Want to know if you qualify for waived 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.


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.

  • Steve

    Hi, I’ve applied in ANZ for a home loan. Will the Lenders Mortgage Insurance be added in the loan amount and is there any way we could decrease the LMI amount?

  • Hi Steve,

    Typically you will be charged a Lenders Mortgage Insurance (LMI) if you are borrowing above 80% of the property value. Depending on your request, the LMI can be added on to you loan amount or can be paid for separately. You can avoid paying LMI altogether if you borrow up to 80%.

  • CD Vidal

    I’m a CPA and I’m interested in the exemption from LMI. I’m buying an investment property interstate for $239,000. Is this okay for a no LMI mortgage?

  • Hi there, yes you can buy an investment property and it can be interstate. As long as you meet the other requirements, this should be fine.

  • Timothy F

    I am part of the ICAEW and I want the LMI waived off my home loan. I will be buying our first home with my wife so can rental income be included to get me over $150k?

  • Hello Timothy F, yes, it can be included in your income so you should be eligible for a no LMI home loan.

  • Kayla

    Just wondering, under the entertainment professionals package for no LMI, which professions are accepted? I’m a photo journalist so both a photographer and journalist.

  • Hey Kayla, there are quite a lot of professions that are accepted. This includes professionals such as DJs, Actors /Actresses, Musicians /Singers /Composers, Models, Photographers /Film Makers and Journalists. So you should qualify as long as you’re a high income professional and you have either an agent or accountant. Most Photo Journalists we’ve worked with are self employed freelancers. This can be considered as well.

  • Ryan P

    I’m a medical professional and my last investment property loan was through a lender that has now pulled out of home loans. So I’m just wondering which other lenders can help…

  • Hi Ryan, there are several banks and other lenders with doctor discounts. The devil is in the detail as some have restrictive policies which mean it’s really a marketing tool and not a real offer. Some have waived LMI but then charge a higher interest rate! It’s just a matter of finding the right one for you. Give us a call on 1300 889 743 and we can sort this out for you.

  • Pepsi

    I’m a Chartered Accountant and my wife a lawyer. We only have a 5% deposit at present (i.e 95% LVR required) but want to avoid LMI. Any options as BOQ have changed thei criteria recently.

  • Hi Pepsi,

    Yes we can help with this. There’s a few options:

    1. We can get a 90% waived LMI home loan and then a personal loan to top up the additional 5%. If focus on paying off the personal loan quickly then this works out to be a very effective solution that saves you a fortune compared to LMI.

    2. If one of you is self employed then some of our lenders will consider part of the loan through business banking and part through residential. This means you can borrow 95% or 100% with no LMI.

    3. You can use a guarantor loan. This is where a family member provides their home as additional security for your loan and you can borrow up to 105% with no LMI and a great rate. You can then make additional repayments and when your loan is down to 90% of the property value we can remove the guarantee (with waived LMI if you qualify). https://www.homeloanexperts.com.au/guarantor-home-loans

    You can also read more about profession based discounts here:

  • Andarusman Baratha

    Doctors, Accountants, Lawyers, Mining engineers, pro athletes…. wow, more leverage for the riches, while the rest of the struggling class ironically have to fork out more for LMI. How do these occupations deemed as trustworthy and secure? I know a mining engineer who hasn’t been able to get a job since last year.

  • Hi there,
    Yes we agree that mining engineers are a higher risk profession and it’s rare that they qualify for these discounts. Whereas there are strong business cases for the banks to approve special discounts for other professions.

    Our advice is to marry a doctor ;)

  • Dave

    Im in mining my wife a hairdresser we have a combined income of 185k we have a house and an investment property. We want to refinance to a better rate and buy a block of land and borrow 95% without lmi. We have about 80k equity in our house

  • Hi Dave,
    It’s hard to say as we’d need to see the full details. However likely the best option is to refinance one property to 90% without LMI and then the other property would be 95% with LMI. As a miner you wouldn’t qualify for 95% waived LMI unless you had a security guarantor https://www.homeloanexperts.com.au/guarantor-home-loans

  • Betty

    My husband is an accountant, employed full time and I
    work full time also. We are purchasing a property for 1.5 million but only have 10% deposit, can we find a lender who will exclude lmi?

  • Hi Betty
    Yes potentially you can. It would mostly depend on your husband’s income. There are two options that could work for you. The first one would require his income (including rent income) to be:
    $150,000 pa if you’re in NSW, ACT, VIC or QLD
    $120,000 pa if you’re in WA, SA, NT or TAS
    The second option would allow you to borrow 4x your combined income. That means your total income must be $337,500 for you to buy a $1.5m property at 90% LVR with no LMI.
    If you meet this criteria then please contact us and we’ll help you to get approved, navigate the other criteria and negotiate a good interest rate as well https://www.homeloanexperts.com.au/free-quote/
    Note that if you don’t qualify for this then a guarantor loan may work for you as well https://www.homeloanexperts.com.au/guarantor-home-loans

  • Paul Gibson


    Buying first property, in capital city, 55m one bed. Working as teacher, property $410000. What’s the minimum deposit i need to avoid lmi?


  • Hi Paul,
    For a 1 br unit in a capital city this may qualify for 85% with no LMI or if the building is high density (a high rise) then the max you could borrow with no LMI would be 80%.
    For loans under $500,000 the cost of LMI isn’t extortionate. Whereas for loans over $1m the cost of LMI is prohibitive. So it may be a matter of choosing the lender with the cheapest LMI if you have a small deposit or alternatively we can help you with a guarantor loan https://www.homeloanexperts.com.au/guarantor-home-loans

  • Jessica Toghill

    My partner and I are looking for an owner occupier property in Brisbane for around 1.2 M. I am a pilot on around $220000 and my partner earns $50000. What type of deposit do we require to avoid LMI?

  • Jenna

    I’m a CPA accountant and only recently has been advised that for CPA we can borrow up to 90% without paying LMI. Is it possible to get a refund as I don’t actually need to pay this LMI and we paid 14k for it. Also, the criteria above, is there any written down documents or it is all based on negotiation ? Thank you.

  • Hi Jenna,
    Unfortunately if you’ve already paid it then you can’t get it refunded. However you can refinance your loan and potentially get a better rate. The main criteria is that your income must be over $120,000 or $150,000 depending on the state that you live in.
    It’s something the banks don’t advertise, so although there are documented criteria I can’t release those documents as they’re for broker use only.

  • Gaff

    I was researching Medico no lmi home loan packages but it seems a lot of the banks and lenders I looked into don’t have this! I’m a medical practitioner in training and want to get a mortgage and avoid lmi because I know how high it can get. Can you help me get a mortgage with waived lmi?

  • Yes Gaff, we can help you get a no LMI home loan. We’ll need to assess your situation to confirm if you qualify for a Medico waived LMI home loan package first. So please call 1300 889 743 to discuss with an expert no LMI home loan specialist or simply enquire online:

  • Aidan

    I’m a GP and I’ve been hearing a lot online about home loan discounts for doctors and other medicos. I saw that ANZ have a home loan for doctors. Is it any good?

  • Hi Aidan,
    The ANZ doctor home loan allows select doctors and medical professionals to borrow up to 90% of the property value and avoid mortgage insurance. Their interest rates and fees can also be very competitive at times. Other times you can get a better deal with another lender. They’re not always open to offering special discounts just because of your profession though. You’re better off getting help from a mortgage broker to help you compare apples with apples so you know you’re getting a great deal.