LMI waivers for eligible professionals
Some lenders waive lenders mortgage insurance for eligible professionals, which can make a smaller deposit go a lot further.
Reviewed by Anita Callaghan, Director and Principal Broker of Anita Finance, Credit Representative 557021.
Last updated .
Lenders mortgage insurance, and why a waiver helps
Lenders mortgage insurance protects the lender if a borrower can't repay their loan, and it doesn't benefit you as the borrower. (Moneysmart)
It's usually a one-off cost, charged when you borrow more than 80% of the property's value. (Moneysmart)
An LMI waiver means an eligible lender doesn't charge it, even though you're borrowing above 80%.
Professions lenders commonly include
Each lender keeps its own list of eligible professions, and its own conditions.
- Medical professionals, such as doctors, specialists and dentists.
- Lawyers and other legal professionals.
- Other professions some lenders recognise, which Anita can check for you.
- Professionals buying a home, and in some cases an investment property.
Finding the lender that says yes to your waiver
Your profession checked
Anita checks your profession and registration against each lender's eligible list.
The conditions compared
Borrowing limits and other conditions differ between lenders, so she sets them out side by side.
Your shortlist
You see the lenders whose waiver may suit your purchase, with Anita's reasoning for each.
Through to settlement
Anita manages the application and confirms the waiver is applied before settlement.
More ways to buy with a smaller deposit
Eligible first home buyers can also buy without LMI under the Australian Government 5% Deposit Scheme.
Anita looks at every route open to you and shows you how each one compares for your situation.
LMI waiver questions
What is an LMI waiver?
An LMI waiver is when a lender agrees not to charge lenders mortgage insurance on a loan above 80% of the property's value.
Some lenders offer it to eligible professionals, which can mean buying sooner with a smaller deposit.
Which professions qualify for an LMI waiver?
Each lender keeps its own list, and medical professionals and lawyers are among the professions lenders commonly include.
Anita checks your profession against the lenders on her panel, since the lists and conditions differ from one lender to the next.
How much can I borrow with an LMI waiver?
Each lender sets its own limits, including how much of the property's value you can borrow without LMI.
Anita can tell you which lenders may suit your situation once she knows your profession, income and deposit.
Can I use an LMI waiver for an investment property?
Some lenders apply their waiver to investment purchases as well as homes, and others limit it to the home you live in.
Anita checks this for your purchase before recommending a lender.
What if my profession isn't eligible?
There are other ways to buy with a smaller deposit, including the Australian Government 5% Deposit Scheme for eligible first home buyers.
Anita can walk you through every option that fits your situation.
Other ways Anita can help
First home buyers
Your first home planned from the deposit up, including the 5% Deposit Scheme.
Read moreInvestment property loans
The next property structured with the one after it in mind.
Read moreRefinance your home loan
Your current loan compared against today's market, so you can see whether moving is worth it for you.
Read moreAbout Anita
Bank trained, now broking for families and business owners across Sydney and Australia.
Meet AnitaCheck your eligibility.
Tell Anita your profession and what you're hoping to buy, and she'll come back to you with the lenders that could waive your LMI.
The first conversation usually takes about 20 minutes, and it gives you a clearer picture of your options.
Monday to Friday, and after hours when needed.