Here's a perk a lot of professionals don't know they have: if you work in certain fields — nursing, medicine, accounting, law and a handful of others — several lenders will waive Lenders Mortgage Insurance (LMI) even when you borrow more than 80% of the property value. For the right buyer, that's many thousands of dollars saved, and a faster path into a home.
First, what is LMI — and why it matters
Normally, if you borrow more than 80% of a property's value (i.e. less than a 20% deposit), the lender makes you pay Lenders Mortgage Insurance. It protects the lender, not you — and on a 90% loan it can cost anywhere from $10,000 to $30,000+ depending on the loan size. An LMI waiver makes that cost disappear.
What the waiver actually means
Depending on your profession, you can borrow up to 90% (a 10% deposit) — and eligible doctors and other medical professionals can go to 95% (just a 5% deposit) — without paying a cent of LMI. Same property, smaller total cost, lower repayments.
Who typically qualifies?
Each lender keeps its own approved list, but the professions that commonly attract an LMI waiver include:
- Doctors & medical specialists — AHPRA-registered medical practitioners: GPs, hospital doctors (including interns and those in supervised practice at some lenders), surgeons, anaesthetists, dentists and recognised specialists. This group gets the most generous terms.
- Nurses & midwives — registered nurses and registered midwives now qualify with a handful of lenders. (Enrolled nurses are usually excluded, so your registration status matters.)
- Allied & other health — and, at lenders like NAB, professions such as vets, pharmacists, optometrists and chiropractors.
- Accounting & finance — accountants (CA / CPA / IPA members), auditors, actuaries and some finance professionals.
- Legal — practising solicitors and barristers holding a current certificate.
- Other — certain engineers and select professions, depending on the lender.
The exact rules — the maximum LVR, minimum income, and whether your specific role and qualifications count — vary a lot between lenders. There's no single universal list, which is exactly where a broker earns their keep: I know which lender treats your profession most generously.
How much deposit do you actually need?
As a rule of thumb, and subject to each lender's policy:
- Doctors & eligible medical professionals — often up to 95% (a 5% deposit) with no LMI, and high loan limits.
- Registered nurses & midwives — typically up to 90% (a 10% deposit) with no LMI; several lenders set a minimum income around $90,000 (overtime and a second job can often be counted, and a few lenders have no income floor).
- Accountants, lawyers & other eligible professionals — usually up to 90% (a 10% deposit), plus proof of professional membership. Income rules vary widely: ANZ applies no minimum income for its eligible professionals, while other lenders set a floor (commonly around $100,000–$150,000).
The maximum LVR and any income threshold depend on the lender — ANZ, for instance, has no income test on its professional waiver while others do — so the right choice comes down to matching your profession and income to the most generous policy.
Two nurses with the same income can get very different offers — because one lender waives their LMI and another doesn't. Matching you to the right policy is the whole game.
What it could save you — a quick example
Say you're a nurse earning over $90,000, buying an $800,000 home with a 10% deposit ($80,000), borrowing $720,000 (90% LVR):
- Standard path: you'd pay LMI — roughly $15,000–$25,000, often added on top of the loan.
- With a professional waiver: that LMI is $0 — money that stays in your pocket (or never gets added to your debt).
An eligible doctor could buy the same home with as little as a 5% deposit ($40,000), borrowing $760,000 (95% LVR) — still with no LMI. That's a far smaller upfront hurdle and the premium gone entirely.
That's not a discount — it's the whole premium gone. It can also mean you reach your goal sooner, because you don't need to save the extra cushion LMI would have cost.
The fine print (so there are no surprises)
- A waiver is not a no-deposit loan — you'll still need a genuine deposit (often 10%, and as little as 5% for eligible doctors) and to meet the lender's serviceability checks.
- You'll usually need to evidence your profession (registration, membership, qualifications).
- Policies, LVR caps and approved professions change over time and differ by lender — what's true at one bank this month may differ at another.
How to find out if you qualify
The honest answer is: it depends on your profession, income and the lender — and it changes. Rather than guess, tell me what you do and what you're looking to buy, and I'll check your eligibility across the lenders that offer waivers and tell you, in dollars, what it means for you. You can also model your numbers on the repayments calculator or read the first home buyer hub if this is your first purchase.