Tired of paying Lenders Mortgage Insurance (LMI)? You may not have to.
At AxJ Finance Brokers, we help eligible professionals in Melbourne access LMI waived loans. This allows you to enter the property market sooner without the burden of a costly one-off insurance premium. You could qualify for a low deposit home loan without paying LMI, saving you thousands of upfront costs.
Our team of licensed mortgage brokers will assess your loan amount, property value, and eligibility criteria, then match you with lenders that offer LMI waivers based on your unique financial situation.
Get expert advice and find out if you’re eligible for an LMI waiver today.
LMI stands for Lenders Mortgage Insurance. It is a one-time fee that borrowers pay when they have less than a 20% deposit on a property. While LMI is meant to protect the lender if you can’t repay the loan, it can make buying a home much less affordable for you. Paying LMI can add tens of thousands of dollars to the upfront costs, making the dream of homeownership feel out of reach for many.
Avoiding LMI not only saves you money but also lowers the financial barriers to entering the market, allowing you to secure a home with a smaller deposit and easing the financial pressure of an already expensive property landscape. In a city where property prices are consistently high, finding ways to bypass LMI can be a crucial step towards making homeownership more accessible and affordable.
Wondering how to avoid LMI costs? Speak with our experts to explore your eligibility and alternative strategies. Read More
LMI waivers aren’t available to everyone, but certain professionals are seen as low-risk by lenders and may qualify for these benefits. Here’s a look at the professions that can potentially skip LMI costs.
Medical Practitioners and Specialists:
Note: If your medical occupation is not listed, please contact us. This list is subject to change. Some lenders require a minimum income amount.
| Doctors and Medical Professionals | |
| Benefits | Requirements |
| You can borrow up to 100% of your property, with loans available up to $4.5 million. | Must be a member of a recognised industry body (e.g., AMA) and be employed in a preferred medical field. This category often includes general practitioners, surgeons, and hospital-employed doctors. |
Accountant, Actuary, Auditor, CFO (Chief Financial Officer), Chief Financial Officer, Director, Financial Controller, Finance Director, Finance Manager, Partner.
Additionally, if your job title doesn’t match one of those listed above, you may still be eligible if you are a member of one of the following accounting bodies:
Global Accounting Alliance Members:
American Institute of Certified Public Accountants
Chartered Accountants Australia and New Zealand
Chartered Accountants Ireland
Chartered Professional Accountants Canada
Hong Kong Institute of Certified Public Accountants
Institut der Wirtschaftsprüfer in Deutschland e.V.
Institute of Chartered Accountants in England and Wales
Institute of Chartered Accountants of Scotland
Japanese Institute of Certified Public Accountants
South African Institute of Chartered Accountants
CPA Recognised Partnering Professional Bodies:
American Institute of Certified Public Accountants
Certified General Accountants of Canada
Chartered Accountants Australia and New Zealand
Chartered Accountants Ireland
Chartered Accountants Sri Lanka
Chartered Institute of Management Accountants
Chartered Institute of Public Finance and Accountancy
Hong Kong Institute of Certified Public Accountants
Institute of Certified Management Accountants of Sri Lanka
Institute of Certified Public Accountants in Ireland
Institute of Certified Public Accountants of Kenya
Institute of Chartered Accountants India
Institute of Chartered Accountants in England and Wales
Institute of Chartered Accountants of Bangladesh
Institute of Chartered Accountants of Nepal
Institute of Chartered Accountants of Scotland
Institute of Cost & Management Accountants Pakistan
Institute of Indonesia Chartered Accountants
Institute of Singapore Chartered Accountants
Malaysian Institute of Accountants
National Association of State Boards of Accountancy
National Federation of Certified Public Accountant Associations of the Republic of China
Philippine Institute of Certified Public Accountants
South African Institute of Chartered Accountants
Accounting Professionals | |
| Benefits | Requirements |
| You can get a loan for up to 90% of your property’s value without paying LMI, with maximum loan sizes up to $4 million. | Must be a member of recognised accounting bodies such as CPA Australia or Chartered Accountants ANZ. There is generally no strict income requirement, though higher earnings strengthen the application. |
Lawyers, barristers, judges, solicitors, and partners in law firms.
| Legal Professionals | |
| Benefits | Requirements |
| Can borrow up to 90% without LMI, with loans capped at around $4 million. | Must hold a practising certificate and be in good standing within the legal profession. Income requirements vary by lender but having a high, stable income strengthens eligibility. |
CEOs and direct reports in top Australian companies listed on the ASX.
| Senior Executives of ASX Top 100 Companies | |
| Benefits | Requirements |
| You can qualify to borrow up to 90% of the property’s value without having to pay LMI. | Must be a senior executive with a proven track record in a major publicly traded company. |
Professional athletes and coaches, including retired athletes, are still working within the industry.
| Professional Sportspersons, Athletes, and Coaches | |
| Benefits | Requirements |
| You can qualify to borrow up to 90% without paying LMI. | Must have an accredited manager, agent, or accountant to validate income and career stability. |
Actors, musicians, directors, producers, journalists, and other professionals in TV, film, music, and fashion.
| Entertainment Professionals | |
| Benefits | Requirements |
| Up to 90% LVR (loan to value ratio) without LMI, with loans generally up to $2 million. | Must be part of recognised industry bodies and demonstrate stable, high income from their profession. |
Employees of major Australian banks such as AMP Bank Limited, ANZ, Bank of Melbourne, Bank of QLD, Bank SA, Bankwest, Bendigo and Adelaide Bank Limited, CommBank, HSBC Bank Australia Limited, ING Bank (Australia) Limited, Macquarie Bank, ME Bank, NAB, RAMS (direct employees only), St George Bank, Suncorp-Metway Limited, UBank, Westpac.
| Eligible Bank Employees | |
| Benefits | Requirements |
| Up to 90% borrowing without LMI, depending on role and tenure. | Must be employed for a minimum duration and often need to meet internal criteria specific to the bank. |
Don’t fit into one of the preferred professions? No problem. There are still several ways you can avoid paying LMI, even if you don’t meet the standard professional criteria. Here are some alternative strategies to explore.
A guarantor home loan allows you to borrow up to 105% of the property’s value without LMI if a family member, usually a parent, willing to act as a guarantor. The guarantor’s property serves as collateral, allowing you to borrow beyond the property’s value to cover both the purchase price and associated costs like stamp duty.
This is particularly useful for first-home buyers and young professionals who may not have saved a significant deposit but have family support. However, it’s important to note that the guarantor assumes financial risk, as any default by the borrower could impact the guarantor’s credit and property security. Both parties should thoroughly understand the risks involved.
Some lenders offer 90% loans without LMI for borrowers who have a strong credit history and stable employment. This choice lets you get a loan with just a 10% deposit, making it easier for people with good finances to avoid the high cost of LMI.
While the interest rates may be slightly higher due to the reduced deposit, the overall savings from not paying LMI can be significant. This type of loan is ideal for buyers with solid credit who are financially responsible and prefer a more affordable entry into the market.
For borrowers who can provide a 15% deposit and have an excellent credit record, an 85% loan with no LMI is an attractive option. This pathway allows buyers to avoid LMI costs while securing a favourable loan by meeting the lender’s requirement for a higher deposit.
It suits individuals who can manage a larger upfront contribution but still want to minimise additional costs associated with LMI. This option typically rewards those with strong financial discipline and a clean credit history.
The Deposit Boost Home Loan is a creative solution for buyers who don’t have a full 20% deposit but wish to avoid LMI. This loan structure allows you to borrow additional funds separately to complete your deposit, enabling you to qualify for a primary loan that avoids LMI.
The additional borrowed amount functions as a secondary loan, bridging the gap to reach a 20% deposit and reducing immediate insurance expenses. However, the secondary loan will have its own terms and possibly higher interest rates, so understanding the complete repayment structure is crucial.
This government-backed scheme allows first-home buyers to purchase a home with as little as a 5% deposit without paying LMI, thanks to the government acting as a partial guarantor. This reduces the lender’s risk, effectively replacing the need for LMI and making homeownership more accessible, especially in high-cost areas like Melbourne.
The scheme is particularly beneficial for first-time buyers struggling to save a large deposit and provides a straightforward pathway to enter the market with minimal upfront costs.
Aimed at buyers in regional Victoria, this scheme provides the same benefits as the First Home Guarantee but focuses on eligible regional areas. It helps buyers start with only a 5% deposit, avoiding LMI and supporting those seeking more affordable housing options outside metropolitan zones.
This pathway helps boost homeownership in regional areas, aligning well with buyers interested in regional living and potentially lower property prices.
Designed specifically for eligible single parents, the Family Home Guarantee enables home purchases with just a 2% deposit without paying LMI. The government provides support by guaranteeing part of the loan, allowing single parents to secure housing with significantly reduced upfront financial barriers.
This scheme is a valuable opportunity for single parents, whether first-time buyers or those re-entering the market, to achieve homeownership and provide stability for their families.
To help you better understand each LMI waiver option, here’s a quick comparison of their pros, cons, and which type of borrower they best suit.
| LMI Waiver Option | Pros | Cons | Best For |
| Guarantor Home Loan | No deposit required, covers additional costs like stamp duty. | Guarantor faces significant financial risk if borrower defaults, affecting their credit. | First-home buyers and young professionals with supportive family. |
| 90% Loan with No LMI | Lower deposit requirement (10%), significant savings on LMI costs. | The interest rates might be a bit higher because you’re borrowing a larger percentage of the property’s value. | Borrowers with strong credit and stable employment. |
| 85% Loan with No LMI | Lower LMI costs, favourable loan terms with a 15% deposit. | Requires a larger deposit and excellent credit, less accessible for those without savings. | Financially disciplined buyers with good credit. |
| Deposit Boost Home Loan | Bridges the gap to reach a 20% deposit, avoiding LMI on the main loan. | Secondary loan may have higher interest rates and different terms, needing careful planning. | Buyers with strong income but lacking a full 20% deposit. |
| First Home Guarantee Scheme | Minimal 5% deposit, no LMI required, supported by government guarantee. | Limited availability, with income thresholds and property price caps. | First-home buyers struggling to save a larger deposit. |
| Regional First Home Guarantee | Supports buyers in regional areas with 5% deposit and no LMI, promotes affordable housing. | Limited to eligible regional areas with specific property criteria. | Buyers interested in regional living and lower prices. |
| Family Home Guarantee | Only a 2% deposit needed, no LMI, targeted support for single parents. | Eligibility restrictions and limited availability. | Eligible single parents looking to enter or re-enter the market. |
Not in an eligible professional institute? Don’t worry—our team can help you explore alternative pathways to avoid LMI. Let’s chat about your options.
Mortgage brokers are crucial for navigating LMI waivers. They use their knowledge of lender requirements to find the best loan options for your profession, financial situation, and homeownership goals. Since lenders have different rules for LMI waivers, brokers match you with the most suitable options, ensuring you get the best possible terms.
Brokers can also negotiate better rates due to their established relationships with banks, potentially lowering your interest rates and overall loan costs. They simplify the process by guiding you through various schemes and grants, such as first-home buyer programs and guarantor loans, helping you avoid unnecessary costs.
In short, mortgage brokers offer personalised advice and effective negotiation skills, making them an essential partner for anyone looking to save on LMI and secure the best home loan deal. Read Less
We’re excited to assist you in securing the perfect LMI waived loan. New clients can conveniently apply online anytime, while existing clients are encouraged to call us for personalized support and expedited processing.
At AxJ Finance Brokers, we offer a premium mortgage brokerage service that takes the stress out of securing finance. We handle everything from start to finish, ensuring a seamless experience with expert guidance at every step. With access to over 40 lenders, our award-winning brokers secure competitive rates and structured loans, so you can focus on what matters while we take care of the rest.
Founder & Mortgage Broker
Jason is the principal finance broker at AxJ Finance Brokers. Prior to joining the mortgage industry in 2013, he worked with several real estate agencies and developers in sales and real estate market research.
Outside of the financial world Jason loves spending time with his family and walking the beautiful green areas Melbourne has to offer.
Operations Director
Audrey looks after our people and the culture of our company. She keeps everyone sane and ensures that our organisation is operating effectively.
Loan Processor & Administrator
Kate has been an integral contributor of Jason & Audrey’s team since 2017. She oversees all loan submissions, ensuring all bases are covered for our lenders to make a timely and informed decision on our submissions.
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Understanding your LMI policy and how to qualify for an LMI waiver can significantly reduce your upfront costs—bringing you closer to homeownership in Melbourne’s competitive market. Whether you’re a finance professional, a first home buyer, or simply looking for smarter options, there are multiple ways to minimise or completely avoid paying lenders mortgage insurance.
Working with an experienced mortgage broker can help you assess your loan payments, navigate complex lender policies, and understand how your outstanding loan balance affects eligibility. Need expert insight? A qualified financial advisor or mortgage specialist from AxJ Finance can guide you through your options and help you secure the right solution for your financial goals.
Book a consultation with AxJ Finance Brokers today and discover if you’re eligible to save on LMI.
Banks offer LMI waivers to financial professionals, medical practitioners, and other low-risk borrowers because of their stable income and consistent mortgage repayments. These professions meet strict lending criteria, making them more attractive to LMI insurers.
Yes. While it's less common, some lenders offer LMI waivers on investment properties—especially for financial analysts, high-income earners, or those using a guarantor. Check the loan type and loan to valuation ratio, as only the lender can approve based on their policies.
Using a guarantor can help you buy a home sooner without paying LMI, but there are risks. If the borrower can’t repay the loan, the guarantor may be responsible for the outstanding loan amount, and the lender may seek repayment by using the guarantor’s property. This could impact credit and create potential shortfall debt.
LMI waivers for self-employed borrowers depend on strong financials, stable income, and meeting specific lending criteria. Being part of a recognised profession or eligible industry body can also help. A mortgage broker can guide you based on your loan type and business history.
Avoiding mortgage protection insurance with a low credit score is difficult, but not impossible. Some options—like using a guarantor or qualifying under a government scheme—may still be available if your financial situation balances out the risk.
To improve your chances, maintain a strong credit history, consistent loan repayments, and stable income. Being recognised as a financial professional or public accountant can also boost your eligibility. Our mortgage brokers can assess your situation and match you with lenders whose policies align with your profile—even if you're in Western Australia or a regional area.
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