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  • Waived LMI home loans are available to select professionals and borrowers who meet specific requirements.
  • Lending policy is strict so contact us to discover if you qualify.

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Discover if you qualify:

We can help you buy property anywhere in Australia.

Want to know if you qualify for no LMI?

Enter your occupation in the below field to find out:

Who qualifies for waived LMI?

Some lenders offer no LMI home loans to specific professionals and high-income earners. You can save thousands if you meet the following criteria.

Doctors

Accountants, lawyers, mining specialists, professional athletes, and entertainment professionals

  • Maximum loan size of $2.0 million.
  • Maximum loan of 90% of the property value.
  • You must be a member of a relevant industry organisation (contact us for the list).
  • Accounting professionals must either be an accountant, chief financial officer (CFO), finance manager, auditor or actuary.
  • Legal professionals must either be a lawyer, barrister, judge or solicitor.
  • Mining, energy and resources specialists must either be a mine surveyor, quantity surveyor or geologist/geophysicist.
  • Different professional athletes will be considered under the condition that they have an accredited manager or agent.
  • Entertainment professionals must work in either the television, film, theatre, music or fashion industries. Please speak to us to find out if you’re eligible.
  • You must have an income of over $150,000 per annum or will soon be on a similar income. Rental income can be considered.
  • Call us on 1300 889 743 or fill in our free assessment form to find out the full criteria.

DHA properties (investors only)

105% loan with no LMI

  • You can borrow 100% of the purchase price as well as stamp duty.
  • You must have a guarantor who is related to you and owns property in Australia.
  • You don’t need a deposit.
  • You don’t need to be in a certain profession.
  • No maximum loan size.
  • Call us on 1300 889 743 or complete our free assessment form to find out the full criteria.

This isn’t suitable for everyone, but it’s a great way for first home buyers to get into the market, avoid LMI and get a great interest rate.

85% loan with no LMI and no guarantor

  • Your loan must be no more than 85% of the property value (85% LVR).
  • You have a perfect credit history.
  • You’re buying a property (refinancing to purchase a property may be accepted).
  • You don’t need to be in a certain profession.
  • Max $1,000,000 loan size.
  • Max $1,500,000 in total loans with no LMI.
  • Major metro areas only.
  • If the security property is in Sydney, the combined income of all borrowers must be over $180,000 (excluding rent income).
  • Call us on 1300 889 743 or complete our free assessment form to find out the full criteria.

First Home Discounts

Are there first home buyer LMI discounts?

Select mortgage insurance companies have an 8-15% discount on their LMI premium for first home buyers.

This is only available through the lenders that deal with these specific LMI providers and have negotiated this discount on behalf of their customers.

In most cases, your home loan must be for less than $1,200,000 and your deposit must not be from a borrowed source.

First home buyer rate discounts

Some lenders offer special interest rates specifically for first home buyers or for 95% home loans.

Please refer to our interest rates page for the current special offers.


Essential Tips

Why do banks only accept certain professionals?

There a few banks that have a list of accepted professionals that they will consider for waived LMI, higher loan limits and significantly reduce interest rates.

Why do they do this?

The reason is that they want their business!

Banks have found that select professionals in the medical, accounting, legal, engineering, sporting and entertainment industries:

  • Rarely default on their mortgage.
  • Make their repayments on time.
  • Borrow at higher loan amounts than other customers.

Although they don’t necessarily become repeat customers, they’re highly influential and are connected to other high net worth individuals in the same industry.

Banks want to capture these borrowers because they present the lowest risk for the highest pay off.

Basic tips to reduce your LMI premium

The first step in getting a low premium is to understand how the LMI premium is calculated and then determine if there’s anything you can do to qualify for a cheaper premium.

The factors you should consider include:

  • Your loan amount
  • Your Loan to Value Ratio (LVR)
  • The lender and mortgage insurer you choose
  • Whether you qualify for a guarantor loan
  • Whether you can prove genuine savings
Check out the how to avoid mortgage insurance page for more information on these golden tips.

Do engineers still get discounts?

In May 2017, all lenders officially pulled out of offering no LMI at 90% to engineers and mining professionals.

But this policy is a moving target!

It was oin September 2016 that a couple of lenders actually returned to offering waived LMI for engineers.

It all comes down to confidence in the mining, energy and resources sector.

More confidence means more investment, job creation and more stable employment.

The problem the sector faces on a regular basis is fluctuating job opportunities, with mining companies here one day and gone the next.

As of 2018, some lenders began offering LMI waiver to specific professions in the mining, energy and resources sector, namely, mine surveyors, quantity surveyors, geologists and geophysicists.


Apply for a home loan

Our mortgage brokers know which lenders mortgage insurers are the cheapest.

Some lenders offer specials in an attempt to gain additional market share and, in many cases, these LMI specials are not advertised to the public.

Please complete our free assessment form or call us on 1300 889 743 to discuss your situation with one of our specialist mortgage brokers.

  • Duke

    I am an accountant who is a member of CAANZ and am looking at getting a home loan with my partner. We are first home owners. I can see that if our combined income is $150k and we are borrowing less than $600k we can have LMI waived. Can you please provide further information on this?

  • Yes Duke. It looks like based on your situation, you may be able to borrow up to 90% of the property value and avoid the cost of Lenders Mortgage Insurance (LMI). That implies you still need to have a deposit 10% plus funds to cover the other associated costs of buying a property. The great news is that waived LMI can save you thousands and the interest rate discounts offered to specific accounting professionals can save you even more.
    In order to confirm whether you qualify for a waived LMI home loan, please call 1300 889 743 to discuss with an expert on LMI home loan specialist or simply enquire online https://www.homeloanexperts.com.au/free-quote/.

  • Tommy

    I am a lawyer based in Perth. I want to get a home loan with discounts on mortgage insurance but found out that there’s a minimum income requirement. Could you tell me what’s the limit?

  • Hi Tommy,
    Please note that waived Lenders Mortgage Insurance (LMI) for lawyers, barristers and other select legal professionals is only offered by a few lenders, each with their own strict income requirements.
    Generally speaking, you must be earning a minimum of $120,000 per annum in WA, SA, NT and TAS and a minimum of $150,000 per annum in NSW, ACT, VIC and QLD in order to qualify for waived LMI loans. This can include your rental income but cannot include the income of your spouse unless they are also an eligible legal professional.
    Please call us on 1300 889 743 or fill in our free assessment form https://www.homeloanexperts.com.au/free-quote/ to find out if you can qualify for a professional discount.

  • Yarring

    I am an anaesthetist based in Perth. I’m planning to purchase a property worth $900k and have around $90,000 for my deposit. I want to know whether I need to pay any mortgage insurance or not as I’ve heard that the mortgage insurance amount is waived for medical professionals. I wanted to know how much LMI will I save if that’s the case? Thanks in advance.

  • Yes Yarring, you heard it right but please note that not all lenders offer such benefits. For those lenders who have such facilities, your occupation is listed as one that is eligible for waived Lenders Mortgage Insurance (LMI), so you can borrow 90% of the property value and you don’t have to pay any LMI. Waived LMI could save you up to $22,275 on a property worth $900,000.
    Our mortgage brokers are experts in Lenders Mortgage Insurance and can help to get your home loan approved with the lowest possible premium. Please call us on 1300 889 743 or enquire online https://www.homeloanexperts.com.au/free-quote/ to discuss your situation with a mortgage broker.

  • Theresa22

    I’m a film director and have been in this profession for more than 10 years. I recently heard that banks provide no LMI loans to film professionals. How can I obtain such home loans?

  • Yes Theresa22, movie directors and a few other entertainment professionals are allowed to borrow more than normal and may even qualify for waived Lenders Mortgage Insurance (LMI) and obtain reduced interest rates. However, please note that you need to be earning at least $150,000 per annum, including rental income from investment properties you may own. Learn more about home loans for entertainment professionals https://www.homeloanexperts.com.au/waived-lmi/home-loan-entertainment-professionals/.

  • Josh2

    My partner and I are both qualified accountants and whilst neither of us individually earns over $150k combined we earn over $250k, would we still be eligible for the waived LMI?

  • Hi Josh,
    There are several versions of the waived LMI for accountants which each have their policy. In your cases you would likely qualify as long as the loan didn’t exceed $1m OR if you had several loans that were all under $1m each. If you’d like our assistance please complete this form https://www.homeloanexperts.com.au/free-quote/ and you’ll automatically be directed to one of our specialists in waived LMI for accounting professionals.

  • Notebook

    I am a dentist and I run my own clinic in Perth. I want to invest in a property around 30 minutes from where I live. The house is advertised for $899,000 and I have a deposit of $80,000. Can I get an investment loan without having to pay for the LMI?

  • Hello Notebook
    Lenders waive the cost of Lenders Mortgage Insurance (LMI) for certain doctors borrowing up to 90% of the property value. Can you arrange an additional $9,889 so that you can qualify for an LMI waiver? You can use the equity in your house or ask your parents for a gifted deposit to cover the shortfall.

  • Craig Jackson

    Hi im looking to buy my first home in melbourne.

    Im saving for a deposit at the moment but its going to take a while and the sonner the better to move.

    Im looking at a house and land package for $530,000.

    Is there a way to get a loan with minimal to no LMI?

    Thanks

  • Hi Craig,
    If none of the above solutions will work for you then I’d recommend that you consider a guarantor loan https://www.homeloanexperts.com.au/guarantor-home-loans/
    This is how most first home buyers in your situation get into the market.

  • Oscar

    Hi, I’m building a house in Box Hill, NSW. How is the LMI calculated, on the final value or land value? Can LMI be added to my home loan?

  • Hi Oscar,
    Lenders Mortgage Insurance (LMI) will be calculated on the loan amount. And yes you can capitalise the LMI on the home loan with some lenders. In this way, you can avoid paying mortgage insurance upfront. To find out more about the construction loan process, it’s best get in contact with one of our mortgage brokers by completing our online enquiry form: https://www.homeloanexperts.com.au/free-quote

  • Barnaby

    Hi,
    We’re moving to Western Australia from Victoria and we just want to refinance our home. Our current lender is Westpac and the loan amount is $558,000. We have estimated equity of 133k on a property valued at around $800-930k. If we were to refinance with a different lender, would we incur LMI?

  • Hi Barnaby, to avoid incurring Lender Mortgage Insurance (LMI) when refinancing with a different lender, you must ensure that your Loan to Value Ratio (LVR) is not above 80%. In your case, should you switch lenders you would not be paying LMI. Speak to one of our specialist mortgage brokers who can guide you through the home loan refinance process by calling 1300 889 743 or by filling in our online enquiry form: https://www.homeloanexperts.com.au/free-quote/

  • Rossy

    My broker has recommended that we structure our loan as an investment loan and when I move into the house or before we can switch the loan back to the most suited loan. The loan that would suit us best is a first home buyer occupied loan with the best interest at the time.

    Is the switch a common practice? are there any fees I should know about?

  • Fish

    I got declined by LMI (Genworth) will any other LMI company approve me?

  • Hi Fish,
    Yes, potentially! Genworth and QBE are the two major LMI providers in Australia, with Arch Capital a close third. Each LMI provider has their own policy and the introduction of Arch a couple of years means they are now competing on price and policy.
    However, to give you a better idea of your chances of approval, we’d need to know more about your situation. Please call us on 1300 889 743 or fill in our free assessment form and we can let you know how we can help: homeloanexperts.com.au/free-quote/

  • Joss

    Hi, I have a de facto partner that works with a bank. He’s eligible to get a mortgage with the LMI waived. My first question is can I take advantage of this benefit? And If later on I want to sell off the property, will I need his permission?

  • Hi Joss,
    To take advantage of the benefits offered (waived LMI) to a bank employee you would need to apply with your partner with the same bank/employer. If you’re both on the mortgage, yes you would need permission to sell off the property later. You wouldn’t be eligible for waived LMI benefits if you were to apply as a sole applicant. You can find more information about ‘separation with a partner after buying a house’ here:https://www.homeloanexperts.com.au/home-loan-articles/buying-out-a-partner-on-a-mortgage/

  • Michaela Doughty

    Hi, I am a Primary School Teacher and my husband works in Technology as a Enterprise Customer Success Manager. Are there any banks that waive LMI for these professions? I should also mention he is British, on a partner visa.

  • Hi Michaela,
    Unfortunately, there aren’t any waived LMI home loans for this particular profession as of yet. Buying with a foreign spouse on a partner visa, you can borrow up to 80% of the property value with no LMI and up to 95% of the property value with select lenders with LMI. To qualify for a 95% home loan you must be in the strong financial position and have a stable relationship. Speak with one of our specialist mortgage brokers by giving us on 1300 889 743 or fill in our online enquiry form:https://www.homeloanexperts.com.au/free-quote/ to discuss your situation.

  • Ashley Ware

    When they look at Rental income, are they looking at net rental income or gross? Would they count a singular property rented on airbnb (technically business income) as rental income? Also, do they require the 10% to be genuine savings or will they accept 5% genuine and 5% non genuine?

  • Hi Ashley,

    Lenders will typically only use 80% of the gross rental income as they consider 20% of the rental income as ongoing expenses to cover council rates, property management, repairs and maintenance.

    Yes, a singular property rented on Airbnb can be counted however, the minimum period required to calculate Airbnb income is 12 months with lodged tax returns. One of our lenders can consider an accountant’s declaration of the rental income from Airbnb.

    Most lenders only require 5% in genuine savings. So, you can use a combination of 5% genuine and 5% non-genuine savings as well.

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