Do you qualify for an LMI waiver?

LMI, Lenders Mortgage Insurance, is a fee lenders charge when you borrow above 80% of a property's value. It protects the lender, not you, and it can add a considerable extra amount to the lifetime cost of a loan.

Lenders commonly waive LMI for eligible professionals, doctors, surgeons, dentists, chiropractors, optometrists, pharmacists, midwives, nurses, physiotherapists and other medical professionals, plus accountants, financial planners and actuaries. Each lender sets its own criteria (profession, income and registration requirements), which is exactly what we check for you. Unsure if your profession counts? Reach out, it costs nothing to ask.

On a typical loan above 80% LVR, LMI can run from several thousand to tens of thousands of dollars, depending on loan size and deposit. A waiver removes that cost entirely, which can also mean buying sooner with a smaller deposit.

If you work in an eligible profession, yes, many lenders will lend up to 90% (some higher) with LMI waived. Outside those professions, options like family guarantees or government low-deposit schemes may achieve a similar result. We'll map what applies to you.