What is a home loan for professionals?
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It is a normal home loan with better terms for people in certain professions. The most common extra is a waived or discounted lenders mortgage insurance (LMI) premium when you borrow more than 80% of the property value. Some lenders also accept a smaller deposit, read contract or graduate income more kindly, or take a membership or registration as proof of a stable career. Which professions qualify, and on what terms, is set by each lender and changes over time.
Which professions get better home loan terms?
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Doctors, dentists and medical specialists are on the most lender lists. Lawyers and accountants are on several: ANZ and NAB both publish LMI waiver policies for them. Vets, pharmacists, physiotherapists and other allied health roles are accepted by some lenders and not others. Nurses and midwives are on fewer lists. Engineers, teachers and IT contractors are not on the published waiver lists we checked, but they can still get a strong loan through deposit schemes, a guarantor or a lender that reads their income well.
Can lawyers get a home loan without paying LMI?
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Often, yes. Several lenders waive the LMI premium for practising lawyers, solicitors and barristers. ANZ's broker fact sheet (item 97349D, read 9 Nov 2026) describes a waiver up to 90% of the property value for eligible legal professionals with a current practising certificate, with no minimum income stated. NAB's waiver page also lists lawyers and barristers who hold a current certificate. Loan size limits, ownership share and other conditions apply, and lenders can change these rules at any time.
Do accountants get an LMI waiver?
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Many do, if they belong to a recognised body. ANZ's broker fact sheet (item 97349C, read 9 Nov 2026) names Chartered Accountants ANZ, CPA, the CFA Institute and Fellows of the Institute of Actuaries, with a waiver up to 90% of the property value and no minimum income stated. NAB lists accountants, actuaries and financial analysts who are practising and current members of an eligible institute. You will usually need proof of current membership with the application.
Can nurses and midwives get a professional home loan?
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Some can, but fewer lenders offer nurses an LMI waiver than doctors or lawyers, and the terms are usually tighter. Even without a waiver, nurses often do well on income: some lenders count shift penalties, overtime and salary packaging when the payslips show them regularly. If you are buying your first home, the 5% Deposit Scheme can also remove LMI. A broker can check which option leaves you better off at your price and deposit.
Are engineers eligible for an LMI waiver?
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Engineers were not on the published LMI waiver lists we read on 9 Nov 2026 (the ANZ fact sheets and NAB's waiver page). Some brokers say otherwise, so ask for the lender's current policy in writing before you rely on it. Engineers still have good options: a 20% deposit with no LMI at all, the 5% Deposit Scheme for first home buyers, a family guarantee, or simply paying LMI where the numbers work and the property suits you.
Can I get a home loan as an IT or day-rate contractor?
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Yes. Many lenders accept contract income, especially if you have worked in the same field for a while. Some will annualise a day or hourly rate from your current contract, others want a longer history or your tax returns. The difference between lenders can change how much you can borrow, so it pays to know which lender reads your contract the way you would. Bring your current contract, recent payslips or invoices and your last tax return.
Can a new graduate get a home loan before the first payslip?
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Some lenders will assess a new graduate on a signed employment contract, sometimes before the first pay, if the role is in your profession and permanent. Others want a few payslips or the end of probation first. It depends on the lender, your role and your deposit. If you are starting a graduate role, talk to a broker before you make an offer so you know which lenders will count the new income.
Does an LMI waiver mean a higher interest rate?
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Not always, but the lender that waives LMI is not always the one with the lowest overall cost. Compare the full picture over the years you expect to hold the loan: the rate, fees, offset or redraw features and the LMI you save. Sometimes a different lender with LMI paid works out cheaper, sometimes the waiver wins clearly. A broker can lay the options side by side with your numbers.
Do I need a broker for a professional home loan?
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You do not have to use one, but it helps. Waiver lists, profession definitions and income rules differ between lenders and change without much notice, and a bank only shows you its own policy. A broker checks several lenders at once and tells you which ones accept your profession and your type of income before you apply, so you avoid unnecessary credit enquiries. Our Credit Guide sets out how we are paid.
