Which Banks Waive LMI? The Complete 2026 Guide to LMI Waivers
Most first home buyers with less than a 20% deposit get hit with Lenders Mortgage Insurance — and most accept it as unavoidable. But there's a category of borrower who can avoid it entirely: qualified professionals at select lenders.
Professional LMI waivers — sometimes called professional mortgage insurance waivers — let eligible borrowers at certain banks borrow up to 90% of a property's value without paying LMI. That can mean $10,000 to $40,000+ in savings depending on the loan size and property price.
Here's the catch: not every bank offers the same waiver, for the same professions, at the same thresholds. And choosing the wrong lender means either paying LMI you didn't need to, or missing out on a better loan package. This guide breaks it all down.
What is an LMI waiver?
Normally, if you borrow more than 80% of a property's value (i.e., you have less than a 20% deposit), your lender charges Lenders Mortgage Insurance — a one-time cost added to your loan. LMI protects the lender if you default.
An LMI waiver removes that cost for eligible borrowers — typically those in recognised professional occupations who the lender considers lower-risk due to their income stability and earning trajectory. The bank effectively self-insures rather than charging you for the insurance.
The waiver is not the same as avoiding LVR requirements. You still need to meet the lender's credit criteria. But on the LMI question specifically, eligible professionals can skip what everyone else pays.
Who qualifies — and who doesn't
LMI waivers are primarily targeted at professionals with stable, high-income careers. The logic from the bank: a doctor or lawyer with a long income history and strong career trajectory is less likely to default than a borrower with a thin credit file and irregular income.
The key distinction is recognised profession — not all white-collar jobs qualify. Here's how it breaks down broadly:
- Medical professionals — doctors (GPs, specialists, registrars, interns), dentists, vets: most banks include these, with the most favourable terms
- Legal professionals — lawyers, solicitors, barristers: widely covered across the major banks
- Finance professionals — accountants (CPA, CA), actuaries: broadly included, usually with an income threshold
- Engineering and technical — engineers with professional accreditation: included at CBA and NAB, but with conditions
- Allied health — physios, pharmacists, optometrists, chiropractors: varies significantly by lender
- Nurses and teachers — only Westpac includes nurses in the standard waiver; no major bank covers teachers
Bank by bank: which lenders waive LMI in 2026
The big four banks — ANZ, CBA, NAB, and Westpac — all offer professional LMI waivers, but with meaningful differences in who qualifies and at what LVR. Here's the honest comparison.
Commonwealth Bank (CBA)
CBA has one of the broadest professional LMI waiver programs among the major banks. Its self-insurance model gives it more flexibility than lenders that outsource their LMI to a third-party insurer.
Eligible professions: Doctors (all — GPs, specialists, registrars, interns, residents), dentists, lawyers and solicitors, accountants (CPA, CA, CMA), engineers with professional accreditation, veterinarians, optometrists, pharmacists, physiotherapists, chiropractors, select other health professionals.
Key details:
- Maximum LVR: up to 90% for most professions; some capped at 85%
- Income threshold: varies by profession — doctors typically have no minimum or a very low one; most other professions require $150,000+
- Maximum loan amount: typically $1.5M–$2.5M depending on profession and LVR
CBA's standout advantage is the breadth of its profession list and its strong program for doctors. Nurses are notably absent from the standard waiver program.
National Australia Bank (NAB)
NAB offers a competitive professional package that bundles an LMI waiver with rate discounts — meaning eligible professionals often get both a better rate and no LMI charge.
Eligible professions: Doctors (GPs, specialists, registrars), dentists, veterinarians, lawyers and barristers, accountants (CPA, CA), engineers with professional accreditation, actuaries, select IT professionals at higher income thresholds.
Key details:
- Maximum LVR: up to 90% for most professions
- Income threshold: $150,000 for most professions; lower or no minimum for doctors and medical specialists
- Maximum loan amount: varies by profession and LVR tier
NAB's professional package advantage is that the waiver comes alongside ongoing rate discounts — making it one of the more compelling total packages for eligible professionals.
Westpac
Westpac stands out for having the broadest profession coverage among the big four, including one notable inclusion the others don't share: nurses and midwives.
Eligible professions: Doctors (all), dentists, lawyers and solicitors, accountants (CPA, CA), nurses, midwives, veterinarians, engineers with professional accreditation, and most other standard professional categories.
Key details:
- Maximum LVR: up to 90%
- Income threshold: varies by profession — no set threshold for doctors; $150,000+ for many other professions
- Nurses and midwives included at select income levels — the clearest differentiator from competitors
Westpac's inclusion of nurses is significant. CBA, NAB, and ANZ all exclude nurses from their standard professional waiver programs.
ANZ
ANZ offers a professional LMI waiver but with a slightly narrower profession list than CBA or Westpac.
Eligible professions: Doctors (GPs, specialists, registrars), dentists, optometrists, lawyers and solicitors. Notably does not include nurses, accountants, engineers, or veterinarians in the standard program.
Key details:
- Maximum LVR: up to 90% for eligible professions
- Income threshold: varies — generally favourable for medical professionals
If you're an accountant, engineer, vet, or nurse, ANZ's waiver is unlikely to help you. CBA or Westpac would be better options.
Second-tier and non-bank lenders
Outside the big four, several other lenders offer professional LMI waivers — often at competitive terms.
- St. George Bank — follows the Westpac Group policy; if you're eligible under Westpac's program, St. George typically mirrors it
- Bankwest — offers waivers similar to CBA for doctors, dentists, lawyers, and accountants at up to 90% LVR
- Macquarie Bank — professional program for doctors, dentists, lawyers, accountants, and engineers at up to 90% LVR, income threshold typically $150,000+
- ING — limited professional waiver, typically capped at 85–90% LVR for select medical professionals with $150,000+ income
- Bank of Queensland (BOQ) — offers professional LMI waiver for doctors, dentists, lawyers, and accountants at up to 90% LVR with $150,000+ income threshold
- AMP — limited professional waiver for select professions at 85% LVR, $150,000+ income
How to actually claim your LMI waiver
Knowing you're eligible and getting the waiver are two different things. Here's what the process actually looks like:
- Confirm your profession is on the list — check the specific bank's criteria (not all banks publish it publicly, so you may need to ask). Your occupation needs to match the bank's exact definition.
- Get lender approval before settlement — LMI waivers are approved at loan application stage, not after. If you borrow first and apply for a waiver later, it's usually too late.
- Provide supporting documentation — this typically includes your degree or professional registration, your employment contract or recent payslips, and sometimes your income for the past two years.
- Use a broker or ask the bank directly — a mortgage broker who knows which banks have the most favourable waiver policies can be the fastest way to find the right lender for your situation.
How much can you actually save?
A realistic example: you're a doctor buying a $700,000 property in Sydney with a 10% deposit ($70,000). You need to borrow $630,000.
Without a waiver, LMI on a $630,000 loan for a borrower with a 10% deposit typically runs $15,000–$22,000 depending on the lender and your profile.
At CBA, Westpac, or NAB with an approved professional waiver, you borrow the same $630,000 and pay zero LMI. On a $630,000 loan at 6.5% over 30 years, that's $22,000 that stays in your pocket — or roughly $155,000 less in total repayments compared to adding LMI to the loan.
Use our LMI Calculator to estimate your LMI cost based on your deposit, loan amount, and state — then check whether a professional waiver at CBA, Westpac, or NAB could eliminate it entirely.
What actually matters when choosing a lender
The LMI waiver is one factor in your loan. Here's how to weigh it against everything else:
- Rate matters more than the waiver — a 0.3% lower rate on a $600k loan over 30 years is worth more than the LMI saving. Use the waiver to narrow your options, then compare the total loan cost.
- The waiver only helps if your profession qualifies — if you're a nurse, ANZ's program won't help you. Go to Westpac. If you're an accountant, skip ANZ and check NAB or CBA.
- The property type matters — some banks only offer waivers on owner-occupied properties; investment properties may have different rules.
- Maximum loan amounts apply — waivers typically cap out at $1.5M–$2.5M depending on the bank and profession. If you need a larger loan, the waiver may not cover the full amount.
Quick reference: which bank for which profession
| Profession | CBA | NAB | Westpac | ANZ |
|---|---|---|---|---|
| Doctor / GP / Specialist | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% |
| Dentist | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% |
| Lawyer / Solicitor | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% |
| Accountant (CPA/CA) | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% | ❌ Not included |
| Engineer (accredited) | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% | ❌ Not included |
| Veterinarian | ✅ Up to 90% | ✅ Up to 90% | ✅ Up to 90% | ❌ Not included |
| Nurse / Midwife | ❌ Not included | ❌ Not included | ✅ Up to 90% | ❌ Not included |
| Optometrist / Pharmacist | ✅ Up to 90% | ❌ Not included | ✅ Up to 90% | ✅ Up to 90% |
| Physiotherapist / Chiro | ✅ Up to 90% | ❌ Not included | ✅ Up to 90% | ❌ Not included |
Table information based on publicly available lender criteria as of April 2026. Policies change — confirm current criteria with the lender or a mortgage broker before making decisions.
FAQ
Do I need a 20% deposit to avoid LMI?
Not necessarily. If you're a qualified professional at CBA, NAB, Westpac, or ANZ, you can borrow up to 90% (10% deposit) without paying LMI — as long as your profession is on the bank's eligible list and you meet their income and credit criteria.
Can I get an LMI waiver if I'm self-employed?
Most professional LMI waivers are designed for salaried employees with stable income. Self-employed borrowers generally don't qualify for the standard professional waiver programs, though some lenders have specialist self-employed products with different LMI structures.
Does the waiver apply to investment properties?
Usually no. Most banks restrict professional LMI waivers to owner-occupied properties. A few lenders offer investment property waivers for select medical professionals, but it's not standard — confirm with your lender before assuming.
Can a mortgage broker help me get an LMI waiver?
Yes — and often faster than going direct. Brokers know which banks have the most favourable criteria for your specific profession and can identify the right lender from the start, rather than you finding out after a declined application that your occupation wasn't on the list.
Is the LMI waiver the same as the First Home Loan Deposit Scheme?
No. The First Home Loan Deposit Scheme (FHLDS) is a government guarantee that lets first home buyers buy with as little as 5% deposit without paying LMI — available to any eligible first home buyer regardless of profession, through participating lenders. A professional LMI waiver is a bank's own policy for select professions and doesn't involve a government guarantee.