
Not all lenders offer it
Only a subset of lenders on our panel, typically specialist and mid-tier banks, have formal LMI waiver policies with LMI waivers. The big four banks have limited or inconsistent policies. We compare every lender who offers it and find the one whose terms, rates, and eligibility criteria best suit your situation.
- 2
LVR limits vary by lender and profession
Most medico lenders waive LMI up to 90% LVR. Some extend to 95% LVRfor certain professions (typically AHPRA-registered medical practitioners). Allied health professionals may be capped at 90%. LVR limits also differ for owner-occupied vs investment properties. We know each lender's specific policy and match you accordingly.
- 3
You still need to demonstrate serviceability
The LMI waiver removes the deposit barrier but doesn't change serviceability requirements. The lender still needs to confirm you can comfortably afford repayments based on your income, existing debts, and living expenses. We help structure your application, including how HECS repayments, overtime, sessional, and locum income are calculated, to present the strongest case.
Which professions actually get an LMI waiver?
This is the question every other page answers vaguely, because the honest answer is awkward: it depends entirely on the lender, and several professions commonly listed as eligible are not eligible at some major banks at all.
Every cell below comes from that lender's own published material, not from a comparison site. Where a lender does not publish an LVR or an income threshold, the table says so rather than filling the gap with a number from somewhere else.
| Profession | ANZ | Westpac / St.George | NAB | CBA |
|---|---|---|---|---|
| GP or medical practitioner | Yes, to 95% | Yes, to 95% | Yes, LVR not published | Yes, LVR not published |
| Medical specialist or surgeon | Yes, to 95% | Yes, to 95% | Yes, LVR not published | Yes, LVR not published |
| Dentist or dental specialist | Yes, to 95% | Yes, to 95% | Yes, LVR not published | Yes, LVR not published |
| Veterinarian | Yes, to 90% | Yes, to 90% | Yes, LVR not published | Yes, LVR not published |
| Optometrist | Not eligible | Yes, to 90% | Yes, LVR not published | Not stated |
| Pharmacist | Not eligible | Yes, to 90% | Yes, LVR not published | Yes, LVR not published |
| Physiotherapist | Yes, to 90% | Yes, to 90% | Yes, LVR not published | Not eligible |
| Chiropractor | Yes, to 90% | Yes, to 90% | Yes, LVR not published | Not stated |
| Psychologist | Not eligible | Yes, to 90% | Yes, LVR not published | Not eligible |
| Registered nurse | Not eligible | Yes, to 90% | Not eligible | Not eligible |
| Midwife | Not eligible | Yes, to 90% | Not eligible | Not stated |
| Radiographer | Not eligible | Yes, to 90% | Not eligible | Not stated |
Sources, verified 2 September 2026. ANZ broker LMI waiver fact sheets. Westpac healthcare LMI page. St.George broker niche flyer. NAB LMI waiver page. CBA health home lending page. "Not stated" means that lender does not publish a position on that profession, which is not the same as a refusal. Westpac and St.George apply a $90,000 minimum income to their 90% tier and no minimum to the 95% tier. NAB and CBA do not publish an LVR figure or an income threshold on their own websites, so this table does not invent one. Figures for those two that circulate on broker sites, including a widely repeated CBA LVR figure and a product name, could not be verified on CBA's own site and are deliberately absent here. Lender policy changes without notice. Use this to know which questions to ask, then let us confirm your position in writing before you rely on it.
The three things most pages get wrong
1. Nurses are not broadly eligible
Registered nurses are the most over-claimed profession in this space. Of the four lenders above, only Westpac and St.George accept them, at 90% LVR with a $90,000 minimum income. ANZ lists registered nurses as ineligible in its own fact sheet, and they do not appear on NAB's list. If a page tells you nurses get LMI waivers without naming a lender, it is not telling you anything useful.
2. Your registration type is a gate, not a formality
ANZ requires General or Specialist AHPRA registration and explicitly excludes Provisional and Limited registration, which in practice excludes first year interns. Suncorp, which is not in the table above, also excludes provisional and limited registration under its eligible medical practitioner criteria. CBA goes the other way and explicitly includes interns, residents, registrars and supervised doctors, and Westpac and St.George put hospital employed doctors including interns in their top 95% tier. So the same intern is eligible at some lenders and not at others purely on registration type. This is the single most common reason a medico application gets placed with the wrong lender.
3. Allied health and medical are not the same tier
Doctors, dentists and medical specialists reach 95% LVR at ANZ, Westpac and St.George. Allied health professions generally sit at 90%, often with a minimum income attached. Physiotherapists are accepted by ANZ and Westpac but explicitly excluded by CBA. Psychologists are accepted by Westpac and NAB but excluded by both ANZ and CBA. Which tier you land in changes your deposit by tens of thousands of dollars.
How much is an LMI waiver actually worth?
On an $800,000 Sydney purchase with a 5% deposit, the premium a waiver removes is roughly $33,700. With a 10% deposit it is roughly $16,600. That is the whole reason this matters.
LMI premiums are set by the insurer, not the bank, and the rate cards are usually not public. The figures below come from a QBE rate card that Bankwest publishes for brokers, effective 1 September 2025, which is a genuine lender-published document rather than a comparison site estimate.
| Purchase price | 10% deposit | Loan at 90% | LMI at 90% | 5% deposit | Loan at 95% | LMI at 95% |
|---|---|---|---|---|---|---|
| $700,000 | $70,000 | $630,000 | $14,553 | $35,000 | $665,000 | $29,460 |
| $800,000 | $80,000 | $720,000 | $16,632 | $40,000 | $760,000 | $33,668 |
| $900,000 | $90,000 | $810,000 | $18,711 | $45,000 | $855,000 | $37,877 |
| $1,000,000 | $100,000 | $900,000 | $20,790 | $50,000 | $950,000 | $42,085 |
How this table was built. Premiums are the loan amount times the applicable rate from the QBE LMI rate card published by Bankwest for brokers, effective 1 September 2025, owner-occupier table, valid for loans of $600,000 to $1,000,000. That card puts 90% LVR at 2.31% of the loan and 95% LVR at 4.43%. As a cross-check, ANZ's own published waiver fact sheets put LMI on an $800,000 property at $17,699 at 90% LVR and $36,187 at 95%. The two land within about 7% of each other, which is expected because they are different insurers on different rate cards. That spread is the point: there is no single correct LMI figure, so treat these as the order of magnitude and get a real quote before you plan around a number. NSW and the ACT charge no stamp duty on LMI premiums, so in Sydney the premium is the whole cost. Other states add duty on top.
The waiver is not automatically the best outcome
A waiver removes a real cost, but borrowing at 95% instead of 80% means a larger loan, a higher repayment and less equity buffer if prices move against you. Some borrowers are better off with a larger deposit and a sharper rate than with a waiver and a bigger balance. We model both before recommending either, and if the waiver is not the right call for your situation we will tell you.
What an LMI Waiver Gets You as a Medical Professional
- 1
No LMI up to 90% or 95% LVR
The flagship benefit. A smaller deposit does not cost you the premium shown in the table above. You can enter the market sooner or preserve capital for other purposes, without the LMI penalty that applies to standard borrowers.
- 2
HECS debt assessed more fairly
Standard lenders treat HECS repayments as a fixed liability, reducing your borrowing capacity significantly. Medico-aware lenders take a more nuanced view, particularly for registrars and junior doctors where income growth is a reasonable expectation. We position your application to reflect your actual financial trajectory.
- 3
Competitive interest rates
Medico borrowers are low-risk borrowers. Beyond the LMI waiver, many lenders offer competitive variable and fixed rates to attract and retain medical professionals. We negotiate on your behalf to ensure you're not just getting the LMI waiver, you're getting the best available rate structure for your loan size and type.
- 4
Income flexibility: locum, sessional, overtime
Medical professionals often have variable income components, locum shifts, private practice earnings, after-hours loadings, or sessional work. Medico-specialist lenders understand these income types and can include a higher proportion of non-base income in serviceability calculations than standard lenders. This directly increases what you can borrow.
The Full List of Professions on a Lender Waiver List
These are the professions that appear on at least one lender's waiver list. Being on this list does not mean every lender accepts you, and for several of these the answer is no at two of the four major lenders. Check the eligibility table above for the lender by lender position before assuming anything here applies to you. AHPRA registration is typically required for medical and allied health professions. Not every lender covers every profession below, we match you to the lender whose medico policy fits your specific registration.
Medical Practitioners
- General Practitioners (GPs)
- Registrars and Resident Medical Officers
- Surgeons (all specialties)
- Physicians and Specialists
- Emergency Medicine specialists
- Anaesthetists
- Psychiatrists
- Radiologists and Pathologists
Dentists & Dental Specialists
- General Dentists
- Orthodontists
- Oral & Maxillofacial Surgeons
- Periodontists
- Endodontists
- Dental Prosthetists
Allied Health Professionals
- Pharmacists
- Optometrists
- Physiotherapists
- Chiropractors
- Veterinarians
- Podiatrists and Podiatric Surgeons
Other Health Professions
- Psychologists
- Occupational Therapists
- Speech Pathologists
- Radiation Therapists
- Osteopaths (AHPRA-registered)
- Chinese Medicine practitioners
Not sure if your profession qualifies? Call us on 1300 11 7976 or leave your detailsand we'll confirm eligibility and the best lender options for your specific registration within one business day.
How to Apply for an LMI Waiver, Step by Step
Accessing a home loan with an LMI waiver isn't complicated, it just requires knowing which lenders to approach and how to position your application correctly. Here's the process:
- 1
Confirm eligibility and assess your position
We start by confirming your profession, AHPRA registration, income type (salary, contract, locum, private), HECS balance, and existing commitments. This tells us which medico lenders suit you and gives an early indication of borrowing capacity.
- 2
Match you to the right lender
Not every medico lender is right for every doctor. We compare LMI waiver limits, interest rates, serviceability policies for your income type, and turnaround times. We recommend the lender who offers the best combination for your goals, not just the LMI waiver.
- 3
Prepare and submit your application
We prepare your full application, including AHPRA registration evidence, payslips or income documentation (including locum and sessional evidence), HECS statements, and any practice or business income information. Applications are submitted with a cover letter explaining your income structure to the credit assessor.
- 4
Pre-approval and property search
Once pre-approved, you have confidence about your budget and can make an offer on a property. Pre-approval is typically valid for 90 days and can be extended. Our team remains available during your property search to answer lender questions quickly.
- 5
Formal approval and settlement
Once you have a contract, we manage the formal approval process end-to-end, valuation, lender conditions, and settlement coordination through our settlement liaison Kathryn. You focus on your patients; we manage the paperwork.
Home Loans for Doctors, Dentists, Pharmacists and Allied Health
While the LMI waiver is the headline benefit, the details differ by profession and career stage. Here is what each group should know.
General Practitioners (GPs)
GPs are among the most commonly assisted profession in our medico loan book. Whether you are a salaried GP, a GP working under a percentage-of-billings arrangement, or a practice owner, we structure your income evidence correctly. Salaried GPs have straightforward income documentation. Billings-based GPs require 2 years of income averaging. Practice owners need business financials in addition to personal income. LVR up to 90% or 95% with an LMI waiver, depending on lender.
Specialists
Specialists, including surgeons, physicians, anaesthetists, psychiatrists, radiologists, and emergency medicine specialists, typically qualify for the highest LVR and most favourable serviceability assessments. Private practice income, hospital sessional fees, and VMO arrangements each have specific income documentation requirements. We have experience across every specialty and know which lenders handle complex income structures best.
Registrars and Junior Doctors
Registrars, RMOs, and PGY1 to PGY3 doctors are a specialty in their own right in the medico loan market. They have the most to gain from LMI waivers, entering the market with limited deposit while HECS debt is still high, but face the most scrutiny from lenders unfamiliar with the medical career path. We understand registrar rosters, overtime loading, and HECS balances, and we submit to the lenders whose medico policy is most favourable for early-career doctors. Use our borrowing power calculator to get an early estimate.
Dentists and Dental Specialists
General dentists and dental specialists (orthodontists, oral surgeons, periodontists) qualify for LMI waivers at most specialist lenders. AHPRA registration is required. Associate dentists are assessed on salary or percentage-of-billings income. Dental practice owners require business financials. We also help dentists structure the right loan for practice purchase, using our specialist lending and business finance capabilities.
Pharmacists
Pharmacists, whether employed, locum, or pharmacy owners, qualify for home loans with an LMI waiver at select lenders. LMI waivers are typically available up to 90% LVR. Locum pharmacists with variable income require 12 to 24 months of income history to be assessed. Pharmacy owners need business financials. We know which lenders offer the most competitive medico terms for pharmacists and how to position your application for the best outcome.
How Lenders Verify Income for Doctors and Allied Health
Income verification for medical professionals is more complex than for standard PAYG employees. Multiple income streams, variable work arrangements, and HECS obligations all need to be documented and presented correctly.
Salaried employment
- 2 most recent payslips
- Employment contract if less than 12 months tenure
- Group certificate / income tax return
Locum and sessional income
- 12 to 24 months of tax returns
- BAS statements (if applicable)
- Booking agency statements or ABN income records
Private practice / billings
- 2 years business financials
- Practice income statements
- Accountant letter confirming income trend
HECS-HELP debt
- ATO portal HECS balance printout
- Income tax return showing HECS liability
- Lender-specific HECS shading applies
We provide a tailored document checklist based on your specific income structure before you start. Use our borrowing power calculator for an early estimate, or book a free strategy call for a full assessment.
“Most doctors don't realise how much the LMI waiver is actually worth. On a $1,000,000 purchase with a 10% deposit, that is a premium near $20,800 you do not pay. We make sure you access it.”
Sumit · Director & Senior Loan Specialist
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LMI waiver guides from the RyRo blog
Check whether your profession makes the waiver list, what nurses and healthcare workers can access in 2026, and the other ways Sydney buyers get out of paying LMI.
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LMI Waiver for Nurses and Healthcare Workers: 2026 Lender List and Eligibility
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Registered nurses and midwives earning $90,000 or more can borrow up to 90% of a property value with no lenders mortgage insurance at several Australian lenders. Here is the verified 2026 lender list, the eligibility rules, and what the waiver is worth on a $900,000 Sydney purchase.
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Read the guideWhy Medical Professionals Choose RyRo Loan Centre
- 1
13+ years of specialist lending experience
We have been helping clients with complex and specialist lending scenarios for over a decade. We know which lenders accept which professions, who offers the best waiver, which lenders handle locum income well, and how to position applications that standard brokers present poorly.
- 2
We compare 50+ lenders, not just one or two
Major bank branches can only offer their own products. We access the full market, including specialist and non-bank lenders who carry the most competitive medico policies. You get the benefit of genuine comparison, not a single lender's pitch.
- 3
We understand HECS, locum and sessional income
Many brokers don't know how to properly document and present locum, after-hours, or sessional earnings. We do. We know which lenders shade income types generously and how to present complex income structures to credit assessors in a way that maximises your approved borrowing capacity.
- 4
$0 broker fees
Our service is free to you. We are paid by the lender on settlement. There are no upfront fees, no application charges, and no hidden costs at any stage of the process.
- 5
359+ verified 5-star reviews
Our clients speak for themselves. Over 359 verified five-star Google reviews from real borrowers across Sydney and Australia. Read them on our Reviews page or check Google directly.
What Happens From Enquiry to Settlement
Free strategy call
We discuss your profession, income, goals, property type and timeline. No credit check. No obligation. You leave with a clear picture of your borrowing capacity and which lenders suit you.
Lender selection and application
We prepare your full application, gathering income evidence, HECS statements, AHPRA registration, and any other documentation. We prepare a cover note to the credit assessor explaining your income structure.
Pre-approval
You receive a conditional pre-approval, giving you confidence to search for and make offers on property within your approved limit. Valid for 90 days, extendable.
Formal approval and settlement
Once you're under contract, we manage valuation, lender conditions, and coordinate settlement with your solicitor. Kathryn, our settlement liaison, keeps you updated every step of the way.
Home Loan With an LMI Waiver FAQs
What is a home loan with an LMI waiver?
Can doctors get home loans without LMI?
Which lenders offer doctor home loans in Australia?
Do registrars qualify for home loans with an LMI waiver?
How is HECS debt treated for doctor home loans?
Can dentists get home loans with an LMI waiver?
What LVR can doctors borrow at with no LMI?
Do I need to be a specialist to qualify for a doctor home loan?
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“Most doctors qualify for LMI waivers they don't know about. Let's work out exactly what you can borrow and which lender is right for your situation.”
Sumit · Director & Senior Loan Specialist
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