Securing a home loan at 90% LVR with no LMI is a game-changer that can save Australian professionals over $35,000 in upfront costs. While most lenders demand a 20% deposit to avoid insurance, specific professional LMI waivers and government schemes now allow you to buy sooner without the ‘interest rate trap’ or strict genuine savings requirements.
This guide, written by an expert mortgage broker in Brisbane, breaks down the latest 2026 eligibility criteria to help you keep your hard-earned cash in your offset account instead of handing it to an insurer.
At A Glance: LMI Waiver Eligibility 2026
Use this table to see if your profession or situation allows you to skip the LMI premium. These figures represent the most competitive offers currently available across our panel of lenders.
What Is LMI?
Lenders Mortgage Insurance (LMI) is a one-off premium you pay to the bank. It protects the lender—not you—if you default on your loan. This insurance ensures the bank doesn’t lose money if your property sells for less than the debt.
While it protects the bank’s interest, LMI offers you a significant advantage. It allows you to enter the property market with a smaller deposit. Instead of waiting years to save 20%, you can buy now with as little as 5% or 10%.
Who Qualifies For An LMI Waiver in 2026?
At Hunter Galloway, we’ve seen that banks maintain these “Accepted Professional Lists” for LMI Waivers because these borrowers historically exhibit three key traits:
- Flawless Repayments: Statistics show these professionals make regular repayments without delays.
- Higher Loan Values: These clients often borrow larger amounts over the life of the loan, making them more profitable for the bank in the long run.
- Lower Default Rates: Professionals in medicine, law, and finance almost never default on their mortgages compared to the general population.
The list of professionals eligible for an LMI waiver has grown significantly. Lenders now recognize more industries as “low-risk,” allowing more Australians to skip the 20% deposit hurdle.
1. Medical Professionals (The Gold Standard)
Doctors and specialists remain the most highly valued borrowers. Because your career path is remarkably stable, you can access the most aggressive LVR limits.
- Specialists & GPs: Borrow up to 95% or even 100% LVR with zero LMI. This applies to both your primary residence and investment properties.
- Expanded Medico Definitions: Beyond surgeons, this now frequently includes Veterinary Practitioners, Dentists, and Orthodontists.
- Specialized Allied Health: Roles like Radiographers, Sonographers, Chiropractors, and Optometrists can often reach 90%–95% LVR.
- The Rules: Most lenders have removed minimum income requirements for medical doctors but require proof of AHPRA registration (or equivalent board certification for Vets).
2. Legal and Accounting Professionals
If you work in law or finance, you can generally borrow up to 90% LVR without paying a cent in LMI. Banks value the professional accreditation and high earning potential of these roles.
- Legal: Solicitors, Barristers, and Judges qualify. You will need a current Practicing Certificate.
- Accounting & Finance: Includes Accountants, Auditors, Actuaries, and CFOs. You must hold a current CA, CPA, CFA, or FIAA membership.
- Income Thresholds: Some banks require a minimum income of $120,000 to $150,000, though 2026 policies now offer “no minimum” options for select accredited members with strong credit.
3. The "New" 2026 Segments: Tech, Engineering & Nursing
In 2026, many “Tier 2” professions were upgraded to “Tier 1” status. This shift recognizes the essential nature of these roles and their recession-proof income.
- Engineers: Civil, Structural, Electrical, and Mechanical engineers are now widely eligible for 90% LVR waivers.
- IT Executives: Senior IT Managers and Software Architects earning over $160,000 can now access professional waivers at select lenders. However as of early 2026, several boutique lenders (and one Major) have dropped the minimum income requirement to $140,000 for Software Architects and Cybersecurity Leads, provided they have a minimum of 3 years of industry experience.
- Nurses & Midwives: New 2026 policies allow registered nurses to borrow up to 90% LVR with no LMI, provided they meet a lower income threshold (typically $90,000).
4. Entertainment & Professional Sports
If you have a high net worth but a non-traditional income stream, you can still skip LMI.
- Eligible Roles: Professional Athletes, Coaches, Actors, Musicians, and high-profile Media Presenters.
- Requirements: You typically need an accredited manager or agent to verify contract stability and a minimum individual income of $150,000.
5. Everyday Heroes - Education, Emergency & Community Services
If you work in one of these “low-risk” sectors, you can now often borrow up to 90% LVR with $0 LMI. Lenders have realized that these roles offer unmatched job security and consistent income.
- Education: Includes Primary and Secondary Teachers, Early Childhood Educators, and University Lecturers. (Permanent or long-term contracts are generally required).
- Emergency Services: Front-line Police Officers, Firefighters, and Paramedics are now eligible at select banks.
The Serviceability Hack: 100% Overtime & Penalties
If you’re a Nurse, Police Officer, or Firefighter, your base salary is often just the starting point. Between night shifts, weekend penalties, and mandatory overtime, your “take-home” pay is significantly higher than your contract states.
However, most banks treat this extra income with suspicion.
The “80% Shading” Trap
Standard bank policy is to “shade” variable income. This means if you earned $20,000 in overtime last year, the bank might only count $16,000 (80%) when deciding how much you can borrow. For some lenders, they may only count 50%.
- The Impact: This “shading” can wipe $40,000 to $70,000 off your borrowing capacity, potentially pricing you out of the suburb you want.
The “100% Essential” Rule
In 2026, a select group of lenders (including Westpac, Ubank, Bankwest, Suncorp and Macquarie) has changed the game for essential services. They now recognize that for your profession, overtime isn’t “variable”—it’s a consistent part of the job.
- What Counts: These lenders will assess 100% of your overtime, shift loadings, and allowances.
- The Difference: By including every dollar of your shift penalties, we can often bridge the gap between a “No” and a “Yes” on your application.
- The Proof: You’ll typically need to show a consistent history of these earnings via your last 2–3 payslips and your most recent ATO Income Statements.
6. First Home Buyers (The "Non-Professional" Waiver)
You don’t need a specific degree to skip LMI if you are a first-time buyer. The Australian Government 5% Deposit Scheme acts as a universal waiver regardless of your job title.
- The 5% Rule: Buy with just a 5% deposit while the government guarantees the remaining 15%.
- 2026 Updates: There are now no income caps (previously $125k/$200k) and unlimited spots, making this accessible to almost all first-time buyers.
- Price Caps: Supports properties up to $1,000,000 in Brisbane and $1,500,000 in Sydney.
Hunter Galloway Tip: While these waivers are a powerful tool, every bank has a different “hunger” for specific professions. We know which lenders are currently offering the best rates for your specific role. Contact us on 1300 088 065 or book a free assessment online
The "$1 LMI" Insider Strategy
Beyond the government schemes, some major Australian lenders (like St. George and Westpac) offer a unique “painless” entry point for first-time buyers.
- How it Works: If you have a 15% deposit (85% LVR), the bank charges you a symbolic $1 for LMI and pays the remaining thousands of dollars on your behalf.
- The Benefit: Unlike the First Home Guarantee, this doesn’t require a government “spot.” It’s a standard bank product for owner-occupiers (first home buyers only).
- Limits: This is typically capped at a purchase price of $1,000,000, making it a perfect fit for the Brisbane and Melbourne markets.
The "Mining Engineer" Warning: Why You Should Act Now
While these waivers are a powerful tool today, they are not guaranteed forever. Bank appetites shift based on the Australian economy and internal risk reports.
- The 2017 Lesson: Before 2017, Mining Engineers were the “Gold Standard” for many lenders and enjoyed massive LMI waivers. However, when the sector’s outlook changed, banks removed them from the eligibility lists almost overnight.
- The Volatility Factor: Today’s “Approved Profession” could be tomorrow’s exclusion. If your role currently qualifies for a 90% LVR No-LMI loan, we highly recommend locking in your pre-approval to “grandfather” your eligibility before policies change again.
Expert Tip: Don’t wait until you find the “perfect” house to check your eligibility. Policies change quarterly. Getting a free assessment now ensures you know exactly where you stand while the banks are still “hungry” for your profession.
The Mechanics: How LMI Waivers Actually Work
Lenders Mortgage Insurance is priced on a sliding scale. The lower your deposit, the higher the risk—and the higher the premium. Because costs vary between banks, having LMI waived can save you significantly more at one lender than another.
The table below shows the average LMI costs across the “Big 4” banks. By securing a waiver, these are the exact amounts you keep in your pocket.
Purchase Price | Deposit (%) | Deposit ($) | LMI Premium (Saved) |
$500,000 | 15% | $75,000 | $4,534 |
$500,000 | 10% | $50,000 | $9,504 |
$500,000 | 5% | $25,000 | $16,720 |
$750,000 | 15% | $112,500 | $8,695 |
$750,000 | 10% | $75,000 | $17,894 |
$750,000 | 5% | $37,500 | $32,133 |
$1,000,000 | 10% | $100,000 | $34,372+ |
LMI amounts are estimated averages for Queensland and may vary by lender and specific postcodes.
Expert warning:
A “free” waiver doesn’t always mean the loan is free. Many lenders “load” the interest rate for 90% LVR loans. You might find that a No-LMI professional loan carries a rate 0.20% to 0.50% higher than a standard 80% LVR loan.
- The Math: On a $900,000 loan, a 0.25% “loading” costs you about $187 extra per month.
- The Comparison: If the LMI waiver saves you $25,000 upfront, it would take over 11 years for the higher interest to “cancel out” those savings.
Genuine Savings Requirements
Most 90% LVR loans require “Genuine Savings.” This means you must prove you saved 5% of the deposit yourself over three months. However, being an eligible professional changes the rules for some lenders.
- Gifted Deposits: Certain banks allow professionals to use a 100% gifted deposit from parents or family.
- No 3-Month Wait: If you are a Doctor or Lawyer, we can often bypass the 3-month bank statement audit.
- Equity as Savings: If you already own property, the equity can act as your “genuine savings” for a new purchase.
Refinancing: The 90% LVR Equity Hack
If you bought your home with a small deposit a few years ago, you likely paid a hefty LMI premium. Now that property values in cities like Brisbane and Sydney have surged, you have a unique opportunity to leverage that growth.
- Access Equity Without the Penalty: Normally, if you refinance and borrow more than 80% of your home’s value (e.g., to renovate or for an investment deposit), you’d have to pay LMI all over again.
- The Waiver Loophole: As an eligible professional, you can refinance with a new lender at up to 90% LVR and pay $0 LMI. However, a critical nuance for 2026 is that many lenders now require a “Valuation Buffer” of at least 2%. This means if your property valuation comes in even slightly soft, the “No LMI” deal could fall through. To protect your application, we recommend ordering an upfront valuation before lodging your refinance to ensure your position sits strictly at 90.00% or below
- The “Cash Out” Advantage: Select lenders (like Westpac and St. George) allow you to “cash out” equity for renovations—sometimes up to $250,000—without requiring progress inspections, provided your total LVR stays under the 90% professional cap.
Is Your LMI Transferable?
A common misconception is that LMI “carries over” to a new bank. It doesn’t.
- The Reality: LMI is generally non-refundable and non-transferable.
- The Strategy: Instead of paying for a new policy, we help you switch to a lender that waives the requirement entirely based on your professional status.
How to Build Your Portfolio Faster
By refinancing to a No-LMI 90% LVR loan, you can pull out a 10% deposit for an investment property much sooner than someone waiting for 20% equity. This “velocity of money” strategy is how many of our Hunter Galloway clients build multi-property portfolios in half the usual time.
Hunter Galloway Strategy: If you’re currently paying a higher interest rate because you were a high-LVR borrower, refinancing could save you on both your monthly interest and future LMI costs.
Bank Comparison: Who Offers The Best No-LMI Deals?
Not all LMI waivers are created equal. While the “Big 4” dominate the market, boutique lenders like St. George or Bank of Melbourne often offer more flexible income thresholds or higher LVR limits for specific professions.
The table below compares the current 2026 landscape for 90% LVR No-LMI loans.
Lender | Max LVR (No LMI) | Target Professions | Key Advantage |
95% | Medicos, Lawyers, Accountants | High loan limits up to $2.7M. | |
NAB | 95% | Medical, Finance, Legal | 100% of overtime included in income. |
90% – 95% | Nurses, Midwives, Medicos | Special $90k income path for Nurses. | |
St. George | 90% | Accounting & Legal | Faster approval for CA/CPA members. |
90% – 95% | Professional & “High Value” | The “Secret” 145 suburb waiver. |
ANZ’s "Secret" High-Value Suburb Waiver
Most banks focus on what you do for a living. ANZ, however, also looks at where you are buying. Their “Low-Risk” waiver allows you to borrow up to 95% LVR with zero LMI—even if you aren’t a doctor or lawyer.
- The Suburb Rule: Your property must be in one of 145 eligible, high-growth suburbs. This includes premium areas like Rose Bay (Sydney), Toorak (Melbourne), and New Farm (Brisbane).
- The Loan Size: You only need a 5% deposit to secure a high-end property. Based on recent updates, ANZ has increased the minimum loan threshold for this “Low-Risk Suburb” waiver to $2.5 million in Sydney and Melbourne to reflect recent property price growth. The $2 million threshold now primarily applies to eligible Brisbane and Perth metro locations.
- The Benefit: You only need a 5% deposit for a multi-million dollar home. This keeps your cash free for other investments or business ventures.
Boutique Lenders: St. George and Bank of Melbourne
Don’t overlook the “subsidiary” banks. St. George and Bank of Melbourne often lead the market with niche policies for the “Allied Health” sector.
- Physios & Psychs: While some Big 4 banks are strict, these lenders often allow 90% LVR waivers for Physiotherapists and Psychologists with a $90,000 income.
- Flexible Servicing: They are often more generous when calculating “bonus” income or self-employed distributions for partners in law firms.
Expert Tip: Banks change their “appetite” for different professions every few months. We track these policy shifts daily so you don’t waste time applying to a bank that recently tightened its rules.
How To Apply For An LMI-Waived Home Loan
Securing a No-LMI loan at 90% LVR isn’t automatic. You must structure your application correctly to prove to the bank’s credit team that you are a “low-risk” bet. Follow this 2026 checklist to ensure a smooth approval.
Your Professional Application Checklist
To trigger a waiver, lenders require specific evidence of your professional status and financial health. Gather these documents before you start your search.
- Evidence of Professional Standing:
- Medical: Current AHPRA registration.
- Legal: Current Practicing Certificate.
- Accounting/Finance: Evidence of CA, CPA, CFA, or IPA membership.
- Income Verification (The “Clean” Rule): Your two most recent payslips (no older than 4 months).
- Most recent PAYG Summary or Notice of Assessment.
- Self-Employed? You’ll need 2 years of business tax returns and personal returns.
- Financial Health Check: Clean Credit: A credit report free of defaults. Banks offering waivers have zero tolerance for “black marks.”
- Liability Statements: Recent statements for any HECS/HELP debt, credit cards, or car loans.
- The “Genuine Savings” Paper Trail:
- Even if the bank waives the 5% requirement, they still want to see where your deposit came from.
- Gifted Funds: A signed “Gift Letter” from your parents stating the funds are non-refundable.
Case Study: How Dr. Emily Saved $20,000 in LMI
We recently helped Dr. Emily, a junior resident doctor, move from renting to owning her first home. Despite having a high income, she hadn’t yet saved a full 20% deposit.
The Scenario:
- Client: Dr. Emily (Medical Professional).
- Purchase Price: $800,000 for a unit in a high-growth area.
- Deposit: $80,000 (10%).
- Standard LMI Cost: Approximately $20,000.
The Hunter Galloway Strategy:
Because Emily is a medical professional, we identified a lender with a “Gold Standard” policy that waives LMI for doctors up to 95% LVR. We didn’t just submit her payslips; we provided her AHPRA registration upfront to trigger the waiver immediately.
The Result:
- LMI Paid: $0.
- Interest Rate: We secured a competitive professional rate usually reserved for 80% LVR borrowers.
- Outcome: Emily kept that $20,000 in her offset account, giving her an instant emergency fund.
Frequently Asked Questions LMI Waivers
Understanding the nuances of no LMI and 90% LVR loans is the best way to ensure you don’t overpay. Here are the most common questions we answer for our clients in 2026.
Can I get a 90% LVR loan with no LMI as an investor?
Yes. Many Australian lenders extend professional LMI waivers to investment properties. While some banks limit waivers to owner-occupied homes, others allow Doctors, Lawyers, and Accountants to build an investment portfolio up to 90% LVR without insurance costs.
What is the minimum income for a 90% LVR No LMI loan?
Income thresholds have shifted in 2026. While Medical Specialists often have no minimum requirement, Accountants and Lawyers typically need a base income of $120,000 to $150,000. However, Registered Nurses can now qualify with an income as low as $90,000 at select banks.
Does a 90% LVR No LMI loan have higher fees?
Generally, no. The standard application and settlement fees remain the same. However, you should always check if a lender charges a “Risk Fee” or “Low Deposit Premium” instead of LMI. We compare these fine-print details for you.
Can I refinance my current 90% LVR loan to a No LMI option?
Absolutely. If you are an eligible professional, you can refinance your existing mortgage to a lender that offers a waiver. This is a powerful strategy to access equity for renovations or further investing without needing a 20% equity buffer.
Is the interest rate higher for 90% LVR loans?
Often, yes. Because borrowing 90% is higher risk for the bank, the interest rate may be “loaded” by 0.20% to 0.50%. Even with a higher rate, the upfront LMI saving (often $20k–$40k) usually provides a better financial outcome over the first decade of the loan.
Do I need "Genuine Savings" for a 90% LVR waiver?
Not always. While standard 90% loans require you to save 5% of the deposit over three months, many professional waiver policies accept 100% gifted deposits. This allows you to enter the market immediately if family support is available.
What professions are currently excluded from 90% LVR waivers?
The “list” changes frequently. For example, Mining Engineers and Geologists were removed from most waiver lists a few years ago. In 2026, the focus remains heavily on Healthcare, Legal, Finance, and newly added Senior IT and Engineering roles.
Can I get a 90% LVR No LMI loan if I’m on probation?
It is difficult but possible. Most lenders want to see you out of probation. However, we work with niche banks that accept medical interns or professionals with a strong employment history in the same industry, even if they’ve just started a new role.
Next Steps And Getting Your Home Loan
Our team at Hunter Galloway is here to help you buy a home in Australia. Unlike other mortgage brokers who are just one person operations, we have an entire team of experts dedicated to help make your home loan journey as simple as possible.
If you want to get started, please give us a call on 1300 088 065 or book a free assessment online to see how we can help.
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