No LMI home loans for professionals
Some professions can buy with a 5–10% deposit and pay no lenders mortgage insurance (LMI). Pick your profession to see your typical maximum LVR without LMI and what it could save you.
1. Select your profession
2. Check your max LVR without LMI
Max LVR without LMI (Doctors)
Up to 95%
Most lenders that offer a waiver stop at 90%.
Minimum deposit
$45,000
LMI you could avoid
≈ $30,267
Indicative only. LMI waivers depend on each lender's current professional list, your registration or membership, income, the property and full credit assessment. An XLOANS broker confirms which panel lenders currently waive LMI for you. LMI saving uses an indicative premium estimate.
Guides by profession
Up to 95% LVR, no LMI
Doctors & medical specialists
Medical professionals get the strongest LMI concessions in Australian lending. Many lenders waive LMI up to 90% LVR, and a small number go to 95% for eligible doctors.
Up to 90% LVR, no LMI
Lawyers & legal professionals
Lawyers with a current practising certificate are on many lenders' professional lists. This can mean no LMI up to 90% LVR, subject to income and membership criteria.
Up to 90% LVR, no LMI
Accountants
Qualified accountants who are members of a recognised professional body can access LMI waivers up to 90% LVR at a number of lenders, subject to income criteria.
Up to 90% LVR, no LMI
Mining engineers & mining professionals
Mining professionals are on fewer lenders' LMI-waiver lists than medicos or lawyers. Where a waiver is offered, it is usually up to 85–90% LVR. The bigger win is often how your income is assessed.
Common questions
Which professions can get a home loan with no LMI?
Doctors and other medical professionals have the widest access, often to 90% LVR and sometimes 95%. Lawyers with a practising certificate and full members of accounting bodies can often reach 90%. Mining engineers and some other professionals get waivers at fewer lenders, usually 85–90%.
How much can an LMI waiver save?
On a $900,000 purchase at 90% LVR, LMI can cost roughly $20,000–$30,000 depending on the lender and insurer. A waiver removes that cost completely.
Is a professional LMI waiver guaranteed?
No. Each lender sets its own professional list, registration rules and minimum income, and you still need to pass the normal credit and serviceability checks.
Not on the list? You may still avoid LMI with the 5% Deposit Scheme or a guarantor. Read the LMI guide or use the LMI calculator.
Find out which lenders waive LMI for you
Book a free, no-obligation 15-minute chat with an XLOANS broker. We'll help you take the next step.