Essential Worker Home Loan at 95% No LMI

Q: Why Do Lenders Offer Special Benefits To Essential Service Workers?

Essential workers are those whose jobs are considered key to society's functioning. They are workers who put themselves in harm's way to provide vital community services. However, they often find it challenging to afford appropriate housing close to their place of work and are forced to look at locations farther away. It's a difficult time to save for a property with cost-of-living pressures increasing and home loan repayments rising as interest rates go up. So, some lenders have come up with loan packages for essential workers, in appreciation of their resilience and because their employment income tends to be secure, even during a pandemic. While they may not be high-earning citizens, essential workers earn moderately and have a regular flow of income, making them less likely to be default risks to banks.

Q: Can Essential Workers Use 100% Of Their Overtime Income?

Yes. Many essential workers in Australia can have 100% of their overtime, penalties, shift loadings and allowances included in their borrowing capacity. This applies to nurses, paramedics, police officers, teachers, aviation crew, hospital staff, and many other essential roles. Most lenders only use 50–80% of overtime for regular applicants. Essential workers are treated differently because of job stability, predictable overtime patterns and industry demand. Many lenders accept 100% of essential workers' overtime income, due to the consistent nature of their jobs. However, some lenders shade it and have requirements; for example, they may insist that overtime be an expected component of their job. Lenders usually require a borrower to have been employed in their current job for at least three months. Common minimum time requirements are six months or a year. Lenders will look at the period of employment, employment contract, last two or three months' payslips, PAYG payment summary and tax returns when reviewing a potential borrowers application.

Q: Are Allowances Accepted For Essential Workers?

Many lenders accept 100% of income from employee allowances. Some conditions to be met are that they have to be working in the same job for some time, and lenders require the previous year's earnings. The work-related allowances must be permanent and a regular, ongoing part of the borrower's income. Examples of acceptable forms are shift allowances, meal allowances and car allowances.

Q: Can I Apply If My Partner Isn’t An Essential Worker?

For a joint application, either one can be an essential worker. There are no minimum income requirements for either applicant. Additional documents may be required for special circumstances like defaults and low-doc loans.

GET A FREE ASSESSMENT

If you work in a role that keeps Australia running like policing our communities, caring for patients, teaching future generations, or responding to emergencies, some lenders will reward your service with big home loan benefits.

That includes borrowing up to 90–95% of the property value with no Lenders Mortgage Insurance (LMI) and using 100% of your overtime, penalties and allowances to boost your borrowing power.

This means you may be closer to buying a home than you think.

How Much Can Essential Workers Borrow?

Up to 95% of the property value, with LMI waived
Up to 100% of the property value, with a guarantor

90% LVR With No LMI (Effective 30 October 2025)

One lender offers up to 90% LVR with no LMI or risk fee, available for owner-occupied and investment loans.

Key Conditions:

Loan terms up to 30 years
Max $2M where LVR >85%
No profession or FHB restrictions
No genuine savings required
Principal & Interest only
Single security (no cross-collateralisation)
DTI up to 6 (exceptions above 8 considered)

Call 1300 889 743 or enquire online to check eligibility.

Which Lenders Waive LMI For Essential Workers?

Major lenders, credit unions and specialist lenders waived LMI for essential workers in Australia.

Using the assessment tool, you can find out the number of lenders who offer waived LMI for essential workers. You can also get exact figures on how much you save on LMI.

Check if you are eligible for Waived LMI

You can save $0.00 on LMI fees when you borrow up to % of property value. We have 0 lenders on our panel who could help you.

Bank	0
Non-Bank	0
Specialist Lenders	0
Credit Unions/ Building Societies	0
Total	0

Disclaimer: The result assumes all other eligibility and financial criteria are satisfied. The information provided is not a quote or pre-qualification for a home loan. Please seek financial advice before buying a home.

Tips and Suggestions

You can borrow up to 100% of the property price with some lenders. Typically, borrowing up to 95% without LMI is possible.

Lenders generally need evidence of your profession and registration.

You're also eligible for a substantial rate discount.

Lenders might have stricter rules for properties located in high-risk areas.

Subject to limits on loan amounts.

Which Essential Workers Are Eligible For Waived LMI?

Lenders have offered to waive LMI on loans for up to 95% of the property value for the following essential workers:

There might be more essential workers who could be eligible for waived LMI. You can talk to our mortgage experts to see if you qualify.

How Much Can Essential Workers Save By Avoiding LMI?

Property Value	Loan Amount	LVR	LMI Premium Saved*
$700,000	$630,000	90%	$15,674
$800,000	$720,000	90%	$17,913
$900,000	$810,000	90%	$20,152
$1 million	$900,000	90%	$22,392
$700,000	$665,000	95%	$28,938
$800,000	$760,000	95%	$33,072
$900,000	$855,000	95%	$37,206
$1 million	$950,000	95%	$41,340

*Calculations made using our LMI calculator, where property will be used as primary residence and the property is located in NSW.

What Are the Benefits Of Essential Worker Home Loans?

You save thousands upfront, as you don’t have to pay any LMI.
You can buy your property sooner with a smaller deposit.
It improves your borrowing power, as the cost of LMI is not factored into your loan.
You can get a competitive interest rate reserved for your profession.

Other benefits:

Each lender has packaged its essential worker or essential services product differently. Below are some benefits that a qualified essential worker can enjoy:

Discounted rates: There are special low rates for essential workers. Some packages have additional discounts for essential workers
Waived fees: Some lenders waive fees for essential workers who are first-home buyers. Some examples are:
- Annual fees
- Establishment, valuation and top-up fees
- Personal loan application fees
100% offset account.
Redraw facility.
Early repayments without penalty charges.
Flexible repayment cycle: monthly, fortnightly or weekly repayments.

How Can Essential Workers Qualify For Waived LMI?

Every lender is different, but in general, you’ll need:

Good credit history (no defaults or arrears)
Stable employment (permanent or long-term contract)
5–10% genuine savings
Payslips showing your overtime and allowances
A property that meets lender requirements (Apartments in some postcodes may need extra checks.)

If you’re unsure whether you meet these, we’ll check for you.

Documents Required For Essential Worker Applications

Short application form from your broker
Identification documents: driver’s licence, passport, medicare card
Confirmation of employment with the employer
Pay slips: Year-to-date pay slips covering three months or more will be required to show consistency for overtime and allowance concessions
Bank account records/statements
Accountant’s report
Credit reports
Property valuation reports

Save Thousands On Your Home Loan Today!

As an essential worker, you deserve the best. Let us find you your perfect home loan with a smooth, stress-free process. We’re here to help. Talk to an expert

Frequently Asked Questions

My Job Isn’t On The Essential Worker List. Can I Still Apply?

You may still qualify. Many lenders have flexible interpretations of “essential services,” especially in:

Healthcare
Emergency response
Public safety
Community support roles

We can confirm eligibility in minutes.

Why Do Lenders Offer Special Benefits To Essential Service Workers?

Can Essential Workers Use 100% Of Their Overtime Income?

Are Allowances Accepted For Essential Workers?

Can I Apply If My Partner Isn’t An Essential Worker?

Trust Home Loan Experts To Help You

We have thousands of five-star reviews and testimonials on Product Review, Google Review and Facebook.

4.8 out of 430+ reviews

4.8 out of 1000+ reviews

4.9 out of 2000+ reviews

What Our Customers Say About Us

Made first home buying a breeze!I cannot thank Rob, Rabin and Nikhil enough. They made the process so simple and stress free, especially for a first home buyer.

Always there to answer all our queries and give us their professional advise as well. I definitely recommend them to anyone who is thinking of buying their first home.

My partner and I approached Home Loan Experts for our first home loan. The whole process was incredibly efficient.

Excellent service at every step, they organised a LMI free loan due to me being a registered nurse and they were able to secure us an excellent interest rate.

Thanks to Home loan experts, I realised that it was possible to in fact increase my existing borrowings up to 90% LVR for being a CPA on $150k+ income without having to pay an arm and a leg in LMI

I have very good experience, always received prompt responses during the stage construction loan process.

View more testimonials

Essential Workers Home Loan

How Much Can Essential Workers Borrow?