LMI Waivers
Lenders Mortgage Insurance (LMI) is a one-off fee that lenders charge when you borrow more than 80% of a property’s value. It can add thousands of dollars to your loan, making it a significant cost for homebuyers. The good news? There are ways to get LMI waived, helping you save money and secure your dream home sooner.
At WizWealth Finance, we specialise in helping borrowers navigate LMI waivers. Listed below are the key pathways to get LMI waived:
Government Schemes Offering LMI Waivers
The Australian government has introduced several initiatives to help eligible buyers enter the property market with a lower deposit—without paying LMI.
First Home Loan Deposit Scheme (FHLDS)
The First Home Loan Deposit Scheme (FHLDS) allows first-home buyers to purchase a property with as little as a 5% deposit without paying LMI. The government guarantees the loan, eliminating the need for LMI.
✅ Available for first-home buyers
✅ Minimum deposit: 5%
✅ Property price caps apply based on location
✅ Limited places available each year
Family Home Guarantee
Designed for single parents, the Family Home Guarantee enables eligible buyers to purchase a home with just a 2% deposit and no LMI. The government guarantees the remaining portion, making homeownership more accessible.
✅ Available for single parents with at least one dependent
✅ Minimum deposit: 2%
✅ Can be used for first-home or subsequent home purchases
✅ Limited places available
Both schemes are subject to eligibility criteria, income limits, and property price caps, which we can help you navigate.
LMI Waivers for Certain Professions
Some lenders offer LMI waivers for high-income professionals due to their strong financial standing. If you work in one of the professions below, you could borrow up to 90-95% of the property value without paying LMI:
Medical Professionals (Medicos)
Doctors, dentists, specialists, and other medical professionals are eligible for LMI waivers up to 95% LVR (Loan-to-Value Ratio). Eligible roles include:
✔ General Practitioners (GPs)
✔ Surgeons
✔ Dentists & Orthodontists
✔ Pharmacists
✔ Veterinarians
Accountants
Certified accountants, actuaries, and financial analysts can often secure an LMI waiver when borrowing up to 90% of the property value. Eligible roles include:
✔ Chartered Accountants (CA)
✔ Certified Public Accountants (CPA)
✔ Actuaries
✔ Auditors
Legal Professionals (Lawyers & Barristers)
Lawyers, solicitors, and barristers can qualify for an LMI waiver, with some lenders offering up to 90% LVR without LMI. Eligible roles include:
✔ Barristers & Solicitors
✔ In-house Legal Counsel
✔ Judges & Magistrates
Each lender has different eligibility criteria, and some may require specific industry memberships or income thresholds.
Special Lender Offers – LMI Waivers for All
In addition to government schemes and professional exemptions, some lenders run special promotions that allow borrowers to avoid LMI, even if they don’t fit the standard criteria.
These offers may apply to:
✔ First-home buyers
✔ Upgraders and refinancers
✔ Borrowers with strong savings and good credit history
These promotions vary between lenders and are often time-sensitive. We stay up to date with the latest offers to help our clients take advantage of the best opportunities.
Find Out if You Qualify for an LMI Waiver
LMI can be a significant cost, but with the right guidance, you could save thousands of dollars on your home loan. At WizWealth Finance, we specialise in securing LMI waivers for eligible borrowers.
FAQs
What are no LMI home loans in Australia?
No LMI home loans in Australia allow buyers to borrow without paying lenders mortgage insurance. WizWealth Finance helps eligible professionals and borrowers access LMI-free lending options.
How to get low deposit home loans without LMI in Australia?
Low deposit home loans without LMI in Australia are available through specific lenders. WizWealth Finance checks eligibility and structures applications to minimise upfront costs.
How can buyers avoid lenders mortgage insurance in Australia?
Buyers can avoid lenders mortgage insurance in Australia through LMI waivers or guarantor loans. WizWealth Finance identifies the best strategy based on income and profession.
Who qualifies for LMI waiver home loans in Australia?
LMI waiver home loans in Australia are often available to professionals and borrowers with a strong profile and stable professions. WizWealth Finance assesses eligibility and connects clients with approved lenders.
