LMI waiver for doctors and medical professionals.
Eligible medical professionals can often buy with a deposit under 20% without paying Lenders Mortgage Insurance — a saving that can run into tens of thousands of dollars. Here’s how the waiver works and how to find a lender that offers it to you.
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What is LMI, and what does a waiver do?
$6,000 to $30,000
Lenders Mortgage Insurance is a one-off premium lenders charge when you borrow more than 80% of a property’s value. It’s usually 1%–5% of the loan amount, and it protects the lender if a borrower defaults, not you.
An LMI waiver (sometimes called an LMI exemption) is a lender policy that removes that premium for eligible borrowers. Because banks see medical professionals as low-risk, many will lend them up to 90%, and some up to 95%, of a property’s value with no LMI at all.
Check if you qualifyWho qualifies for an LMI waiver?
Each lender keeps its own list of eligible professions. These are the ones most commonly included:
- GPs & doctors
- Medical specialists
- Surgeons
- Dentists
- Optometrists
- Pharmacists
- Veterinarians
- Residents & registrars
Nurses and midwives usually aren’t on these lists, but there are other ways to buy with a small deposit. See home loans for nurses and healthcare workers.
The fine print that varies between lenders.
Two lenders can both advertise a medico LMI waiver and still treat you very differently. The details that matter most:
- Maximum LVR. Commonly 90%, sometimes 95%, occasionally lower for certain professions.
- Minimum income. Some lenders require a minimum annual income, which can rule out junior doctors or part-time roles.
- Registration. Most lenders verify your registration with AHPRA or the relevant professional board.
- Maximum loan size. Caps on the loan amount that the waiver applies to differ by lender and location.
- Loan purpose. Some lenders extend the waiver to investment properties and refinances; others limit it to owner-occupied purchases.
We compare these policies across 30+ lenders so you apply once, to a lender whose rules you already meet.
Book a free strategy callLMI waivers: common questions
Is an LMI waiver the same as an LMI exemption?
Yes. Lenders and brokers use both terms for the same thing: a policy that removes Lenders Mortgage Insurance for eligible borrowers who would otherwise have to pay it.
Can I get an LMI waiver on an investment property?
With some lenders, yes. Others limit the waiver to the home you live in. We’ll check which lenders apply it to investment loans for your profession.
Can I use an LMI waiver when refinancing?
Often, yes. If you’re borrowing more than 80% of your property’s value, switching to a lender with a medico waiver can avoid a new LMI premium. LMI you’ve already paid generally isn’t refunded.
Is the Home Guarantee Scheme the same thing?
No. The Home Guarantee Scheme is an Australian Government program for eligible first home buyers, with property price caps. A medico LMI waiver is a lender policy based on your profession. Some buyers are eligible for both, and we’ll help you compare them.