Are You Eligible For The LMI Waiver For Professionals?
- Colin Green
- Aug 25
- 5 min read
Updated: Sep 3
The challenges of saving for a deposit, finding the right loan and understanding all the associated costs of buying a home are common hurdles for everyone. There are however, certain professions who are seen by lenders as lower risk borrowers. If you’re a lawyer, accountant, doctor or other professional there’s good news. Some lenders now offer mortgages for professionals with special benefits – including the opportunity to save thousands through an LMI exemption. What’s more, in recent months, the list of occupations that might benefit from the LMI waiver for professionals has been extended by some lenders.
With stable employment and consistent income, there are certain professions that are often viewed as low-risk borrowers. That means if you work in law, accountancy, medicine, IT and other vocations you could be eligible for tailored mortgage terms which may help you reduce the up-front costs and get on the property ladder quicker than expected.
In this guide, we’ll explore:
Do home mortgages for professionals differ from standard mortgages?
What is Lenders Mortgage Insurance (LMI)?
Which professionals could get LMI waived?
How much could you save?
What types of properties qualify?
Other benefits available on mortgages for professionals
How to apply
Let’s get started.
Are There Special Mortgages For Professionals?
Generally the home loan products themselves do not differ for professionals but the terms, rates and the way applications are assessed may be more favourable for certain occupations compared to a standard mortgage.
This might include advantages such as lower interest rates, a lower deposit requirement, reduced application fees and no Lenders Mortgage Insurance (LMI). An LMI waiver for professionals could in fact, save eligible applicants thousands of dollars. So what exactly is Lenders Mortgage Insurance?
What Is Lenders Mortgage Insurance (LMI)?
Lenders Mortgage Insurance (LMI) is a one-off premium paid by the borrower when their deposit is less than 20% of the property value. It protects the lender (not you) in case you default on your mortgage.
LMI can add anywhere from a few thousand dollars to over $20,000 to your home loan costs – making it a major barrier for buyers who haven’t saved a full 20% deposit.
What Is an LMI Waiver for Professionals?
An LMI waiver for professionals allows eligible certain occupations to borrow up to 90% of the property’s value, depending on the lender, without paying Lenders Mortgage Insurance.
That’s right – with as little as a 10% deposit, you could secure a home loan and avoid paying LMI altogether.
This offer is typically reserved for low-risk, stable professions, which we go into more detail about below.
For most people a Loan to Value (LVR) ratio of 90% and over is considered high-risk by lenders. Loans at this LVR often come with higher interest rates, stricter lending criteria and Lenders Mortgage Insurance would be unavoidable.
List Of Professionals Who May Be Eligible For LMI Waivers
Eligibility varies by lender, but typically the following occupations may be able to benefit from the LMI waiver for professionals:
Other select professionals: Depending on the lender, this may extend to senior executives and other high-income, stable professions
Other Eligibility Criteria:
Other general eligibility criteria to qualify for an LMI waiver on home loans for professionals include:
You must be an Australian citizen or permanent resident
You must be a member of a relevant industry body e.g. Australian Medical Association, Chartered Accountants Australia and New Zealand, Law Society of Queensland etc.
Have a stable income with proof of consistent earnings
Have a good credit history
Be buying a standard residential property
Typically must have a 10% deposit
How Do Lenders Assess A Professional’s Income?
Lenders will typically require proof of income through payslips, financial statements or tax returns. They may also look at the length of time you’ve been in your specific profession
How Much Could Eligible Professionals Save With an LMI Exemption?
Let’s take a look at the potential savings:
Note: LMI estimations based on Westpac’s calculator for a newly built property in Queensland. Each lender may calculate LMI differently.
By accessing an LMI waiver for professionals, you could save thousands upfront – and get into your home sooner.
What Types of Properties Qualify?
The LMI waiver generally applies to owner-occupied residential properties, including:
Houses
Townhouses
Units (must meet minimum size requirements, typically >50m²)
The property must be located in a metropolitan or approved regional area, and some lenders may exclude certain postcodes or high-risk zones.
Investment properties are usually included, although some lenders may not consider them.
Other Benefits of Professional Home Loans
Beyond the LMI waiver, many lenders also offer:
Discounted interest rates for eligible professionals
Fee waivers or reduced application and settlement fees
Flexible lending policies (particularly around higher loan-to-value ratios)
Fast-tracked approval process
These perks can vary, so it pays to work with a broker who understands your profession.
It’s also worth bearing in mind that you might also be eligible for:
Government Schemes & Grants
First Home Owner Grant (FHOG) – Available for first-time buyers purchasing a newly built home.
First Home Guarantee (FHG) – Allows eligible first-home buyers to purchase with only a 5% deposit without LMI.
Stamp Duty Concessions – Stamp duty exemptions are available in some states for first-time buyers.
Flexible Loan Terms & Features
Access to offset accounts, redraw facilities, and extra repayment options.
Some lenders may offer interest-only repayment periods for investment properties.
How To Apply for an LMI Waiver as a Professional
The easiest way to find out if you qualify for an LMI waiver is to speak with a mortgage broker like CJG Finance. Here’s how the process works:
Check Your Eligibility – Ensure you meet the lender’s employment, income and LVR requirements.
Gather Your Documents: Payslips, ID, proof of employment and registration with your industry body.
Speak to a Broker: We’ll assess your situation and match you with lenders who offer mortgages for professionals.
Get Pre-Approved: Secure a pre-approval to understand your borrowing power and budget.
Submit Your Application: We’ll take care of the paperwork and negotiate with lenders on your behalf.
Get Approved: Move forward with confidence knowing you’re saving thousands on LMI.
Why Work With CJG Finance?
We specialise in helping professionals like you navigate the home loan process. Whether you’re a first-time buyer or refinancing your existing mortgage, we can:
Access lenders who offer the LMI waiver for professionals
Compare multiple lenders to find the best fit
Handle the paperwork and simplify the process
We make securing your dream home easier, faster, and more affordable.
If you’re in a professional occupation and you’re looking to secure a mortgage, speak to the home loan specialist at CJG Finance. We’ll help you find the most suitable lenders and loan options for your specific circumstances.
FAQs About The LMI Waiver for Professionals
What is an LMI waiver for professionals?
It’s when select lenders allow eligible professionals to borrow up to 90% of a property’s value without paying Lenders Mortgage Insurance.
Which professions are eligible for an LMI exemption?
Doctors, lawyers, accountants, engineers and other high-income professionals may qualify, depending on the lender.
Do I need a 20% deposit if I qualify for an LMI waiver?
No. With an LMI waiver, you may only need a 10% deposit to purchase your home.
Are investment properties included in the LMI exemption?
Generally, yes. However this can vary from lender to lender so it’s best to check with your finance broker.
Do I need to be a member of a professional association?
Yes, in most cases. Lenders typically require proof of membership with your industry’s professional body.
Actual LMI costs and savings will vary depending on lender, loan amount, and your personal financial situation - these examples are for illustration only.
The information contained in this post is for general guidance only and does not constitute personal advice. It's important to consult us for guidance about your specific situation or do your own research as regulations, fees and charges change over time.