LMI waivers in Perth
LMI waivers for doctors, lawyers and more
An LMI waiver lets eligible professionals borrow more than 80% of a home's value without paying lenders mortgage insurance, depending on the lender. We check which lenders on our panel could waive it for your profession, and what they'd want to see.
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What is an LMI waiver?
An LMI waiver is when a lender agrees not to charge lenders mortgage insurance on a loan above 80% of the property's value, usually because of your profession.
Normally a deposit under 20% means paying lenders mortgage insurance, which can run into thousands of dollars. Lenders see some professions as lower risk, thanks to strong earning potential and steady demand for their skills, so they're willing to carry that risk themselves.
For a young doctor, lawyer or accountant on a good income, that can mean buying with a smaller deposit and keeping more savings for costs, furniture or a buffer.
There's no single list that every lender uses. Each one sets its own policy, decides which jobs count and changes the rules from time to time. That's why where you apply matters as much as what you do for work.
Which professions can get LMI waived?
LMI waivers are most commonly offered to medical professionals, with some lenders also including allied health, lawyers, accountants, engineers and other professions.
- Doctors, including GPs, specialists and, with some lenders, hospital doctors such as interns, residents and registrars
- Dentists and other dental practitioners
- Allied health such as pharmacists, physiotherapists, optometrists, psychologists and vets, depending on the lender
- Lawyers, solicitors and barristers who hold a current practising certificate
- Accountants who are members of CA ANZ, CPA Australia or the IPA, plus actuaries and some finance professionals
- Engineers and other professionals, with a smaller number of lenders
Some lenders include nurses too. The exact list differs from one lender to the next, so a job that's accepted at one bank may not be at another.
How much can you borrow without LMI?
With a waiver, lenders commonly let you borrow up to 85% to 90% of the property's value, and some go to 95% for doctors and dentists.
| Commonly up to | Income rule, by example | |
|---|---|---|
| Doctors and dentists | 95% LVR | Often no minimum income, for example at Westpac |
| Allied health | 90% LVR | Westpac asks for over $90,000 a year |
| Lawyers and barristers | 90% LVR | No set minimum at some lenders, up to $120,000 a year from legal work at others |
| Accountants and finance | 90% LVR | Varies by lender, with current membership required |
| Engineers and others | Varies by lender | Varies by lender |
Registration, membership and income rules
Lenders usually want proof that you're registered or a member of an approved professional body, plus income that meets their threshold for your profession.
Registration
Medical, dental and allied health professionals are usually asked for current AHPRA registration. WA lawyers need a current practising certificate with the Legal Practice Board of Western Australia.
Membership
Accountants are commonly asked for CA ANZ, CPA Australia or IPA membership. Actuaries and financial analysts may need their own professional accreditation.
Income
Many policies set a minimum income, and some lenders only count income earned in the eligible profession. How bonuses and overtime are treated differs too.
Lenders still assess everything else as usual: your deposit, debts, living costs, the property and the size of the loan. Being in an eligible job gets you considered. It doesn't guarantee the waiver or the loan.
When a waiver may not be the answer
If your deposit is smaller than a waiver allows, or your profession isn't covered, a government scheme or a family guarantee could be another way to avoid LMI.
High income earners often sit above Keystart limits, but the 5% Deposit Scheme has no income cap and could suit a first home buyer with a smaller deposit. Our guide to what LMI is covers every way around it.
The lender offering the waiver isn't always the one with the more competitive interest rate for you, either. We compare the whole loan, not only the LMI saving, because we're on your side, not the bank's.
How we help with an LMI waiver
We match your profession, income and deposit to lenders whose waiver policy fits, then handle the application through to settlement.
Have a chat
Tell us your profession, how you're paid, your registration or membership, and what you're looking to buy.
We match the policy
We check current waiver policies across our lender panel, including the LVR limit, income rules and loan size caps that apply to you.
Compare the full loan
You see the deposit, upfront costs, repayments and rate at each option, so the LMI saving isn't the only thing you weigh up.
Apply and settle
We gather the right evidence for your profession, prepare the application and keep you updated through to settlement.
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Frequently asked questions
Can doctors get a home loan with no LMI?
Yes, many lenders waive LMI for eligible doctors, and medical professionals usually get the most generous waiver limits of any group.
Some lenders also include junior hospital doctors such as interns and registrars, which can help early in your career when income is still building.
Can dentists get LMI waived?
Yes, dentists are commonly treated the same way as doctors under lender waiver policies, as long as they hold current AHPRA registration.
Can pharmacists get an LMI waiver?
Yes, some lenders include pharmacists in their waiver policies, usually with a lower LVR limit and a minimum income compared with doctors.
The same often applies to physiotherapists, optometrists and other allied health professionals.
Can lawyers get LMI waived?
Yes, a number of lenders waive LMI for practising lawyers, solicitors and barristers, though income rules vary widely between lenders.
Some lenders only count income from legal work toward their threshold, so how you're paid matters as well as how much.
Can I use an LMI waiver on an investment property?
Some lenders allow a professional LMI waiver on investment loans as well as homes you live in, while others limit it to owner occupiers.
We check this against the current policy before you apply.
Find out if you qualify for a waiver
A first chat with Oui Finance is complimentary, and we'll tell you honestly which lenders could waive LMI for your profession and what that could mean for your deposit.
Send us a few details and one of our brokers will be in touch. You can also call us on 0448 383 336.
This page is general information only and does not take your personal circumstances into account. LMI waiver policies, eligible professions, LVR limits and income thresholds are set by each lender, change often and are shown as examples only, so the current policy will be confirmed before you apply. Lender credit criteria, terms, conditions, fees and charges apply, and your full financial situation will be reviewed before any offer or product is accepted.