The main players are:

• Big Four: ANZ, CBA, NAB, Westpac (plus St.George, Bank of Melbourne, and BankSA)
• Specialists: Macquarie, BOQ, BankVic, and Bank First
• Non-banks: Granite Home Loans, ubank, and People's Choice

Insider tip: Not all banks advertise these deals. Some are broker-exclusive, which is why you need someone like me in your corner. Learn more about LMI waived loans and how they work.

Absolutely! Westpac and its family of brands (St.George, Bank of Melbourne, and BankSA) are among the most generous when it comes to LMI waivers. They cover:

• Medical professionals (doctors, nurses, physiotherapists, and veterinarians)
• Emergency services workers (police, firefighters, and paramedics)
• Eligible GPs and dentists with deposits from as little as 5%

ANZ classifies certain occupations as "low risk" because they have historically lower default rates. Eligible professions include:

• Medical professionals
• Legal professionals
• Accountants with CPA or CA qualifications
• Veterinarians

The catch: ANZ applies specific eligibility criteria, and some medical specialties may not qualify.

Yes. While Commonwealth Bank doesn't widely advertise its policy, it offers LMI waivers for eligible:

• Medical professionals
• Legal professionals
• Finance professionals
• Selected Commonwealth Bank employees

Reality check: Many of CBA's LMI waiver offers are only available through accredited mortgage brokers rather than directly through a branch.

Yes. Macquarie offers LMI waivers primarily to eligible medical professionals. Their policy is generally aimed at established practitioners and specialists rather than recent graduates.

ubank takes a different approach by offering LMI waivers to owner-occupiers regardless of profession, provided the loan is up to 85% LVR. This means you'll generally need a minimum 15% deposit to qualify.

The "golden professions" are:

• Medical: Doctors, dentists, nurses, physiotherapists, pharmacists, veterinarians, optometrists, chiropractors, and psychologists.
• Legal: Lawyers, barristers, and solicitors.
• Finance: Accountants (CPA/CA) and financial planners.
• Emergency Services: Police officers, firefighters, and paramedics.
• Education: Teachers (with selected lenders).
• Engineering: Engineers (with selected lenders).
• Trades: Tradies (limited lenders).

Yes, but eligibility is limited. Bank First and Granite Home Loans are among the better options, while most major banks don't include teachers in their standard professional packages.

Learn more about our specialised home loans for teachers.

Success story: We recently helped a primary school teacher purchase her first home with a 10% deposit and no LMI, saving approximately $11,000.

Yes. Selected lenders, including Granite Home Loans, offer LMI waivers for engineers. Eligibility with the major banks varies depending on your engineering discipline and income.

Learn more about home loans for engineers.

Yes. Nurses are highly regarded by many lenders. Westpac Group, BankVic, People's Choice, and several other lenders offer LMI waivers specifically for eligible nursing professionals.

Find out more about our home loans for nurses.

Not necessarily. BankVic (formerly the Victoria Police Credit Union), Westpac Group, and several other lenders offer LMI waivers for eligible police officers.

Learn more about home loans for police officers.

LMI costs vary depending on your deposit size and loan amount. As a general guide:

• 5% deposit on a $500,000 loan: Approximately $13,000–$18,000.
• 10% deposit on a $500,000 loan: Approximately $6,000–$9,000.
• 15% deposit on a $500,000 loan: Approximately $2,000–$4,000.

Note: These figures are estimates only. LMI premiums vary between lenders and mortgage insurers.

With a 10% deposit ($50,000), LMI is typically around $6,000–$9,000. With only a 5% deposit, the premium can increase to approximately $13,000–$18,000.

Tip: This is why professional LMI waivers can provide significant savings. Learn more about LMI waived loans to see whether you may qualify.

Yes. Lenders Mortgage Insurance is a one-time premium rather than a recurring monthly payment. You can either:

• Pay the premium upfront to avoid paying interest on it.
• Capitalise the premium into your home loan and repay it over the life of the loan (interest will apply).

Generally, no. LMI premiums are determined by the mortgage insurers rather than the banks themselves. However, you can often reduce your costs by choosing a lender with a lower LMI premium or by qualifying for an LMI waiver through your profession.

Your main options include:

1. Save a 20% deposit (the traditional approach).
2. Qualify for a professional LMI waiver if eligible. Learn more about LMI waived loans.
3. Use a government scheme, such as the First Home Guarantee.
4. Use a family guarantee, where a parent or close family member guarantees part of the loan.
5. Receive a gifted deposit from family to help reach the required deposit.

Traditionally, you'll need a 20% deposit. However, eligible professionals may qualify for LMI waivers with deposits as low as 5%, while some government schemes allow eligible buyers to purchase with as little as a 2–5% deposit.

In many cases, yes. If a family member guarantees part of your loan (typically up to 20% of the property's value), you may be able to avoid paying LMI altogether.

Important: A family guarantee uses the guarantor's property as additional security, so everyone involved should fully understand the financial risks before proceeding.

Not necessarily. Under the Australian Government's First Home Guarantee, eligible first-home buyers may:

• Purchase with as little as a 5% deposit.
• Avoid paying LMI entirely.
• Benefit from a government guarantee for the remaining deposit shortfall.

Keep in mind: Places are limited each financial year, and eligibility criteria and property price caps apply.

The First Home Guarantee is a government initiative that allows eligible buyers to purchase a home with a smaller deposit without paying Lenders Mortgage Insurance.

• Minimum 5% deposit.
• Property price caps apply and vary by location.
• Income limits determine eligibility.

As of the latest available information, the scheme continues to operate with annual allocation limits. Future extensions are generally announced as part of the Federal Budget, so eligible buyers should apply as early as possible before allocations are exhausted.

Although it's an excellent scheme for many buyers, some limitations include:

• Property price caps that may limit your buying options.
• Income eligibility limits.
• Limited places available each year.
• Borrowing up to 95% of the property's value, which results in higher repayments.

As a general guide, borrowing capacity may range between $500,000 and $600,000, depending on your existing debts, living expenses, credit commitments, and the lender's assessment criteria.

Remember: Borrowing capacity is influenced by more than just your income. Credit cards, personal loans, and Buy Now Pay Later services can all reduce how much you can borrow.

Typically, an annual income between $80,000 and $100,000 may support borrowing around $500,000, assuming you have minimal existing debt. Lending criteria differ between financial institutions.

• Traditional approach: $100,000 (20%) to avoid paying LMI.
• Professional LMI waiver: Potentially as little as $25,000 (5%) if eligible. Learn more about LMI waived loans.
• Government scheme: Eligible first-home buyers may also purchase with a 5% deposit.

Possibly, when combined with other strategies such as:

• A family guarantee.
• Government grants and guarantee schemes.
• An eligible professional LMI waiver.

Purchasing with a very small deposit is possible in some situations but usually requires careful loan structuring and lender selection.

For owner-occupied homes, LMI is generally not tax deductible. For investment properties, it can usually be claimed as a borrowing expense over five years.

LMI refunds are only available in limited circumstances, such as:

• Refinancing within two years with the same mortgage insurer.
• Certain portability arrangements offered by some lenders.

Generally, once LMI has been paid, it is not refundable.

Lenders Mortgage Insurance protects the lender rather than the borrower. If you default on your loan, you may still be responsible for any remaining debt after the property is sold.

While many borrowers see this as a disadvantage, LMI also allows eligible buyers to purchase property with a much smaller deposit, making home ownership possible sooner.

A 90% loan with no LMI allows eligible borrowers to finance up to 90% of a property's value with only a 10% deposit while avoiding Lenders Mortgage Insurance.

This option is commonly available to eligible professionals, including doctors, lawyers, accountants, and other qualifying occupations.

Non-bank lenders are often more flexible than many major banks because they can assess applications using broader lending criteria rather than relying solely on automated credit scoring.

However, the easiest loan to obtain isn't always the most suitable or cost-effective. For self-employed borrowers, non-bank lenders can often provide more flexible solutions.

Most major Australian lenders offer family guarantee home loans, including:

• ANZ
• Commonwealth Bank
• NAB
• Westpac
• Many regional banks and non-bank lenders

How it works: A parent or eligible family member uses equity in their own property to guarantee part of your home loan, which may help you avoid paying LMI.

Generally, no. Most lenders only accept immediate family members, such as parents, siblings, and in some cases grandparents, as guarantors.

Yes. Through the First Home Super Saver Scheme (FHSSS), eligible first-home buyers can:

• Make additional voluntary super contributions (up to the applicable annual and total limits).
• Withdraw eligible contributions to help fund a first home deposit.
• Potentially benefit from lower tax compared with saving outside super.

Important: The scheme is only available to eligible first-home buyers and is subject to contribution limits and government rules.

Yes. Eligible single parents may qualify for the Family Home Guarantee, which can allow:

• A deposit from as little as 2%.
• No Lenders Mortgage Insurance (LMI).
• A government guarantee supporting the remaining deposit requirement.

Keep in mind: Your income and borrowing capacity will still be assessed, but being a single parent does not prevent you from qualifying for a home loan.