Which Banks Offer LMI Waivers for Doctors?
Several Australian banks offer lenders mortgage insurance (LMI) waivers to eligible doctors, allowing them to purchase or refinance a property with a smaller deposit without paying the insurance premium normally associated with borrowing above 80% of a property's value.
ANZ, Westpac, St.George, Bank of Melbourne and BankSA publicly advertise LMI waivers for eligible doctors borrowing up to 95% of a property's value. Commonwealth Bank, NAB, BOQ Specialist, Auswide Bank and People First Bank also offer professional lending arrangements that may waive LMI, although their maximum lending limits and eligibility requirements differ.
For eligible doctors, this can mean purchasing a home with a deposit as low as 5% while avoiding an insurance premium that might otherwise cost thousands or tens of thousands of dollars.
However, an LMI waiver is not automatic. Eligibility depends on the lender's policy, your medical registration, employment and income arrangements, the property being purchased, and your overall financial circumstances.
Understanding these differences is particularly important for junior doctors, registrars, general practitioners, medical specialists and self-employed practitioners.
What Is Lenders Mortgage Insurance and Why Do Doctors Receive Waivers?
Lenders mortgage insurance protects a bank against certain losses if a borrower defaults on their mortgage and the property sale proceeds are insufficient to repay the outstanding debt. It protects the lender, not the borrower. Traditionally, lenders require LMI when a borrower has less than a 20% deposit, meaning their loan-to-value ratio (LVR) exceeds 80%.
For example, someone purchasing a $1 million property would ordinarily need a $200,000 deposit to avoid LMI under standard lending arrangements. However, certain professional lending policies allow eligible doctors to borrow up to 90% or 95% of the property's value without paying LMI.
Banks offer these concessions to selected professions based on their own assessment of borrower characteristics and lending risk. Medical practitioners may benefit from recognised qualifications, career progression and demand for their professional services.
Importantly, this does not mean doctors are automatically approved for higher loan amounts, receive lower interest rates or are exempt from normal credit assessments.
A lender must still be satisfied that you can afford the repayments and meet its lending requirements.
Which Banks Offer 95% LMI Waivers for Doctors?
ANZ – Up to 95% LVR Without LMI:
ANZ offers LMI premium waivers to eligible medical practitioners, specialists and dentists borrowing up to 95% of an acceptable property's value.
Under ANZ's published medical professional policy, eligibility requirements include holding appropriate current registration with the Australian Health Practitioner Regulation Agency (AHPRA), meeting property ownership requirements and satisfying applicable lending limits.The published policy includes an individual lending limit of $4.75 million and a total ANZ home lending limit of $8 million. ANZ also imposes restrictions based on property type, valuation and medical registration.
One particularly important consideration is that ANZ's published waiver generally requires general or specialist medical registration. Provisional and limited registration are ordinarily excluded.
This means an intern holding provisional registration should not automatically assume eligibility for ANZ's professional waiver, even if employed full-time at a hospital.
The 5% deposit arrangement also has additional conditions. Under ANZ's published policy, new-to-ANZ borrowers generally need a debt-to-income ratio below six and an owner-occupied principal-and-interest loan to access that particular concession.
Other structures, including investment lending and interest-only repayments, may be considered under different deposit requirements.
Westpac – Up to 95% LVR Without LMI
Westpac advertises an LMI waiver allowing eligible medical practitioners to borrow up to 95% of a property's value.
Its published eligible occupations include general practitioners, dentists, hospital-employed interns, residents, registrars, staff specialists and medical specialists. A particularly useful feature is that Westpac does not publish a minimum income requirement for doctors qualifying under its 95% medical professional waiver category. However, applicants must still demonstrate sufficient income to service their proposed mortgage.
Westpac's published policy specifies a maximum individual loan amount of $5 million and total lending of $7.5 million under its LMI waiver arrangements.
Its express inclusion of hospital-employed interns, residents and registrars makes this policy particularly relevant to doctors in the earlier stages of their medical careers.
Westpac also offers separate LMI concessions of up to 90% LVR for certain allied health professionals, including registered nurses and veterinarians, subject to additional income and occupation requirements.
St.George, Bank of Melbourne and BankSA – Up to 95% LVR
St.George, Bank of Melbourne and BankSA also offer professional lending concessions for eligible medical practitioners.
These banks operate within the Westpac Banking Group and advertise medical professional policies that may allow eligible doctors to borrow up to 95% LVR without paying LMI.Their eligible medical categories generally include general practitioners, hospital-employed doctors and medical specialists. Separate policies are available for certain allied health and essential services occupations, often subject to a 90% LVR limit and minimum income requirements.
Although the brands belong to the same banking group, borrowers should still compare the interest rates, product features, fees and applicable lending conditions.
Having access to similar professional lending policies does not necessarily mean every product will have the same overall cost.
Other Australian Banks Offering LMI Waivers for Doctors
Commonwealth Bank – Professional LMI Waiver From a 10% Deposit
Commonwealth Bank advertises professional LMI waivers for eligible doctors, lawyers and accountants. Its public consumer information indicates that qualifying professionals may be able to avoid LMI with a deposit as low as 10%. The applicable maximum LVR depends on the professional lending policy and individual application.
Commonwealth Bank may be worth considering for borrowers who prefer major-bank digital banking, integrated transaction and offset accounts, or an existing banking relationship. However, the availability of an LMI waiver should be compared against the interest rate, ongoing fees and overall product suitability.
NAB – LMI Waivers for Eligible Medical Professionals
NAB provides professional LMI waivers to eligible borrowers across medical, legal and financial occupations. Its published eligible medical professions include general practitioners, surgeons, anaesthetists, physicians, psychiatrists, radiologists and several other medical specialisations. Eligible practitioners must hold appropriate current AHPRA registration and work in an accepted professional field. The maximum LVR and applicable conditions depend on the occupation, loan structure and current lending policy. Consequently, a doctor considering NAB should confirm the applicable professional waiver criteria rather than assuming that every medical applicant qualifies for the same maximum LVR.
Auswide Bank – Up to 90% LVR Without LMI
Auswide Bank advertises professional lending benefits that may allow eligible medical practitioners to borrow up to 90% of a property's value without LMI.
Its private banking offering includes lending arrangements for general practitioners, hospital-employed doctors, medical specialists and other eligible healthcare professionals.
Some applications involving related companies or trusts may also be considered, subject to the ownership, directorship and credit requirements.
This may be relevant for doctors who receive income through more complex business structures or require lending arrangements beyond a straightforward PAYG application.
People First Bank – Up to 90% LVR Without LMI
People First Bank offers a Medical Professional Package that allows eligible medical professionals to borrow up to 90% LVR without paying LMI.
The published package includes a maximum loan amount of $2 million and is available for eligible home and investment lending.
Eligible occupations include general practitioners, hospital-employed doctors, medical specialists, dentists and certain other healthcare professions.
The package may be worth considering where its rates, fees and other loan features provide a competitive overall outcome.
What Is Lenders Mortgage Insurance and Why Do Doctors Receive Waivers?
Lenders mortgage insurance protects a bank against certain losses if a borrower defaults on their mortgage and the property sale proceeds are insufficient to repay the outstanding debt. It protects the lender, not the borrower. Traditionally, lenders require LMI when a borrower has less than a 20% deposit, meaning their loan-to-value ratio (LVR) exceeds 80%.
For example, someone purchasing a $1 million property would ordinarily need a $200,000 deposit to avoid LMI under standard lending arrangements. However, certain professional lending policies allow eligible doctors to borrow up to 90% or 95% of the property's value without paying LMI.
Banks offer these concessions to selected professions based on their own assessment of borrower characteristics and lending risk. Medical practitioners may benefit from recognised qualifications, career progression and demand for their professional services.
Importantly, this does not mean doctors are automatically approved for higher loan amounts, receive lower interest rates or are exempt from normal credit assessments.
A lender must still be satisfied that you can afford the repayments and meet its lending requirements.
How Much Deposit Does a Doctor Need to Buy a Home Without LMI?
For eligible doctors, the required deposit can be substantially lower than the traditional 20%.
The difference becomes particularly significant when purchasing higher-value properties.
Example 1: Purchasing an $800,000 Property
Under traditional lending arrangements, a borrower would generally need a 20% deposit of $160,000 to avoid paying LMI.
A doctor eligible for a professional waiver at 90% LVR could potentially purchase the same property with an $80,000 deposit and an $720,000 home loan.
If the doctor qualified for a 95% LVR waiver, the deposit could fall to $40,000, with a proposed home loan of $760,000.
This represents a difference of $120,000 in the upfront deposit required compared with traditional 80% LVR lending.
Example 2: Purchasing a $1.2 Million Property
A traditional 20% deposit would require $240,000, resulting in a home loan of $960,000.
With a professional LMI waiver at 90% LVR, an eligible doctor could potentially contribute a $120,000 deposit and borrow $1,080,000.
At 95% LVR, the required deposit could be reduced to $60,000, with a proposed home loan of $1,140,000.
This represents a potential reduction of $180,000 in the upfront deposit required to avoid LMI.
For doctors who have accumulated savings but prefer to retain funds for other purposes, the ability to purchase with a smaller deposit may provide additional flexibility.
However, the increased borrowing also results in higher repayments and potentially greater interest costs over the life of the loan.
Example 3: Purchasing a $1.5 Million Property
Under traditional 80% LVR lending, the required deposit would be $300,000.
At 90% LVR, the deposit could be reduced to $150,000.
At 95% LVR, an eligible doctor could potentially contribute $75,000 and obtain a home loan of $1,425,000.
This represents a difference of $225,000 in the deposit required compared with traditional lending arrangements that avoid LMI.
These examples demonstrate how professional lending concessions can materially reduce the amount of savings required to purchase a property.
However, each example assumes that the lender accepts the property's purchase price as its valuation and approves the proposed loan amount.
Importantly, the figures exclude stamp duty, conveyancing, government charges, mortgage registration fees and other purchasing costs. The total cash contribution required may therefore be higher than the deposit alone.
How Much Can Doctors Save on Lenders Mortgage Insurance?
An LMI waiver can potentially save eligible doctors thousands or even tens of thousands of dollars.
The actual amount depends on the property's value, deposit size, proposed loan amount, loan purpose and the insurance premium that would otherwise apply.
The cost of LMI generally increases as the loan amount and LVR increase, although individual lender and insurer pricing arrangements differ.
Example: An $800,000 Property Purchase
ANZ previously published an illustrative scenario involving an $800,000 property purchase with a $40,000 deposit.
Under that historical example, the proposed home loan was $760,000, representing 95% of the property's value.
Without a professional LMI waiver, ANZ's illustrative insurance premium was $36,187.
With the applicable professional waiver, the LMI premium was reduced to zero.
This demonstrated a potential saving of $36,187 in that particular scenario.
However, the figure was published in ANZ's August 2024 material and should not be treated as a current 2026 insurance quotation or a guaranteed saving.
The actual LMI premium will depend on the borrower's circumstances and the lender's current pricing arrangements.
Is the Bank With the Biggest LMI Waiver Always the Cheapest?
Not necessarily.
Although avoiding LMI can substantially reduce upfront costs, borrowers should also consider the interest rate, ongoing fees, repayment structure and total cost of the mortgage.
For example, consider a doctor borrowing $1,140,000 to purchase a property with a 5% deposit.
If one lender's interest rate were 0.30 percentage points higher than another lender's, the difference would represent approximately $3,420 in annual interest at that outstanding balance, before allowing for principal repayments, offset balances or changes in interest rates.
Over several years, differences in interest costs can become significant.
Similarly, package fees, offset account charges and the flexibility of the chosen loan product can affect the overall financial outcome.
This is why the most suitable bank for a doctor is not necessarily the lender advertising the smallest deposit or the highest maximum LVR.
A comprehensive lender comparison should consider both the upfront LMI benefit and the ongoing cost and suitability of the proposed loan.
Can Junior Doctors, Interns and Registrars Qualify for LMI Waivers?
Yes, some lenders specifically extend professional LMI waivers to junior doctors, including hospital-employed interns, residents and registrars.
However, eligibility can vary significantly between banks.
Westpac, St.George, Bank of Melbourne and BankSA expressly include hospital-employed interns, residents and registrars within their publicly advertised 95% LVR medical professional waiver categories.
ANZ's published policy, by comparison, generally requires general or specialist medical registration and excludes provisional registration.
This distinction can be particularly important for medical graduates transitioning from university into their first hospital appointments.
For example, two junior doctors employed at the same hospital and earning similar incomes may have different lending options depending on their registration status and the bank being considered.
Lenders may also assess a junior doctor's employment contract, base salary, regular overtime, allowances and employment history when calculating borrowing capacity.
Some lenders may recognise certain forms of medical employment income differently, which can affect the amount they are prepared to lend.
Importantly, professional waiver eligibility and borrowing capacity are separate considerations.
A junior doctor may qualify for an LMI waiver but still have insufficient borrowing capacity for their preferred property.
Equally, an applicant may have strong borrowing capacity but fall outside a particular lender's professional registration requirements.
Understanding both aspects is essential when selecting an appropriate lender.
Can Self-Employed Doctors and Locum Practitioners Avoid LMI?
Potentially, yes.
Being self-employed does not automatically prevent a medical practitioner from accessing professional LMI waivers.
However, the lender must still be satisfied with the applicant's income and employment arrangements.
For doctors operating through an ABN, company or trust, lenders may request additional documentation to establish income and ongoing financial capacity.
This can include personal tax returns, company financial statements, trust distributions, notices of assessment and evidence of ongoing professional work.
The income assessment can become more complex where the doctor receives remuneration through a combination of salary, dividends, trust distributions or business profits.
For locum doctors, income may also fluctuate because of varying contracts, working hours or periods between engagements.
A doctor working as a PAYG locum may be assessed differently from a doctor providing services through a self-employed contracting arrangement.
Some lenders may place greater emphasis on historical taxable income, while others may have alternative assessment options for eligible professional applicants.
Consequently, two banks offering similar 95% LVR professional waivers could reach different conclusions about the amount a particular doctor can borrow.
This is why the lender's treatment of professional income can be just as important as the LMI waiver itself.
Can Doctors Avoid LMI on Investment Property Loans?
Yes, some lenders extend professional LMI waivers to eligible investment property lending.
However, the maximum LVR and available loan structures may differ from those offered for owner-occupied homes.
For example, a lender may allow an eligible doctor to borrow up to 95% LVR without LMI for an owner-occupied principal-and-interest loan but impose different requirements for investment or interest-only lending.
Other lenders may extend their professional waiver to both owner-occupied and investment loans under specified conditions.
Doctors purchasing investment properties should confirm whether the waiver applies to their proposed loan purpose, whether interest-only repayments are available and what maximum LVR applies.
They should also consider how rental income, existing mortgages, equity releases and other liabilities will be treated when calculating borrowing capacity.
For medical professionals building investment property portfolios, the structure of existing lending arrangements can materially affect future borrowing options.
An LMI waiver that is suitable for a first owner-occupied home may not necessarily be the most appropriate policy for an investor with several existing properties.
Does a 95% LMI Waiver Mean a Doctor Can Borrow 95% of Any Property?
No.
A professional LMI waiver does not override a lender's normal property valuation or security requirements.
Banks still assess the type, location, condition and value of the property being offered as security.
Certain apartments, rural properties, specialised dwellings, high-value properties or properties with unusual characteristics may be subject to additional restrictions or lower maximum LVRs.
Some lenders also apply postcode restrictions, minimum dwelling sizes or maximum property value thresholds.
The lender's accepted property valuation may differ from the contract purchase price, which can affect the amount it is prepared to advance.
For example, if you agree to purchase a property for $1.2 million but the lender determines that its acceptable valuation is lower, you may need to contribute additional funds to complete the transaction.
This is particularly important when purchasing with a small deposit, as there may be less flexibility to accommodate a valuation shortfall.
Before relying on a 95% LVR waiver, borrowers should confirm that both their personal circumstances and the proposed property meet the lender's requirements.
Can Doctors Refinance an Existing Home Loan Without Paying LMI?
Yes, some professional lending policies allow eligible doctors to refinance existing mortgages without paying LMI, even where their equity is below 20%.
This can provide additional flexibility for borrowers whose property has not yet increased sufficiently in value to reach 80% LVR.
For example, a doctor with an existing mortgage representing 90% of the property's current value may be able to refinance under an eligible professional waiver rather than paying a new LMI premium.
However, refinancing involves more than simply qualifying for the concession.
The new lender will assess income, existing liabilities, credit history, borrowing capacity and the property's current valuation.
Borrowers should also consider the interest rate, refinancing costs, offset and redraw features, and any implications of changing lenders.
Where LMI was previously paid on an existing mortgage, refinancing generally does not mean the borrower will receive a full refund of the original premium. Any refund entitlement depends on the insurer's and lender's applicable conditions.
Borrowers should also consider the remaining loan term. Refinancing a mortgage into a new 30-year term without making adjustments to repayments can increase total interest costs, even where the new interest rate is lower.
Therefore, a professional LMI waiver can provide a refinancing opportunity, but the overall financial outcome should still be carefully assessed.
Is a Doctor LMI Waiver Better Than the Australian Government 5% Deposit Scheme?
Both options can help eligible borrowers purchase a property with a smaller deposit without paying LMI, but they operate differently.
A professional LMI waiver is provided under a lender's own lending policy, based on the applicant meeting its professional and credit eligibility requirements.
The Australian Government 5% Deposit Scheme allows eligible first-home buyers to purchase a home with a minimum 5% deposit without paying LMI, supported by a government guarantee.
Since 1 October 2025, the expanded government scheme has operated without income caps or a limit on the number of available places.
However, eligibility requirements still apply.
Applicants generally need to satisfy requirements relating to Australian citizenship or permanent residency, previous property ownership, owner-occupation and location-specific property price caps.
For example, the published property price cap for eligible purchases in Brisbane is $1 million under the scheme.
A professional medical waiver may offer greater flexibility in some situations, particularly where a doctor is purchasing a property above the applicable government scheme price cap, buying an investment property or does not satisfy the scheme's previous ownership requirements.
Conversely, the government scheme may be worth considering for an eligible first-home buyer who does not meet a bank's professional waiver requirements.
Neither option automatically guarantees home loan approval.
Doctors purchasing their first home should consider both arrangements before deciding which lending structure is more appropriate.
How to Choose the Right Bank for a Doctor Home Loan
There is no single bank that will be the most suitable lender for every doctor.
The availability of an LMI waiver is important, but it should be considered alongside the overall cost, flexibility and suitability of the proposed home loan.
A lender comparison should consider the interest rate and ongoing fees, maximum LVR, treatment of medical income, acceptable property types, offset and redraw facilities, repayment flexibility and future borrowing requirements.
For example, a hospital-employed registrar may prioritise a lender that recognises their professional registration, accepts their employment arrangements and permits a smaller deposit.
A self-employed general practitioner purchasing a family home may place greater importance on how a lender assesses business income or company and trust structures.
A medical specialist with several investment properties may require a lender whose serviceability and existing debt policies better accommodate a larger and more complex portfolio.
Doctors with established banking relationships should also consider whether their existing lender can offer competitive pricing and appropriate product features before deciding to refinance or move to another institution.
The most suitable lender will depend on the borrower's individual financial circumstances and objectives.
An LMI waiver can provide a substantial benefit, but it should form part of a broader assessment rather than determine lender selection on its own.
Frequently Asked Questions About LMI Waivers for Doctors
Which Australian Banks Let Doctors Borrow 95% Without LMI?
ANZ, Westpac, St.George, Bank of Melbourne and BankSA publicly advertise professional LMI waivers allowing eligible doctors to borrow up to 95% of a property's value. Each lender applies its own eligibility, property and credit requirements.
Can Doctors Buy a House With a 5% Deposit?
Yes. Some eligible doctors may be able to purchase a property with a 5% deposit under a professional LMI waiver. However, additional funds may still be required for stamp duty, conveyancing, government fees and other purchasing costs.
Can Junior Doctors and Interns Avoid LMI?
Potentially. Some banks expressly include hospital-employed interns, residents and registrars under their professional lending policies. Other lenders require general or specialist medical registration, which may exclude applicants holding provisional registration.
Do Doctors Need to Earn a Minimum Salary to Qualify?
Not always. Westpac and related banking brands do not publish a minimum income threshold for eligible doctors within their 95% LVR medico waiver categories. However, applicants must still demonstrate sufficient income to service their proposed mortgage.
Can Self-Employed Doctors Qualify for LMI Waivers?
Yes, depending on the lender and the applicant's circumstances. Self-employed medical practitioners may qualify for professional concessions, but additional financial documentation and income verification may be required.
Can Doctors Avoid LMI on Investment Properties?
Yes. Some lenders offer professional LMI waivers for investment lending. The maximum LVR, repayment options and eligibility requirements may differ from those applying to owner-occupied loans.
Can Overseas-Trained Doctors Qualify for an LMI Waiver?
Potentially. Eligibility depends on Australian medical registration, residency or visa status, employment arrangements and the lender's current credit policy. Overseas medical qualifications alone do not establish eligibility.
Does an LMI Waiver Guarantee a Better Interest Rate?
No. An LMI waiver removes an insurance cost that would otherwise apply to eligible lending. Interest rates, fees and product features must be compared separately.
Do Doctors Automatically Qualify for Higher Borrowing Limits?
No. Medical practitioners may have access to specialist lending concessions, but borrowing capacity still depends on verified income, living expenses, existing liabilities, credit history and the lender's serviceability requirements.
Can Doctors Refinance Without Paying LMI?
Some lenders allow eligible medical practitioners to refinance existing mortgages under their professional waiver policies, subject to current property valuations, loan structure and credit assessment.
Ready to Explore Your Doctor Home Loan Options?
Whether you're a junior doctor purchasing your first home, a registrar looking to enter the property market or an established medical specialist considering refinancing or investment lending, Wealthcove can compare home loans for doctors across major banks and specialist lenders, including options that may allow eligible medical professionals to borrow up to 95% of a property's value without paying lenders mortgage insurance.
Based in Brisbane, Liam can meet you in person at your workplace, home or a convenient location, or arrange an appointment by phone or video, wherever you're based in Australia. To discuss your options, book an appointment or call Liam directly on 0452 646 192 to explore which lending options may suit your circumstances.
