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Professional LMI waivers · Victoria

LMI waivers for professionals: eligibility, evidence and trade-offs

An LMI waiver can reduce the cash needed to buy or refinance, but it is not a universal professional benefit. We help Victorian borrowers check current lender definitions and compare the waiver with lower-LVR, guarantee-scheme and standard loan options.

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The short answer

What is a professional LMI waiver?

It is a lender-specific policy that may allow an eligible professional to borrow above the usual no-LMI threshold without paying the LMI premium. Eligible lawyers and accountants may access up to 90% LVR through selected lenders, subject to current criteria. LMI protects the lender. A waiver still requires a deposit or equity, affordability, valuation and full credit approval.

Assess the whole application

A waiver can help, but it changes only one cost

The size of a possible saving depends on the loan and LVR. The decision should still account for monthly affordability, cash buffers, property costs and whether the lender remains competitive over time.

  • Identify the exact eligible occupation, registration, membership and income conditions
  • Calculate LVR using the lender-assessed property value—not only the contract price
  • Compare the cash saved upfront with rate, fees and repayment differences
  • Check loan-purpose, property-type, loan-size and total-exposure restrictions

LVR calculation

LVR is the loan amount divided by the lender-assessed property value. A lower valuation can increase the LVR or require more cash.

Eligible profession

Lenders maintain their own lists and may require registration, a practising certificate, professional membership or a minimum income.

Policy limits

Maximum LVR, loan amount, total lending, property type and eligible loan purpose can vary between lenders and occupations.

Total cost

Avoiding LMI can be valuable, but compare interest, fees, features, repayments and the cost of borrowing a larger proportion of the property value.

Up to 90% LVR without LMI for eligible lawyers and accountants

For a qualifying applicant, a professional waiver can provide a pathway between a conventional 20% deposit and borrowing above 80% LVR with LMI. Eligibility must be established for the specific applicant, property and loan. A professional title alone is insufficient.

Published lender examples to discuss

ANZ

Its linked 2024 profession guides describe up to 90% LVR for eligible legal and accounting applicants. Credentials, ownership, property and loan restrictions apply. The guides are dated examples requiring current confirmation.

Westpac

Its consumer guide describes a 10% deposit waiver for eligible accountants and separate legal-professional requirements. Accepted memberships and income conditions differ from ANZ. Confirm the current maximum LVR for your occupation and loan structure.

Read the detailed lawyer eligibility guide or accountant eligibility guide for the source links and evidence checklist.

90% LVR does not mean purchase costs are included

If the purchase price and lender valuation are both $1,000,000, a $900,000 loan is 90% LVR. The buyer needs $100,000 towards the price, plus applicable stamp duty, legal, registration, inspection and finance costs. A lower valuation can require a larger contribution. For a refinance, assess the proposed loan against the current lender valuation and allow for switching costs.

Compare a waiver with contributing more equity: a smaller loan may reduce interest and repayments, while a larger deposit may leave less cash for emergencies. Use the same loan term and compare rates, fees, features and total cost. Ask Chris to compare the options for your situation.

Sources checked 3 November 2026. These are published policy examples, not a lender approval. Current eligibility and credit criteria must be confirmed.

Compare the policy fit

Waive LMI or contribute a larger deposit?

Neither pathway is automatically superior. The right comparison uses the same property, loan term and realistic cash buffer.

Decision point
Standard assessment
Professional policy may consider
Upfront cash
A 20% deposit commonly avoids LMI, plus purchase costs.
An eligible waiver may allow a smaller deposit without the LMI premium.
Loan balance
A larger deposit usually means a smaller loan and lower repayments.
A smaller deposit generally means a larger loan and more interest over time.
Eligibility
Does not rely on occupation-specific criteria.
Relies on current profession, evidence, property and lender-policy requirements.
Flexibility
A lower LVR can broaden lender and pricing options.
The waiver may narrow the lender set, so price and features should be tested.

How it works

A policy-led review before you apply.

  1. 01

    Confirm your profession evidence, available funds, target property and proposed loan amount.

  2. 02

    Calculate LVR and compare waiver, standard and any relevant government-scheme scenarios.

  3. 03

    Choose the suitable total-cost outcome and obtain lender confirmation before relying on the concession.

Common questions

Clear answers for Victorian professionals

Can lawyers and accountants borrow 90% without paying LMI?

Eligible applicants may be able to borrow up to 90% of the lender-assessed property value without LMI through selected lenders. Professional credentials, income, ownership structure, property and loan conditions must qualify under current policy.

Does my joint applicant also need an eligible profession?

Requirements vary. Confirm whether one eligible applicant is sufficient, the ownership share they must hold, and the credit and income requirements for everyone on the loan.

What is Lenders Mortgage Insurance?

LMI is insurance that protects the lender if a borrower defaults and the property sale does not cover the debt. The borrower commonly pays the premium, but the policy does not insure the borrower.

What deposit do I need with a professional LMI waiver?

It depends on the lender, occupation and application. Published policies range across different maximum LVRs, and you also need funds for stamp duty and other purchase costs. A lender valuation can change the final cash required.

Is the waiver automatic once my profession is eligible?

No. Registration or membership, income, loan size, property, purpose, credit history and serviceability must meet current lender criteria. Approval remains subject to assessment.

Can I use a waiver when refinancing?

Some published policies may permit eligible refinances, subject to the LVR and other criteria. The benefit should be compared with any discharge, application, valuation and ongoing costs.

Does an LMI waiver mean a better interest rate?

Not necessarily. It removes or reduces an insurance premium under the relevant policy. Interest-rate pricing is a separate decision and should be compared with other lenders and LVR options.

Professional lending hubMedical professionalsLawyersAccountants

Content updated 3 November 2026. General information only and not financial, legal, tax or accounting advice. Professional eligibility, LMI treatment, loan-to-value limits, rates, fees and credit criteria vary by lender and can change. Approval and any LMI waiver are not guaranteed.

Official information: ANZ legal-professional guide (April 2024) · ANZ accountant guide (August 2024) · Westpac consumer LMI-waiver guidance · Moneysmart LMI explanation

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