- LMI Waivers
- Updated
• 5 min read
LMI Waiver Eligibility By Profession
LMI waiver eligibility is one of the most commonly asked questions we receive from professional borrowers. The short answer is that it depends heavily on your profession, lender choice, LVR, income and application strength.
Quick Answer
Some professionals — including doctors, dentists, lawyers and accountants — may qualify for LMI waivers with certain lenders, subject to lender policy, LVR, income and full assessment. Eligibility is not guaranteed.
What Is LMI And Why Does It Matter?
Lenders Mortgage Insurance (LMI) is a cost charged when a borrower has less than a 20% deposit. It protects the lender — not the borrower — and can add tens of thousands of dollars to the upfront cost of a property purchase.
For eligible professionals, some lenders offer LMI waiver policies that allow borrowing above 80% LVR without the standard LMI charge. These policies are not universal and vary significantly between lenders.
Which Professions May Qualify?
✓ Doctors and medical specialists — AHPRA registration generally required
✓ Dentists — professional registration typically required
✓ Lawyers — professional admission or Law Society membership
✓ Accountants — CPA, CA or IPA membership often required
✓ Nurses and medical professionals — lender-dependent, not always available
LVR Thresholds By Lender
Different lenders apply different maximum LVRs for professional LMI waiver policies. Common thresholds include 85% LVR, 90% LVR and in some cases 95% LVR, depending on profession and overall application strength. Owner-occupied loans generally have broader eligibility than investment loans.
What Lenders Look At
✓ Profession type and registration status
✓ Income level and employment type
✓ Loan amount and property type
✓ Credit profile and history
✓ LVR — the higher the LVR, the more lender-dependent the eligibility
✓ Owner-occupied vs investment purpose
Common Mistakes
✓ Assuming all lenders offer the same waiver — they do not
✓ Applying to a lender without checking their specific profession policy
✓ Missing documentation — registration certificates, income evidence
✓ Not checking whether the waiver applies to investment loans if that is the purpose
Free Guide
Professional Lending Guide
Frequently Asked Questions
Is an LMI waiver guaranteed?
No. LMI waiver eligibility depends on lender policy, profession, income, LVR, property type and full credit assessment.
Do I need to pay LMI if I have a guarantor?
A guarantor arrangement may allow you to avoid LMI through a different mechanism — equity guarantee — rather than a professional waiver. Different rules apply.
Can I get an LMI waiver for an investment loan?
Some lenders extend professional waiver policies to investment loans, but this is lender-dependent and not universally available.
LMI Waiver Eligibility By Lender Type
LMI waiver policies vary significantly between lenders. Major banks, non-bank lenders and specialist lenders each approach professional LMI waivers differently. Some have formal professional lending programs; others assess eligibility case by case.
What Lenders Typically Compare
✓ Profession and registration status — AHPRA, Law Society, CPA etc.
✓ Employment type — PAYG is generally easier; locum, contractor and self-employed face more scrutiny
✓ Loan amount — many lenders cap the maximum loan eligible for a waiver
✓ LVR threshold — common thresholds are 85%, 90% and occasionally 95%
✓ Property type — residential owner-occupied generally has broader waiver availability than investment
✓ Income level — some lenders apply minimum income thresholds
✓ Credit profile — a strong credit history supports eligibility
✓ Location — some lenders apply geographic limits on LVR and waiver policies
LVR Thresholds Explained
The LVR (loan-to-value ratio) is calculated by dividing the loan amount by the property value. Standard LMI typically applies above 80% LVR. Professional LMI waiver policies may allow certain borrowers to exceed 80% without paying standard LMI.
Common LVR Thresholds By Profession
✓ 80% LVR — the standard threshold above which LMI typically applies to all borrowers
✓ 85% LVR — available with some lenders for eligible medical, dental and legal professionals
✓ 90% LVR — available with select lenders for specific professions and income levels
✓ 95% LVR — rare and highly lender-dependent; only available in specific scenarios
Owner-Occupied vs Investment LMI Waivers
Most professional LMI waiver policies apply primarily to owner-occupied loans. Some lenders extend waiver policies to investment loans, but this is less common and subject to stricter criteria.
How To Check Your Eligibility
The fastest way to check LMI waiver eligibility is to speak with a broker who has access to multiple lenders and can review your profession, income, deposit position and loan size against current lender policies — which can change at any time.
| Profession | LMI waiver availability | Common LVR threshold | Key requirement |
|---|---|---|---|
| Doctors | Available with select lenders | 85–90% LVR | AHPRA registration, income, loan size |
| Dentists | Available with select lenders | 85–90% LVR | AHPRA registration, income, loan size |
| Lawyers | Available with select lenders | 85–90% LVR | Professional admission, income |
| Accountants | Available with select lenders | 85–90% LVR | CPA/CA/IPA membership, income |
| Nurses | Lender-dependent — not universal | 85% (where available) | AHPRA, employment type, income |
LMI waiver policies vary by lender and can change at any time without notice. Confirm eligibility at time of application.
Check Your LMI Waiver Eligibility
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General information only. LMI waiver eligibility varies by lender and is subject to assessment.
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Written by: Simpli Finance Lending Team · Reviewed by: [Broker Name], Mortgage Broker · Last updated: June 2026