Last Updated: 6th July, 2023

Borrow up to 95% without paying Lenders Mortgage Insurance (LMI). No minimum income requirement. Exclusively for psychologists. Call us on 1300 889 743 or enquire online. T&C apply.


How much can I borrow?

As psychologists, you qualify for waived LMI if you’re borrowing up to 90% of the property value. For most borrowers, Lenders Mortgage Insurance (LMI) is applicable borrowing more than 80% of the property value. As a psychologist, if you’ve saved a 15% deposit, then you do not have to pay LMI.

95% No LMI Home Loans

A lender on our panel is offering waived LMI on a 95% home loan for psychologists. There is no minimum income requirement. To qualify for no LMI on a 95% home loan:
  • You must buy a residential property. (Only Category 1 and 2 locations accepted)
  • You must hold a university degree from Australia or overseas.
  • You must be an Australian citizen or permanent resident living and working in Australia.
  • You must be employed as a psychologist and not on probation.
  • You have PAYG income in the industry for at least the last three years; doesn’t all have to be with the same employer but you must be past your probation period.
  • Minimum credit score required.
  • You need a minimum of 2 years’ tax returns and full financials if self-employed. ABN must be registered for at least two years and you must provide evidence of reported profit each year.
  • The maximum loan amount is $1 million.

What is waived LMI?

When you’re borrowing more than 80% of the property value, you have to pay what is known as Lenders Mortgage Insurance. However, there are banks and lenders who offer LMI waiver for professionals. As a psychologist, you don’t have to pay LMI even if you’re borrowing up to 90% of the property value. The benefits of waived LMI are:
  • You save thousands of dollars in LMI fees.
  • You can buy your property sooner with a 10% deposit.

What benefits are available to psychologists?

  • LMI waiver for psychologists if borrowing up to 90% of the property value.
  • Flexible repayment options
  • 100% offset account
  • Competitive interest rates

Psychologists vs psychiatrists – why do lenders have a different approach?

For most lenders, psychiatrists are medical doctors, so they qualify for a 100% waived LMI home loan.
  • Psychiatrists first study to be medical doctors. Once they’ve graduated, they take a specialisation to become a psychiatrist.
  • Psychiatrists, unlike psychologists, are licensed to prescribe medicine.
  • Psychologists require a 4-year university degree and obtain a general registration after 2 years of education.
  • The registration for psychologists is not in the list of accepted registrations for medical doctors.

    What are the requirements for LMI waiver for psychologists?

    • You must be employed and working in Australia.
    • Your registration must be verified on the Australian Health Practitioner Regulation Agency (AHPRA) website.
    • Only category 1 or category 2 property location are accepted. This includes most metropolitan areas.
    • You can either purchase or refinance an owner-occupied or investment property.

    How do I prove my income?

    There is a minimum income requirement to qualify for waived LMI as a psychologist, you would have to be working in Australia. To prove your income, you should provide:
    • Minimum 6 months in current occupation OR 12 months in the same industry
    • 2 current payslips showing Year To Date (YTD)
    • Independent verification with the employer
    • YTD figure must be verified
    If this requirement is not met, then you can provide a 3 months bank statement and a copy of your current employment contract.

    What if I’m self-employed?

    Self-employed psychologists can also get waived LMI if they fulfil the requirements mentioned above and can provide:
    • Declaration of financial status
    • 6 months most recent ATO lodged BAS
    • A self-employed contract where applicable
    • 12 mths ABN registration
    • Most recent tax returns (both individual and company)
    • Notice of Assessments
    If you’ve been self-employed for less than 6 months then you should provide:
    • Declaration of financial status
    • 3 months of personal and business statements
    • A self-employed contract where applicable

    What if I don’t qualify for waived LMI?

    There are other low deposit home loan options available, but you might need to pay LMI if you’re borrowing more than 80% of the property value. A guarantor home loan is the best option if you need to borrow more than 100% and the plus costs of purchasing a property without paying LMI.

    Are you looking for a home loan?

    Our mortgage brokers are experts at home loans for psychologists. We’ll work with you to ensure a smooth application process. Call us on 1300 889 743 or enquire online.