LMI Waivers
Government Schemes Offering LMI Waivers
The Australian Government 5% Deposit Scheme can help eligible buyers purchase with a lower deposit through a participating lender. It is not an automatic LMI waiver: lender credit approval, the relevant program rules and ongoing owner-occupier obligations still apply.
Australian Government 5% Deposit Scheme
Eligible first-home buyers may be able to buy with a deposit of at least 5%. If approved, the Australian Government guarantee supports the participating lender so LMI may not be required. Property price caps, applicant eligibility and lender requirements apply.
Single Parent Stream
Eligible single parents with at least one dependent child may be able to purchase with a deposit of at least 2%, including eligible first-home buyers and previous homeowners. A participating lender must assess the application and confirm eligibility.
From 1 October 2025, the program has no annual place cap or income cap. Other requirements, including property price caps, citizenship or residency, ownership history, occupancy and lender credit assessment, continue to apply.
Read the Australian Government 5% Deposit Scheme eligibility information.
Professional and lender LMI waivers are separate lender policies. They depend on the lender, product, loan purpose, profession, LVR and credit assessment; an online estimate cannot confirm a waiver.
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.
Lender-Specific LMI Waiver Offers
Some lenders may from time to time offer LMI pricing or waiver exceptions. These are lender-specific and subject to the relevant product, borrower profile and credit assessment; they are not guaranteed outcomes.
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.
