Lawyers, accountants and other professionals
LMI waiver home loans for lawyers and accountants in Melbourne
If you borrow more than 80 percent of a property's value, most lenders charge lenders mortgage insurance (LMI). Some lenders waive it for lawyers, accountants and medical professionals who have a 10 percent deposit. Each lender has its own list of professions and its own conditions. We compare 35+ lenders and check which ones would waive it for you before anything is lodged.
What LMI is
LMI protects the lender, and you pay for it
Lenders mortgage insurance is a one-off cost that is added when your deposit is under 20 percent. It covers the lender if the loan is not repaid. It does not cover you. One major bank's own guide says LMI could cost over $10,000 on a $500,000 loan with a $50,000 deposit, and the cost goes up with the size of the loan.
Some lenders waive LMI for certain professions because they see them as lower risk. For lawyers and accountants the usual limit is 90 percent of the property value, so you need a 10 percent deposit plus costs. Doctors and dentists can often borrow up to 95 percent with no LMI. Some lenders also include nurses, pharmacists, vets and other health workers at 90 percent.
The conditions differ by lender. Some have no minimum income and others set one. Some allow investment properties and others only a home you will live in. Most have a maximum loan size. These policies change often, so we check the current policy with the lender before we suggest anything.
- We check your profession, membership and income against each lender's current LMI waiver policy
- We compare those lenders with the rest of our 35+ lenders, because a loan with LMI can still cost less overall
- We lodge nothing until you have chosen a lender, so there is no credit enquiry while we compare
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Twenty years inside Australian banking, including senior roles at ANZ, before starting Exceed Finance. Plain answers, no pressure.
The numbers that matter
At a glance
General information only. Lender policies change and your full situation has to be assessed before any lender will confirm what they will do. Our service is free to you on residential home loans and everything is disclosed in writing.
Who this usually suits
The situations we see most often
Lawyers
Solicitors and barristers with a current practising certificate from their state law society or bar association. Some lenders also include judges and magistrates.
Accountants
Members of CA ANZ or CPA Australia with a current membership. Some lenders also accept IPA members, actuaries and CFA charterholders.
Doctors, dentists and health workers
Doctors and dentists registered with AHPRA can often borrow up to 95 percent with no LMI. Some lenders include nurses, pharmacists, physiotherapists and vets at 90 percent, sometimes with a minimum income.
Buying with a partner
Often only one of you is in an eligible profession. Some lenders need that person to own at least half of the property. We check this before you apply.
Where our clients are
Across Melbourne, and Australia-wide
We are based in Dandenong South and a lot of our clients are across Melbourne's south-east, but everything can be done by phone, video and secure upload, so we help clients anywhere in Australia.
Other situations we write about:
Simple from start to finish
How it works
Free chat
We work out your goals and what you can actually borrow.
We compare
We search 35+ lenders and shortlist the ones whose policy fits your situation.
We apply
We package and submit your application, and chase it for you.
Settlement
We see it through to approval, and stay in touch afterwards.
Common questions
Questions we get asked a lot
Which professions can get LMI waived?
It depends on the lender. The most common are doctors, dentists, lawyers and accountants. Some lenders add nurses, pharmacists, physiotherapists, optometrists, vets and actuaries. Each lender publishes its own list and asks for proof, such as AHPRA registration, a practising certificate, or CA or CPA membership. Tell us your job and we will check which lenders include it.
How much deposit do I need as a lawyer or accountant?
With the lenders that waive LMI for these professions, you need 10 percent of the property value, plus stamp duty and other costs. Without a waiver you can still buy with a 10 percent deposit, but LMI is added to the loan. Doctors and dentists can often buy with a 5 percent deposit.
Is there a minimum income?
Some lenders have no minimum income for lawyers and accountants. Others set one, and they do not always publish the figure. We confirm it with the lender for your situation before you apply.
Can I get LMI waived on an investment property?
With some lenders, yes. Some waive LMI for lawyers, accountants and some health professions on investment loans up to 90 percent. Other lenders only waive it on a home you will live in. The 95 percent loans for doctors are usually for a home you will live in.
I am self-employed or newly qualified. Can I still get it?
Often, yes. Self-employed professionals usually need tax returns to show their income, the same as any self-employed borrower. For new graduates it depends on the lender. Some accept doctors from their intern year, and others need full registration. Tell us where you are up to and we will check.
Do you charge for this?
Our service is free to you on residential home loans. Everything is disclosed in writing before you commit to anything, and as a licensed credit representative we operate under Best Interests Duty, which legally requires us to act in your interests rather than our own.
Will talking to you affect my credit score?
No. A conversation with us, and the work we do comparing lenders, involves no credit check. A credit enquiry only happens when an actual application is lodged with a lender, and we do not lodge anything until you have chosen to go ahead. The point of doing the work first is so that the application that does go in is the right one.
Book a Free Chat and find out if your LMI can be waived
Tell us your profession, your income and how much deposit you have. We will tell you which lenders would waive LMI for you and what you could borrow. It is free to you and you do not have to go ahead with anything.