Lenders offering LMI waivers to some essential workers
31/03/2025
Most home loan customers are required to pay Lenders Mortgage Insurance (LMI) if they stump up less than a 20% deposit – but exceptions apply for certain professions.
Some lenders allow some essential workers – such as police officers, firefighters, nurses and paramedics – to buy a property with less than a 20% deposit, without paying LMI.
Other lenders give special deals to workers with large or reliable incomes, such as medical professionals, lawyers, accountants, engineers, IT professionals and pilots.
Being able to take out a low-deposit loan in tandem with an LMI waiver has two benefits. First, you may be able to avoid paying LMI, which often exceeds $10,000. Second, you may be able to buy a property ahead of schedule, which can save you a lot of money in a rising market – for example, during 2024, median house prices rose by $140,000 in Perth and $95,000 in Brisbane, according to the Australian Bureau of Statistics.
LMI rules vary from lender to lender, which is why you should contact me if you’re thinking about buying a property. Once I know your profession and financial position, I can provide you with a shortlist of lenders that want to do business with people matching your profile.
For more information, you can also check out our dedicated webpages for essential and healthcare workers here, and other professionals here.
