Looking for an LMI waiver? This is the most comprehensive list of Australian lenders offering LMI waivers in 2025. I’ve categorised them by type, added insider notes, and included direct links to each bank’s LMI programs.
Pro Tips Before You Start:
- Green = Great rates and easy approval
- Orange = Good deals but stricter criteria
- Red = Limited options or higher rates
The Big Four Banks
Australia’s largest banks with established professional programs
| Bank | Max LVR | Who’s Eligible | Broker Notes | Rating |
|---|---|---|---|---|
| ANZ | 90-95% | Medical, Legal, Accounting, Veterinarians | Great rates, picky about medical specialties | 🟢 |
| CBA | 90-95% | Medical, Legal, Accounting, Finance, Bank employees | Most deals are broker-only | 🟡 |
| NAB | 95% | Medical, Legal, Accounting, Finance, Veterinarians | Highest LVR available, thorough verification | 🟢 |
| Westpac | 90-95% | Medical, Legal, Accounting, Nurses, Veterinarians | Most consistent across all brands | 🟢 |
Westpac Group Family
Same parent company, same generous professional programs
| Bank | Max LVR | Who’s Eligible | Broker Notes | Rating |
|---|---|---|---|---|
| St. George | 90-95% | Medical, Legal, Accounting, Nurses, Veterinarians, First Home Buyers | Same as Westpac but different branding | 🟢 |
| Bank of Melbourne | 90-95% | Medical, Legal, Accounting, Nurses, Veterinarians, First Home Buyers | Popular with Melbourne professionals | 🟢 |
| BankSA | 90-95% | Medical, Legal, Accounting, Nurses, Veterinarians, First Home Buyers | Strong in South Australia | 🟢 |
Specialist Professional Lenders
Banks that really understand specific professions
| Bank | Max LVR | Who’s Eligible | Broker Notes | Rating |
|---|---|---|---|---|
| Macquarie Bank | 90% | Medical professionals only | Premium bank, premium requirements | 🟡 |
| BOQ | 90% | Medical professionals, Veterinarians | Smaller bank, personal service | 🟢 |
Emergency Services Champions
Banks that love our first responders
| Bank | Max LVR | Who’s Eligible | Broker Notes | Rating |
|---|---|---|---|---|
| BankVic | 90% | Police officers, Nurses, Health workers, Emergency services, First Home Buyers | Originally Victoria Police Credit Union | 🟢 |
| People’s Choice | 90% | Nurses, Police officers, Paramedics | Great for essential workers | 🟢 |
Education & Public Service Heroes
Banks that actually value teachers and public servants
| Bank | Max LVR | Who’s Eligible | Broker Notes | Rating |
|---|---|---|---|---|
| Bank First | 90% | Teachers, Healthcare workers, Nurses, Veterinarians, Paramedics | Best option for teachers! | 🟢 |
The Game Changer (Broker Exclusive)
The lender with the most comprehensive professional list
| Bank | Max LVR | Who’s Eligible | Broker Notes | Rating |
|---|---|---|---|---|
| Granite Home Loans | 90-95% | Medical, Legal, Accounting, Engineering, IT professionals, Senior executives, Police, Firefighters, Paramedics, Teachers, Nurses | BROKER EXCLUSIVE – Can’t get direct | 🟢 |
The Different Approach
Lenders with unique LMI waiver strategies
| Bank | Max LVR | Who’s Eligible | Broker Notes | Rating |
|---|---|---|---|---|
| ubank | 85% | Any owner-occupier with P&I repayments | No profession required, but lower LVR | 🟡 |
Additional Lenders Worth Considering
These weren’t in the original list but offer great professional deals
| Bank | Max LVR | Who’s Eligible | Broker Notes | Rating |
|---|---|---|---|---|
| Adelaide Bank | 90% | Medical, Legal, Accounting professionals | Part of Bendigo Bank group | 🟢 |
| Newcastle Permanent | 90% | Healthcare workers, Teachers, Emergency services | Regional specialist | 🟢 |
| Teachers Mutual Bank | 90% | Education sector employees and family | Originally for teachers only | 🟢 |
| Police Bank | 95% | Police officers and family members | Specialist police lender | 🟢 |
| Bendigo Bank | 90% | Medical, Legal professionals | Strong regional presence | 🟢 |
| IMB Bank | 90% | Medical, Legal, Accounting professionals | Illawarra-based but nationwide | 🟢 |
| Credit Union Australia | 90% | Healthcare workers, Emergency services | Member-owned cooperative | 🟢 |
Quick Reference by Profession
👨⚕️ Medical Professionals (Doctors, Specialists)
Best Options: NAB (95% LVR), ANZ, CBA, Westpac Group, Macquarie, BOQ, Granite
👩⚖️ Legal Professionals (Lawyers, Barristers)
Best Options: NAB (95% LVR), ANZ, CBA, Westpac Group, Granite
👩💼 Accountants (CPA, CA qualified)
Best Options: NAB (95% LVR), ANZ, CBA, Westpac Group, Granite
👩🏫 Teachers (Primary, Secondary, University)
Best Options: Bank First, Granite, Teachers Mutual Bank, Newcastle Permanent
👩⚕️ Nurses (Registered, Enrolled)
Best Options: Westpac Group, BankVic, People’s Choice, Bank First, Granite
👮♂️ Police Officers
Best Options: Police Bank (95% LVR), BankVic, People’s Choice, Westpac Group, Granite
🚑 Paramedics & Emergency Services
Best Options: BankVic, People’s Choice, Westpac Group, Bank First, Granite
🐕 Veterinarians
Best Options: ANZ, NAB, Westpac Group, BOQ, Bank First
👨💻 Engineers & IT Professionals
Best Options: Granite (broker exclusive)
🦷 Dentists
Best Options: Westpac Group (5% deposit), NAB, ANZ, Macquarie
💊 Pharmacists
Best Options: Westpac Group, NAB, ANZ, BOQ
🧠 Psychologists
Best Options: NAB, ANZ, Westpac Group, Granite
🦴 Physiotherapists
Best Options: Westpac Group, NAB, Bank First, Granite
👁️ Optometrists
Best Options: Westpac Group, NAB, ANZ, BOQ
🔧 Tradies
Best Options: Granite (select trades), some credit unions
🩺 Chiropractors
Best Options: Westpac Group, NAB, ANZ, BOQ
Insider Tips for Each Category
Big Four Banks
- Most established programs but can be bureaucratic
- Best rates and features
- Some deals are broker-only (especially CBA)
Specialist Lenders
- More flexible with individual circumstances
- Often better customer service
- May have slightly higher rates but waive more fees
Credit Unions & Mutuals
- Member-focused service
- Often more lenient with applications
- Competitive rates for their target professions
Important Disclaimers
Policy Changes: These policies change regularly. What’s available today might not be tomorrow.
Broker Access: Some deals are only available through mortgage brokers.
Income Requirements: All lenders have minimum income thresholds – typically $80,000-$150,000 depending on profession.
Professional Verification: You’ll need to prove your profession with registration, membership, or employment verification.
My Recommendations by Situation
Use a Broker Instead of Going Direct to Banks
Here’s the reality: banks will only tell you about their own products, even if they’re not the best fit for your situation. When you walk into a branch or call directly, you’re getting a sales pitch, not advice.
What Banks Won’t Tell You:
- Their competitor offers better rates or features for your profession
- Their own premium products that aren’t advertised publicly
- Alternative lenders who specialize in your industry
- Package deals that could save you thousands annually
What Brokers Bring to the Table:
- Access to wholesale rates not available to the public
- Relationships with 30+ lenders including specialist medical and education financiers
- Knowledge of which banks actually approve applications like yours (not just their marketing claims)
- No cost to you – we’re paid by the lender, not you
The Professional Advantage: As a healthcare worker or teacher, you have unique employment benefits that most bank staff don’t understand. We know which lenders value your job security, professional indemnity insurance, and industry-specific income structures. We also know which banks are just using professional lending as a marketing gimmick.
If You’re a Doctor/Specialist
- NAB (95% LVR – highest available)
- Macquarie (premium service)
- Westpac Group (most consistent)
If You’re a Nurse
- BankVic (designed for healthcare workers)
- Westpac Group (includes nurses specifically)
- People’s Choice (nurse-friendly)
If You’re a Teacher
- Bank First (actually gets teachers)
- Teachers Mutual Bank (obvious choice)
- Granite (via broker only)
If You’re in Emergency Services
- Police Bank (if you’re police – 95% LVR)
- BankVic (originally police credit union)
- People’s Choice (essential services focus)
If You Want the Most Options
- Granite Home Loans (widest professional list, broker exclusive)
- NAB (95% LVR, comprehensive)
- Westpac Group (four brands, same deals)
Every lender has different criteria, and some of the best deals are hidden from public view. As a broker with access to all these lenders, I can tell you exactly which ones will say yes to your specific situation.
Book a free consultation and let me show you which lenders are most likely to approve your LMI waiver application.
