LMI waiver
LMI Waiver Home Loans for Professionals
Some lenders may waive lenders mortgage insurance (LMI) for eligible doctors, dentists, nurses, midwives, lawyers and accountants. We check which lenders on our panel of 40+ may consider you, and compare the whole cost, not just the LMI saving.
We don’t charge you for our service. Lenders pay us a commission if you go ahead with a loan.
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We check
- Your profession, registration or membership against each lender’s list.
- Whether the loan still suits your situation and budget.
- The rate, fees and total cost, with and without LMI.
The basics
What LMI is, and what a waiver changes.
Lenders mortgage insurance (LMI) protects the lender, not you, if a loan isn’t repaid. Lenders usually charge it when you borrow more than 80% of the property’s value. You pay for it, either upfront or by adding it to your loan, in which case you also pay interest on it.
An LMI waiver means the lender doesn’t charge that premium on an eligible loan. It’s the lender’s decision under its own policy. It isn’t a government scheme, and it doesn’t change whether the loan has to suit your situation and be affordable for you.
Work in medicine, dentistry, law, accounting or nursing? Some lenders may waive lenders mortgage insurance for eligible professionals with a smaller deposit. Eligibility depends on your registration or membership, your income and the loan. These loans can cost more in other ways, and you’ll still need savings for stamp duty and costs.
Who it may suit
Professions some lenders look at.
Each lender keeps its own list of eligible jobs and its own rules, and lists change. These are the groups we’ve seen on lenders’ own pages.
Medicine and dentistry
Some lenders may waive LMI for eligible doctors and dentists. Lenders usually look at your professional registration.
Nursing and midwifery
Some lenders may include registered nurses and midwives, and may set a minimum income.
Law
Some lenders include eligible legal professionals. Each lender sets its own criteria.
Accounting
Some lenders include eligible accountants. Each lender sets its own criteria, which can include professional membership.
Not on this list? Other groups may be covered by some lenders. We only name a profession here once a lender’s own page confirms it, so ask us about yours.
The cost
No LMI doesn’t always mean the lowest cost.
A waiver removes one cost, not the others. The interest rate, fees and features of a waiver loan may differ from the lender’s other loans, and a bigger loan means more interest over time.
So we compare the whole cost: the comparison rate, fees, repayments and what you’d pay over the years, with and without LMI. Sometimes a loan that charges LMI works out cheaper overall, and sometimes it doesn’t.
You’ll still need savings for stamp duty, legal costs and other upfront costs, and the lender assesses your income, expenses, debts and credit history like any other application.
If a waiver doesn’t fit
There are other ways some buyers avoid or reduce LMI, such as a family guarantee, or a government home buyer scheme for those who are eligible. Each has its own rules and trade-offs. A family guarantee puts a family member’s property at risk, so they should get their own advice first. Buying your first home? See first home buyer loans.
30-second check
Is your situation one some lenders look at differently?
Lenders count income and costs differently. See if your situation is one some lenders treat differently. Tick any that apply. No numbers needed, and your ticked answers stay on this page unless you ask for a call back and choose to include them.
How it works
How we check an LMI waiver for you.
Check your eligibility
Your profession, registration or membership, and income against each lender’s list.
Compare the whole cost
Waiver and non-waiver options side by side: rate, comparison rate, fees and repayments.
Prepare the application
We gather the documents the lender asks for, including proof of registration or membership.
Settle and review
We see it through to settlement, then check in each year to see whether it still fits.
Questions
Common questions, straight answers.
What is an LMI waiver?
Some lenders don’t charge lenders mortgage insurance on eligible loans for certain professionals, even when you borrow more than 80% of the property’s value. Each lender sets its own list of jobs and rules.
Does a waiver mean I don’t need a deposit?
No. You still need a deposit, and savings for stamp duty and other upfront costs. The waiver only removes the insurance premium.
Is a waiver loan always cheaper?
Not always. The rate, fees and features can differ from the lender’s other loans. We compare the whole cost with and without LMI.
Which jobs are eligible?
It depends on the lender. Some include doctors, dentists, nurses, midwives, lawyers and accountants, often with registration, membership or income rules. Ask us about your profession.
What if I don’t qualify?
Other options exist for some buyers, such as a family guarantee or a government scheme for eligible home buyers. Each has its own rules, costs and risks.
Will applying affect my credit report?
A credit application can be recorded on your credit report and stay visible for several years. That’s why we compare lenders before an application goes in.
Check whether a waiver may fit you.
No obligation. No pressure. Just honest answers.
We don’t charge you for our service. Lenders pay us a commission if you go ahead with a loan. Lending criteria, fees and charges apply.