LMI Waiver for Nurses

LMI Waivers for Nurses Can Save You Up to $45,000

Nurses and midwives across Australia have access to one of the most valuable home loan benefits available to any profession: the nurse LMI waiver. An LMI waiver for nurses allows eligible borrowers to purchase with a 10% deposit without paying Lenders Mortgage Insurance, which could save between $15,000 and $45,000 depending on the property value and loan amount. As an example, Westpac has estimated that a health professional buying a $550,000 property with a 10% deposit could save around $16,250 in LMI with a waiver. That is a significant sum that could instead go toward your offset account, renovations, or reducing your loan balance from day one.

Lenders Mortgage Insurance is a one-off insurance premium that protects the lender if you cannot meet your repayments. It is normally charged when you borrow more than 80% of the property value, which is known as the Loan to Value Ratio (LVR). For most borrowers, this cost is either paid upfront or added to the loan amount, increasing both the debt and the interest paid over time. LMI waivers for nurses remove this cost entirely, allowing you to borrow up to 90% LVR without the added expense. You can learn more about home loans for registered nurses and how these benefits apply to your specific role.

Which Banks Offer an LMI Waiver for Nurses in 2026

Not all lenders offer a nurse LMI waiver, and the eligibility criteria vary significantly between institutions. Here is a summary of which banks waive LMI for nurses as of 2026. Lender policies can change, so your broker will confirm current availability before you apply.

Westpac Group lenders, including Westpac, St George Bank, Bank of Melbourne and BankSA, waive LMI up to 90% LVR for registered nurses and registered midwives earning a minimum of $90,000 per year. Current AHPRA registration is required, and Westpac calculates casual income over 52 weeks for LMI waiver applicants. Your broker can confirm whether the waiver applies to your loan purpose, including owner-occupied and investment purchases.

BankVic waives LMI up to 90% LVR for AHPRA-registered health practitioners. The waiver may be limited to properties in specified locations, such as Metro Melbourne and Geelong, so it is worth confirming whether your purchase falls within BankVic's current criteria.

People First Bank (formed from the Heritage and People's Choice merger) offers an Essential Services Package that may allow registered nurses to borrow up to 90% LVR with no LMI, subject to a maximum loan amount. Midwives may not be covered under this package, so check eligibility for your role before applying.

NAB and Commonwealth Bank do not currently offer an LMI waiver for nurses. Commonwealth Bank previously ran a frontline worker pilot that included nurses, but that program has ended. Other lenders' medico LMI waiver programs are generally limited to medical professionals such as doctors and specialists, so nurses should not assume eligibility based on working in healthcare.

For nurses who do not qualify through these lenders, there are alternative pathways worth exploring. The Australian Government 5% Deposit Scheme and low deposit loans for nurses may provide a suitable route into the property market.

Eligibility Requirements for LMI Waivers for Nurses

To access a no LMI loan for nurses, you will generally need to meet the following criteria. Requirements differ between lenders, but these are the most common conditions applied across the programs listed above.

• AHPRA registration: Current registration is required by all lenders offering a nurse LMI waiver. Your registration must be active at the time of application.

• Nurse classification: Registered nurses (Division 1) are typically eligible, and some lenders also include registered midwives. Enrolled nurses (Division 2) are generally not eligible at most lenders.

• Minimum income: Some lenders, including Westpac Group, require a minimum income of $90,000 per year. This can include base salary, shift allowances, and overtime in many cases.

• Employment type: Permanent full-time and part-time employment is preferred. Casual nurses may also be accepted, with some lenders such as Westpac calculating casual income over a 52-week period, while others may require a longer history with the same employer.

Enrolled nurses are generally not eligible for LMI waiver programs at most lenders, as these are typically limited to registered nurses and midwives. However, enrolled nurses may still be able to avoid LMI through the Australian Government 5% Deposit Scheme, which may allow eligible first home buyers to purchase with a 5% deposit and no Lenders Mortgage Insurance. From 1 October 2025, the scheme has no income cap and no limit on the number of places, which may make it a practical alternative for enrolled nurses who do not meet lender waiver criteria. Eligibility criteria and property price caps apply.

If you are an enrolled nurse or do not meet the income threshold, speak with a mortgage broker who works specifically with nursing professionals. You can also review home loans for enrolled nurses to understand what options are available for your situation.

LMI Waiver vs 5% Deposit Scheme for Nurses

Nurses purchasing their first home have two main pathways to avoid paying LMI. Understanding the difference between a nurse LMI waiver and the Australian Government 5% Deposit Scheme will help you choose the right option.

How an LMI waiver for nurses works

An LMI waiver is a lender policy rather than a government program. It generally requires a minimum 10% deposit, and some lenders require a minimum income, typically $90,000 or more per year. Eligibility is usually limited to registered nurses, with some lenders also including registered midwives. Loan limits vary by lender, and because the waiver is not tied to a government scheme, it may give you access to a wider range of lenders and loan products.

How the 5% Deposit Scheme works

The Australian Government 5% Deposit Scheme is government-backed and may allow eligible first home buyers to purchase with a 5% deposit, or as little as 2% for eligible single parents and single legal guardians. From 1 October 2025, there is no income cap, and the scheme is open to all eligible first home buyers, including enrolled nurses. Instead of a lender loan limit, the property must fall within the price cap set for your state or region.

Which pathway may suit you

The 5% Deposit Scheme for Nurses is worth considering if you have a smaller deposit saved or if you are an enrolled nurse who does not qualify for a lender waiver. If you are a registered nurse or midwife who meets the income and deposit requirements, an LMI waiver may offer more flexibility in your choice of lender and loan product. Your broker can compare both options against your deposit, income, and the property you plan to buy.

How Much Can Nurses Save with an LMI Waiver

The savings from a nurse LMI waiver depend on the property value and how much you borrow. As a general guide, savings typically range from $15,000 to $45,000 for nurses borrowing at 90% LVR.

On a $550,000 property with a 10% deposit, Westpac has estimated LMI savings of around $16,250 with a waiver. On higher-value properties, particularly in Sydney or Melbourne, the LMI premium can exceed $30,000 to $45,000. Avoiding this cost means you either need less cash to complete your purchase or you carry a smaller loan balance from settlement.

These savings compound over time because a lower loan balance means less interest paid across the life of the loan. Combined with an offset account or additional repayments, the long-term financial benefit of accessing no LMI for nurses can be substantial. To understand how this affects your overall borrowing position, speak with a mortgage broker who specialises in mortgages for nurses.

How Nurse Loans Can Help You Access an LMI Waiver

At Nurse Loans, our mortgage brokers specialise in working with nurses and midwives across Australia. We understand the unique aspects of nursing employment, including shift work, overtime, casual contracts, and dual income arrangements, and we know how to present your application to lenders in the strongest possible way.

We assess your eligibility for LMI waivers for nurses across multiple lenders and match you with the option that suits your income, deposit, and property goals. Whether you are buying your first home or adding to your property portfolio, we handle the research and paperwork so you can focus on what matters. We also assist with getting loan pre-approval so you can make offers with confidence.

If you are ready to find out whether you qualify for a nurse LMI waiver and how much you could save, book an appointment with Nurse Loans today. Our team is ready to review your situation and help you move forward with a home loan that works for your profession and your future.