How to Get a 90% No LMI Home Loan? (and Save Thousands)

Lenders Mortgage Insurance (LMI) is traditionally charged when you borrow more than 80% of a property’s value. However, select borrowers are now eligible for a 90% no LMI home loan.

Getting an LMI waiver allows you to keep more money in your pocket significantly fast-tracking your property journey.

What is a 90% No LMI Home Loan?

A 90% no LMI home loan allows you to borrow up to 90% of a property’s value with only a 10% deposit, while completely avoiding Lenders Mortgage Insurance. This waiver can save you tens of thousands of dollars in upfront costs, helping you enter the property market sooner.

In the past, these waivers were strictly reserved for high-income professionals. Today, specific lender policies and loan structures have expanded eligibility, meaning standard owner-occupiers and investors can also bypass this hefty fee.

How Much Does LMI Cost at 90% LVR?

LMI is calculated based on your Loan to Value Ratio (LVR) and the total amount borrowed. When purchasing property with a 10% deposit, LMI can quickly become a significant financial hurdle.

For example, on an $800,000 property, your 10% deposit is $80,000. Under standard conditions, a lender will charge LMI to protect themselves against default risk. By securing an LMI waiver, you avoid capitalising this cost into your loan.

Savings Example – Standard 90% LVR Loan vs. Waived LMI

Who is Eligible for a 90% No LMI Waiver?

Lenders use historical data to determine which borrowers are least likely to default on their mortgage repayments. Consequently, high-income earners and borrowers with stable employment are often rewarded with LMI waivers.

Medical Professionals & Healthcare Workers

Doctors, dentists, optometrists, pharmacists, veterinarians, and chiropractors have long enjoyed 90% and even 95%, no LMI home loans.

In contrast to historical policies, many lenders have recently expanded these exemptions to include broader healthcare workers. Nurses and midwives can now also qualify for LMI waivers under specific professional packages.

Accountants, Lawyers, And Mining Specialists

Other white-collar professionals are viewed as low-risk borrowers. Accountants (CA, CPA, CFA, or FIAA), lawyers, geologists, and other mining specialists can access 90% waived LMI home loans. Furthermore, these professionals often qualify for exclusive, negotiated interest rate discounts.

Essential Workers

Recognising the stability of public sector employment, some lenders now extend LMI waivers to essential workers. Teachers, police officers, and firefighters (first responders) may bypass mortgage insurance with a 10% deposit, provided they meet the lender’s serviceability criteria.

Guarantor Home Loans

If you do not fit into the exempt profession categories, you can still avoid LMI entirely. You can ask your parents to act as a guarantor on your home loan and even leverage the equity in their property. This effectively reduces your LVR to 80% or below in the eyes of the bank, meaning you can borrow 100% of the purchase price plus costs, with absolutely no deposit and no LMI.

Buying A DHA Investment Property

Defence Housing Australia (DHA) properties are highly secure assets. Because these properties come with guaranteed rent and tend to hold their value, the risk of default is lower. Therefore, some lenders will waive LMI for investors buying DHA real estate at 90% LVR.

Other Ways To Avoid LMI With A 10% Deposit

Recent search spikes reveal that borrowers are hunting for major bank offerings that don’t require specific job titles. Fortunately, recent policy updates in late-2025 have opened the doors for everyday Australians.

New Lender Policies

Select major banks and alternative lenders (such as UBank) are now offering up to 90% LVR with no LMI or risk fee to standard borrowers. This update provides unmatched flexibility, but lenders have introduced hidden rules to manage their risk.

To qualify for these new no-LMI offerings, the following strict criteria generally apply:

• No genuine savings are required
• Loans must be Principal & Interest (P&I) only
• Available for both Owner-Occupied and Investor loans
• Capped at $2 million per application when the LVR exceeds 85%
• Available for new purchases only (refinances are strictly excluded)
• Cross-collateralisation is not permitted (the loan must be for a single property)
• Loans must be in an individual’s name ( trusts or company structures excluded)

Is There A Borrowing Limit With 90% Waived LMI Home Loans?

Yes, borrowing limits apply to safeguard the bank’s equity position. When borrowing up to 90% of the property value, the maximum loan amount that banks will typically lend is $1 million for standard borrowers.

However, there are notable exceptions:

• Available for both Owner-Occupied and Investor loans. Doctors and medical professionals are eligible to borrow a maximum loan amount of up to $4.5 million.

• Available for both Owner-Occupied and Investor loans.Other acceptable professionals (lawyers, accountants) with a strong financial position can often borrow up to $2 million.

Apply For A 90% No LMI home loan

We’ll assess your eligibility and let you know if you qualify for a 90% waived LMI home loan.

Call us on 1300 889 743 or complete our online assessment form to start the process today.