LMI waivers for medical and professional services

What are LMI waivers?

An LMI waiver is when your lender lets you skip paying lenders mortgage insurance (LMI) even without a 20% deposit for your home loan. Lenders may offer this waiver to certain professionals like those in medicine, law, or financial services.

Which professions are eligible for an LMI waiver?

Professionals in the fields of finance, law and medicine may qualify for an LMI waiver on a NAB home loan. This waiver is subject to eligibility criteria dependent on profession, loan type and loan-to-valuation (LVR) ratio thresholds. Here is a list of eligible professions. For more information speak to our home lending experts or broker.

Medical professionals

To qualify for a LMI waiver, medical professionals must be practicing in an acceptable field (outlined here) and a current registered member of the Australian Health Practitioner Regulation Agency (AHPRA).

• Anaesthetist
• Chiropractor
• Dental Practitioner
• Dermatologist
• General Practitioner
• Obstetrician / Gynaecologist
• Ophthalmologist
• Optometrists
• Paediatrician
• Pathologist
• Pharmacist
• Physician
• Physiotherapist
• Psychiatrist
• Radiation Oncologist
• Radiologist
• Surgeon
• Veterinary Practitioner

Financial professionals

To qualify for a LMI waiver, finance professionals must be practicing and a current registered member of an eligible professional institute. 

Accountants

• Chartered Accountant (CA) Australia and New Zealand
• Certified Public Accountant (CPA)
• Institute of Public Accountants (IPA)

Actuaries

• Fellow of the Institute of Actuaries of Australia (FIAA)

Financial analysts

• Certified financial analyst institute (CFA)
  

Legal professionals

To qualify for a LMI waiver, legal professionals must be practicing and hold a current certificate with an acceptable state body.

Barristers

• Australian Capital Territory Bar Association
• Victorian Bar Association
• New South Wales Bar Association
• Northern Territory Bar Association
• Queensland Bar Association
• South Australian Bar Association
• Tasmanian Bar Association
• Western Australian Bar Association

Lawyers and solicitors

• Law Society of the Australian Capital Territory
• Law Society of New South Wales
• Law Society of Northern Territory
• Law Society of Queensland
• Law Society of South Australia
• Law Society of Tasmania
• Legal Practice Board of Western Australia (LPBWA)
• Victorian Legal Services Board (VLSB)