As told by a mortgage broker who’s saved clients hundreds of thousands in unnecessary fees
Let me tell you about Sarah, a GP who walked into my office last month feeling defeated. She’d been to three banks, and each one quoted her an extra $18,000 in Lenders Mortgage Insurance (LMI) on top of her home loan. “I’m a doctor,” she said, frustrated. “Surely that counts for something?”
It absolutely does. Two weeks later, Sarah got her keys – without paying a cent in LMI.
This happens more often than you’d think. Every week, I meet professionals who are being charged thousands in LMI when they shouldn’t be. That’s why I’m sharing the insider knowledge that could save you serious money.
Let’s Talk LMI – What’s the Real Deal?
Think of LMI as insurance that protects the bank, not you. If you have less than a 20% deposit, most lenders will make you pay this insurance “just in case” you can’t make your repayments. The kicker? You’re paying to protect them, not yourself.
But here’s what most people don’t know: if you’re in certain professions, banks actually see you as a safe bet. They know doctors, lawyers, and other professionals typically have stable careers and good incomes. So they’ll often waive that LMI fee entirely.
The Banks That Actually Get It
After 15 years in this business, I’ve learned which banks are genuinely professional-friendly and which ones just talk a good game.
Westpac Group – The Professional’s Best Friend
Includes Westpac, St.George, Bank of Melbourne, and BankSA
These guys really understand professionals. I’ve had great success here with:
- Healthcare workers: Doctors, nurses, physios, pharmacists, vets
- Emergency services: Police, firies, paramedics
- The sweet spot: Most need just 5-10% deposit (doctors and dentists often only 5%)
Real talk: I had a nurse recently who thought she needed 20% down. We got her sorted with just 10% and zero LMI. That saved her $14,000.
NAB – The Thorough Professionals
NAB takes a more careful approach, but when they say yes, they mean it:
- Who they love: Doctors, lawyers, accountants with professional memberships
- The process: They actually verify you’re the real deal (CPA membership, medical registration, etc.)
- The reward: Up to 90% lending with no LMI
ANZ – The Picky But Fair Option
ANZ can be selective, but they’re worth trying:
- Similar professions to NAB
- Some medical specialties miss out (they have an exclusion list)
- Great rates when you qualify
Commonwealth Bank – The Secret Weapon
Here’s an insider tip: CBA doesn’t advertise their professional deals, but they exist. I can access these through my broker channels, especially for high-earning healthcare professionals. You can’t get these deals walking into a branch.
The Hidden Gems (Non-Bank Lenders)
Sucasa – The Property Perfectionist
This is my go-to for clients in major cities:
- No profession required – it’s all about the property
- Must be in good locations (Sydney, Melbourne, Brisbane, Perth, Adelaide)
- No apartments above certain levels, no land purchases
- Perfect for young professionals starting out
Success story: Got a teacher into a Brisbane unit with 5% down and zero LMI. The big banks wanted $12,000 in LMI fees.
When Your Job Doesn’t Make the List
Not a doctor or lawyer? Don’t stress. I’ve got other tricks:
Government Schemes (these are gold for first-home buyers):
- First Home Guarantee: 5% deposit, no LMI, nationwide
- Regional First Home Guarantee: 5% deposit for regional properties
- Family Home Guarantee: Single parents can get in with just 2% down
Broker-Only Deals: I have access to lenders who offer LMI waivers for teachers, engineers, IT professionals, and even some tradies. These deals aren’t advertised – you need a broker to access them.
The Real Talk: Pros and Cons
The Good Stuff:
- Save $10,000-$25,000+ upfront (that’s a new car or amazing holiday!)
- Get into your home sooner
- Keep more cash for furniture, renovations, or emergencies
The Trade-offs:
- Sometimes the interest rate is slightly higher (though often still competitive)
- Not every profession qualifies
- Some lenders have strict property requirements
Questions I Get Asked Every Day
“Am I too late if I’m not a first-home buyer?” Nope! LMI waivers work for upgraders too.
“What if I’m between jobs or just graduated?” Trickier, but not impossible. Some lenders accept job offers for certain professions.
“Is it worth it if the interest rate is higher?” Usually, yes. Even with a slightly higher rate, you’re typically thousands ahead over the first few years.
My Honest Advice
After helping hundreds of professionals buy homes, here’s what I’ve learned:
- Don’t assume you can’t qualify – I’ve surprised many clients who thought they had no options
- Shop around – Each bank has different criteria and some are way more generous than others
- Get professional help – The application process can be tricky, and one mistake can mean a rejection
- Move fast – These policies can change, and some have limited spots each year
The Complete 2025 LMI Waiver Breakdown (Every Bank That Matters)
Alright, let’s get into the nitty-gritty. Here’s my insider’s guide to every major lender offering LMI waivers right now. I’ve included the links so you can check them out yourself, but honestly, save yourself the headache and let me navigate this maze for you.
The Big Four Plus Their Friends
ANZ – Up to 95% LVR
- Who they love: Doctors, lawyers, accountants, vets
- My experience: Great rates, but they can be picky about which medical specialties qualify
- Broker tip: Their credit team actually knows their stuff
Commonwealth Bank – Up to 95% LVR
- Who gets in: Medical, legal, finance pros, even CBA employees
- The catch: These deals are mostly broker-only. Good luck getting this walking into a branch
- Why I love them: When they say yes, the process is smooth
NAB – Up to 95% LVR
- The winners: Doctors, lawyers, accountants, finance pros, vets
- What sets them apart: They’ll actually verify your professional memberships (they’re thorough)
- Success rate: High, if you tick all their boxes
Westpac – Up to 95% LVR
- The usual suspects: Medical, legal, accounting, nurses, vets
- Family affair: Same deal across St.George, Bank of Melbourne, and BankSA
The Surprising Champions
Bank First – Up to 90% LVR
- Hidden gem alert: Teachers, nurses, healthcare workers, emergency services
- Why I rate them: Actually understand educators (most banks don’t)
BankVic – Up to 90% LVR
- The specialists: Police, nurses, emergency services, first-home buyers
- Insider knowledge: Originally the Victoria Police Credit Union – they know their market
Bank of Queensland (BOQ) – Up to 90% LVR
- Focus: Medical professionals mainly
- My take: Smaller bank, more personal service
The Premium Players
Macquarie Bank – Up to 90% LVR
- VIP treatment: Medical professionals only
- The reality: Premium bank, premium service, premium requirements
The Game Changers
Granite Home Loans – Up to 95% LVR
- The all-rounder: Medical, legal, engineering, IT, senior execs, teachers, police, paramedics, firefighters, nurses
- Broker exclusive: You literally cannot get these deals without a mortgage broker
- Why I love them: Probably the most comprehensive professional list in the market
ubank – Up to 85% LVR
- The different approach: Any owner-occupier with principal & interest repayments
- The trade-off: Lower LVR but no profession requirements
- Perfect for: Young professionals who don’t fit other categories
People’s Choice – Up to 90% LVR
- The essentials: Nurses, police, paramedics
- SA favorite: Originally from South Australia, but now nationwide
My Honest Rankings
After working with all these lenders, here’s how I’d rank them:
🥇 Best Overall: Granite Home Loans (widest eligibility, broker-exclusive deals)
🥈 Most Reliable: Westpac Group (consistent across all brands)
🥉 Best for Doctors: NAB or Macquarie (they really get medical professionals)
🏆 Best for Teachers: Bank First (actually designed for educators)
💎 Hidden Gem: BankVic (great for emergency services)
The Bottom Line
If you’re reading this and thinking “I wish I’d known this before,” don’t beat yourself up. Even some bank staff don’t know about these programs. That’s literally why mortgage brokers like me exist – to know the stuff others don’t.
Every month, I help professionals skip thousands in unnecessary fees. Sometimes it’s as simple as knowing which lender to approach, or how to present your application in the right way.
Ready to see if you qualify? Let’s have a chat. I’ll review your situation for free and let you know exactly what options you have. No obligations, no pressure – just honest advice from someone who’s been in the trenches for over a decade.
Want to skip the LMI fees and get into your dream home sooner? Book a free consultation and let me show you exactly how we can make it happen.
