Want to know if you qualify for waived LMI?

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.

85% No LMI

$0 LMI for home buyers

A non-bank lender is offering $0 LMI for home loans up to 85% LVR.

The lender is accepting applications between 24 September 2020 and 29 November 2020.

The home loan must be settled by 30 May 2021.

The $0 LMI offer is available for:

  • First home buyers or existing homeowners upgrading to a new property.
  • Borrowers who have at least a 15% deposit of the property valuation.
  • Those purchasing a new owner-occupied property.

$1 LMI for first home buyers

A non-major lender is offering a $1 LMI offer for first home buyers who are borrowing 85% of the property value.

The offer is effective from 13 July 2020 with the following eligibility criteria:

  • You must be a first home buyer. (If it’s a joint application, then one of the applicants must be a first home buyer)
  • The maximum loan size is $850,000 with an LVR of 85%.

Please note that this offer is not an LMI waiver. You are required to pay $1 in LMI fees and are subject to LMI approval.

To find out if you’re eligible for either offer, please call us on 1300 889 743 or fill in our free assessment form.

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 on 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.

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.


Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.


Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.


We get tough loans approved

We can help you navigate the often complex pre-approval and application process.


Our customers love us

We receive hundreds of love letters from our customers.

Discover more reasons to use Home Loan Experts

How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

enquiry form icon

Complete our free assessment form or call us.

lender search icon

We assess your situation.

panel of lenders icon

We look at all the options from our panel of lenders.

recommended deal icon

We will find you the most suitable home loan deals.

Testimonials for Home loan experts


from 300+ reviews


from 250+ reviews


from 600+ reviews

about us


lenders on
our panel


lent Australia-wide
and counting

Westpac Logo
ANZ Logo
NAB Logo
AMP Logo
Adelaide Bank
Firstmac Logo
CommonwealthBank Logo
St.george Logo
ING logo
Homeloans Logo
Macquare bank logo
Suncorp logo
pepper money logo
mebank logo
bankwest logo

of our borrowers get
approved with a major bank


of our borrowers get a discount
below the bank standard variable rate