I'm Jason Birks, a Brisbane mortgage broker. I spent over ten years lending at Westpac and NAB before starting Birks Financial Group, and professional LMI waivers come up in a lot of my conversations. This page is based on the lender policies I work with, as at October 2026.
What an LMI waiver is
When you borrow more than 80% of a property's value, lenders normally charge lenders mortgage insurance (LMI). It protects the lender, not you, and on a large loan it can cost well into five figures. It's usually added to the loan, so you pay interest on it too.
An LMI waiver means the lender doesn't charge it because of your profession. Depending on your profession and the lender, you can borrow up to 90% or 95% of the property's value without it. The waiver isn't automatic: it has to be requested, and your eligibility proven, when the loan is submitted.
Who usually qualifies
- Doctors, dentists and specialists. Several major lenders go to 95% with no minimum income. That includes GPs, specialists and hospital doctors from intern and resident through to registrar, and some lenders now include doctors on limited or supervised registration. Some allow loans up to $5 million under the waiver.
- Other health professionals. Vets, pharmacists, optometrists, physiotherapists, chiropractors, psychologists, nurses, midwives, occupational therapists, podiatrists, radiographers, sonographers and others can often borrow up to 90%. Some lenders set a minimum income of around $90,000 to $100,000, others none. Which professions are on each list varies a lot: one major lender includes psychologists and nurses, another excludes them. See home loans for nurses.
- Lawyers. Solicitors, barristers, judges and magistrates, usually up to 90%. Most lenders want a current practising certificate, but some accept government lawyers who don't need one. Income minimums range from none to $120,000. See home loans for lawyers.
- Accountants and finance professionals. Members of CA ANZ, CPA Australia or IPA (not every lender accepts IPA), and at some lenders actuaries, CFA charterholders, auditors, CFOs and finance managers. Usually up to 90%, with income minimums from none to $120,000. Student and provisional memberships generally don't count. See home loans for accountants.
- Other professions. A smaller group of lenders include engineers, IT and cyber security professionals, architects, quantity surveyors, planners, pilots, air traffic controllers, geologists, financial planners, senior executives and bank employees. Conditions are tighter, such as three years in the industry or owner-occupied loans only.
- Essential workers. Some lenders offer up to 90% without LMI for nurses, teachers, police, firefighters, paramedics and other health and emergency workers. See teachers and essential workers.
Policies change during the year. Use this as a guide to whether it's worth asking, then let me check the current rules for your situation.
The fine print that catches people
Qualifying on profession is the first step. Lenders also set conditions like these, and they differ from one lender to the next:
- Location. Some lenders go to 90% for metro properties but only 80% in regional areas, and some postcodes are restricted.
- Loan type. Some waivers cover owner-occupied loans with principal and interest repayments only. Others also cover investment, interest only, refinancing, cash out or construction.
- Loan and property size. Caps on the loan, the property value and your total lending with that lender.
- Debt-to-income. Some lenders cap your total debt at five or six times your income.
- Ownership and income. The professional often needs at least an equal share of the property, and some lenders want most of the household's income to come from the eligible profession.
- Proof. AHPRA registration, a practising certificate or professional membership, checked before approval.
Why the lender matters as much as the waiver
Professionals often have income that lenders treat very differently:
- Locum, contract and sole trader income. Many lenders want two years of tax returns. Some will assess an established self-employed doctor on one year, and some will annualise medical income on a few months of history.
- Private practice or private billing. Some lenders count it in full, some discount it and some need it in your tax returns first.
- Trusts and companies. Common for specialists and practice owners, and a policy question in its own right.
- New contracts and probation. A deal-breaker for some lenders and not an issue for others.
Picking a lender that fits both your profession and your income is the job.
Two clients, two different answers
A move that didn't have to wait. In 2025, a medical professional came to me after returning from parental leave. They had recently started contracting as a sole trader and wanted to sell and buy a bigger home. Most lenders wanted at least a year of self-employed tax returns. One lender's policy at the time would assess medical income on a few months of history, so the move went ahead without waiting a year. We also cut an unused credit card limit to lift borrowing power.
A waiver the current bank didn't offer. Also in 2025, a client working in health, with a small private practice on the side, wanted to refinance. Their bank didn't include their profession on its waiver list. Another lender did, valued the property higher and had a sharper rate at the time, so they refinanced without paying LMI.
What to have ready
- Your AHPRA registration, practising certificate or professional membership
- Recent payslips, or your contracts if you're a locum or contractor
- Tax returns, or a letter from your accountant, for private practice, sole trader or trust income
- Statements showing your deposit and savings
Questions people ask
Can I get an LMI waiver as a junior doctor or registrar?
Yes, at several lenders. Interns, residents and registrars are included, usually with no minimum income, and some lenders also include doctors on limited or supervised registration.
Can I use a waiver to buy an investment property?
Several lenders allow it, some up to 95% for doctors. Others limit the waiver to owner-occupied loans with principal and interest repayments.
Can I refinance with an LMI waiver?
Often, yes. Many lenders apply the waiver to refinances and some allow cash out. A few waivers are for purchases only.
Is it better to use the 5% Deposit Scheme?
Both avoid LMI. The government scheme is for eligible home buyers and has property price caps. A professional waiver isn't tied to those caps, and for doctors it can also go to a 5% deposit. I'll work out which one suits you.
Does the waiver cost anything?
There's no LMI premium. You're still borrowing more, so compare the rate, fees and features as a whole.
