Skip the mortgage insurance and save thousands with exclusive home loan benefits designed for Australia's healthcare heroes
Understanding Lender's Mortgage Insurance and how healthcare professionals can skip this costly requirement
Lender's Mortgage Insurance (LMI) is basically an insurance policy that protects the lender (not you!) if you can't make your repayments. Normally, if you're borrowing more than 80% of your property's value, you'd need to pay this insuranceโand it can cost tens of thousands of dollars.
But here's where it gets exciting: as a healthcare professional, many lenders recognise your job security, stable income, and essential role in our community. They're willing to waive this insurance requirement, even if you're borrowing up to 90% or sometimes even 95% of the property value!
This isn't just about saving money (though you'll save heaps)โit's about recognising the incredible contribution you make to society and making homeownership more accessible for those who dedicate their lives to caring for others.
GPs, specialists, surgeons, resident medical officers, registrars
RNs, nurse practitioners, clinical nurse specialists, midwives
Community pharmacists, hospital pharmacists, clinical pharmacists
General dentists, dental specialists, oral surgeons
Physiotherapists, occupational therapists, speech pathologists
Optometrists and orthoptists
Cardiologists, radiologists, anaesthetists, pathologists
Registered chiropractors and osteopaths
Clinical psychologists, registered psychologists
Paediatric specialists and child health professionals
Emergency physicians, paramedics, intensive care specialists
Laboratory scientists, medical researchers, pathology specialists
Lenders recognise these unique advantages that make healthcare workers ideal borrowers
Healthcare will always be needed. Your profession provides incredible job security that lenders absolutely love. Even during economic downturns, healthcare professionals remain in high demand.
Healthcare professionals typically earn above-average incomes with strong potential for growth throughout their careers. This makes you a lower-risk borrower in lenders' eyes.
Your extensive education and professional registration requirements demonstrate commitment, discipline, and ongoing career investmentโqualities lenders value highly.
Healthcare professionals are respected community members who provide essential services. Lenders recognise this contribution and want to support those who care for others.
We've created tailored home loan solutions for different healthcare professions
Lenders Mortgage Insurance (LMI) is a fee charged to protect lenders when borrowers put down less than 20% deposit.
However, for certain healthcare professionals, lenders may offer to waive LMI, even with low depositsโmaking homeownership more accessible.
Why it matters: LMI can cost tens of thousands of dollars, especially on high-value loans. A waiver lets you skip that cost and get into the property market faster.
Lenders consider healthcare professionals to be low-risk borrowers due to:
These traits make doctors, nurses, pharmacists, and allied health professionals attractive to lenders โ and eligible for LMI waivers.
Eligibility can vary by lender, but across Australia, these roles often qualify:
Note: Each lenderโs list may differโsome include more allied health roles than others.
Loans can vary by profession and lender:
Some lenders may require minimum income thresholdsโcommonly around $90,000 pa, especially for nurses and allied health roles.
Professional registration, payslips, and income statements are usually required.
| Lender Group | Notes on LMI Waiver Eligibility |
|---|---|
| Major Banks (ANZ, CBA, NAB, Westpac) | Often waive LMI for doctors, dentists, nurses, and increasingly allied health roles. Westpac and NAB offer dedicated programs for healthcare professionals. |
| Specialist & Broker-Access Lenders (Granite Home Loans, BOQ, Macquarie) | Broader eligibility criteria including many allied health professionals. Some offer up to 90โ95% LVR with waived LMI. |
| Mutuals & Regional Lenders (Bank First, BankVic, Peopleโs Choice, Teachers Mutual) | Include healthcare workers and emergency services with up to 90% LVR. |
| Nurse-Specific Offers | For example, Westpac offers 10% deposit (90% LVR) LMI waiver for RNs and midwives earning $90k or more. |
When you work with us, we guarantee you that you will get:
Use pre-tax income to increase your borrowing capacity and become debt-free years sooner. Letโs get started on making your homeownership dream a reality!
Not all lenders offer benefits to nurses. We have built long-term relationships with lenders that offer salary sacrifice benefits.
Yes, we want to help you buy your home โ and help you learn strategies to pay it off years sooner without increasing your current repayments.
We can also add in 90% no LMI โ thatโs no LMI payable for just a 10% deposit when most lenders need a 20% deposit.
Our streamlined home loan application process and personalised guidance help ensure a faster turnaround.
In 2018, 2019, 2020, 2021 and 2022, our brokerage has received multiple awards for our professionalism and customer service.

LMI waivers are generally available for medical and healthcare professionals, including doctors, dentists, nurses, pharmacists, and certain allied health roles like physiotherapists, optometrists, and psychologists. Many lenders also extend waivers to lawyers and accountants, though this depends on the bankโs policy.
ANZ typically grants LMI waivers for doctors, dentists, and medical specialists. In some cases, pharmacists, veterinarians, and other health professionals may be eligible, but eligibility can change over time. Itโs best to confirm directly with ANZโs latest criteria.
You can avoid LMI without a 20% deposit if you qualify for an LMI waiver (such as those offered to healthcare workers), use a guarantor loan backed by a family memberโs property, or take advantage of government schemes like the First Home Guarantee. Some professions may qualify for up to 90โ95% LVR with no LMI.
Some lenders impose an income threshold to qualify for an LMI waiver. For example, nurses and allied health professionals may need to earn at least $90,000 per year. Doctors and dentists usually donโt face a minimum income requirement because of their professional standing.
To have LMI waived, you must:
Yes, many banks now offer LMI waivers for home loans for nurses and midwives. These waivers usually apply up to 90% LVR, provided you meet the lenderโs income and employment criteria.
Major banks such as ANZ, NAB, Commonwealth Bank, and Westpac offer LMI waivers for eligible professionals. Regional banks and specialist lenders also provide similar options, though eligibility lists differ between lenders.
A 90% loan without LMI means you can borrow up to 90% of the propertyโs value while avoiding the LMI fee. This is typically available to professionals such as doctors, dentists, and nurses under LMI waiver policies.
Refunds on LMI are rare. Some insurers may provide a partial refund if the loan is terminated or refinanced very early (often within the first 1โ2 years), but most LMI payments are non-refundable.
LMI is generally not tax deductible for owner-occupied properties. However, if the loan is for an investment property, the Australian Tax Office (ATO) may allow the cost to be claimed over a five-year period as a borrowing expense.
With LMI, most lenders will allow you to buy with as little as a 5โ10% deposit. The smaller your deposit, the higher the LMI cost. Without an LMI waiver or guarantor, borrowers typically need 20% deposit to avoid paying LMI.
Yes, if you use a guarantor (usually a family member offering equity in their property), lenders often waive LMI even with a small or no deposit. This is because the guarantor provides security that reduces risk for the lender.
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View MoreWe are passionate about helping people who spend their lives helping others.
We have built significant expertise to understand which lenders look most favourably on home loan applications for nurses. We know how to present the application to them for the best chance at approval success. We have achieved a 97% approval rate compared to a significantly lower industry average.