Last Updated: 20th May, 2024

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What is waived LMI?

When you’re buying property, you usually have to pay Lenders Mortgage Insurance (LMI) if you’re borrowing more than 80% of the property value.

If you’re from a specific professional and a high-income earner, however lenders will waive the LMI for you. For example, if you’re buying a property worth $1 million, then you save thousands of dollars by not paying LMI.

Who qualifies for waived LMI?

Some lenders offer no LMI home loans to:

  • Specific professionals like doctors, accountants, lawyers, etc.
  • People who invest in DHA properties.
  • First home buyers with a guarantor can borrow up to 105% without paying LMI.
  • Home buyers (certain lenders are waiving LMI if you’re borrowing more than 80% of the property value)
Infographic: Six professions eligible for waived LMI.

To qualify for waived LMI, you must meet the following criteria:


Accountants, lawyers, 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.
  • 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.

90% loan with no LMI

  • Your loan must not be more than 90% of the property value.
  • You don’t need to be from a certain profession
  • You must have a clear credit history
  • You must have a strong employment history
  • If you’re self-employed for two years and don’t have tax records, 6 months BAS and 6 months bank statements are accepted.
  • Borrow up to $1.5 million
  • No credit scoring

Call us on 1300 889 743 or enquire online for a full assessment.

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.

No LMI for First Home Buyers

Is LMI waived for first home buyers?

Yes, LMI can be waived for first-home buyers if you qualify for any one of these government schemes:

These nationwide schemes are designed to help first-home buyers enter the property market with a deposit as low as 5% of the property value without paying LMI.

The 360° Home Loan Assessor empowers you to make strategic decisions, helping you get the most out of available grants and schemes on your journey to homeownership.

Waived LMI – FAQs

Why do banks only accept certain professionals for waived LMI?

There are 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 because they:
  • Rarely default on their mortgage
  • Make their repayments on time
  • Borrow higher loan amounts than other customers
  • Are connected to other high net-worth borrowers

Therefore, select professionals in medical, accounting, legal industries present the lowest risk and highest payoff.

Does A Combined Income Qualify Us For Waived LMI on a Home Loan?

Yes, you can get waived LMI with a combined income.

For waived Lenders Mortgage Insurance (LMI), the eligibility criteria vary across different states and professions. Let’s break it down by taking an example of an accountant applying with a combined income of $160,000.

  • Minimum Income Requirements: From our panel of lenders, the minimum income required ranges from $100,000 to $120,000. This income can include rental income but typically excludes the income of a spouse unless they also qualify as an eligible accounting professional.
  • High-Income Earner Classification: Your combined income of $160,000 falls the minimum requirements, ensuring you fall into the high-income earner bracket, thus making you eligible to borrow up to four times your annual total income ($160,000 x 4 = $640,000) and still qualify for waived LMI, provided you satisfy all other standard lending criteria.
  • Note: This is not a fixed formula but a way to estimate the borrowing power. Some multiply by 5 or 6, given the client credit situation.

    Our Home Loan Experts specialise in home loans for accounting professionals. We can guide you through the process and explore suitable options tailored to your needs.

    Speak with one of our experienced mortgage brokers today by giving us a call at 1300 889 743 or fill in our free online assessment form to get access to special interest-rate discounts and LMI waivers.

    How can I reduce my 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 how to avoid mortgage insurance page for more information on these golden tips.

    Apply for a no LMI 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