First home buyer? A professional LMI waiver may change one part of the deposit conversation, but it is not the whole plan. See how it fits into the five-part first home buyer walkthrough.
What an LMI waiver changes
Without an approved waiver
- A lender may require LMI when the loan is above its usual LVR threshold.
- The premium depends on the lender, loan amount, deposit and application.
- LMI protects the lender, not the borrower.
With an approved professional waiver
- The lender may waive its LMI requirement under a current professional policy.
- The policy may allow a smaller deposit than the lender would otherwise require without LMI.
- Normal lending criteria, valuation, fees and approval conditions still apply.
A waiver is not automatically the best loan. A lender with a waiver may still have a less suitable rate, features, policy or total cost for your situation.
I compare the waiver with the whole loan structure. Approval also depends on serviceability, credit history, the property, valuation and the lender's other criteria.
Start with your profession, then check the detail
These guides explain the evidence lenders may ask for. They are not live eligibility tables.
Medical professionals
Doctors, GPs, medical specialists and dentists
Allied health
Physiotherapists, pharmacists, psychologists, veterinarians and more
Legal and accounting
Lawyers, accountants, actuaries and auditors
What lenders check
A job title alone is never enough to confirm a waiver.
1. Profession and registration
The exact occupation, registration type, practising status and professional membership can all matter.
2. Income and employment
Lenders may distinguish between salary, contract, locum, partnership and self-employed income.
3. Deposit and loan size
The requested LVR, total lending and available funds must sit inside the current policy.
4. Property and purpose
Owner-occupied and investment loans, property type, location and valuation may be treated differently.
5. The full application
Borrowing capacity, existing debts, expenses, credit history, residency and the lender's normal approval criteria still apply.
Your profession is not listed?
The three guides cover common categories, not every occupation a lender may consider. If you have a recognised qualification, registration or professional membership, I can check whether a current policy is relevant.
If no waiver applies, I can still compare the normal deposit, LMI and loan structure options. I compare the suitable options.
Book a free strategy sessionRough LMI illustration
This simple estimate helps show why an LMI waiver can matter. It does not check your profession, lender policy or eligibility.
Want me to check the current position?
I can check the profession policy alongside your deposit, borrowing position and property plans.
Book a free strategy sessionStill working it out? See how the process works, step by step, or browse the common questions.
General information only. Lender policies and lending criteria change. Any waiver, LVR, loan amount, pricing and approval outcome depends on the lender's current policy and your complete application.