LMI Waiver for Nurses
Which Banks Waive LMI for Nurses and How Much Can You Save
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Nurses and midwives across Australia have access to one of the most valuable home loan benefits available to any profession: the nurse LMI waiver. By avoiding Lenders Mortgage Insurance, eligible nurses can save between $15,000 and $45,000 depending on the property value and loan amount. On an $850,000 property purchased with a 10% deposit, LMI would typically cost approximately $18,819 without 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.
Not all lenders offer a nurse LMI waiver, and the eligibility criteria vary significantly between institutions. Here is an accurate summary of which banks waive LMI for nurses as of 2026.
Westpac waives LMI up to 90% LVR for registered nurses and midwives earning a minimum of $90,000 per year. Current AHPRA registration is required, and the waiver applies to both owner-occupied and investment lending in most cases.
BankVic waives LMI up to 90% LVR for AHPRA-registered health practitioners and hospital employees. This makes it one of the more accessible options for nurses working across public and private health settings.
People First Bank (formed from the Heritage and People's Choice merger) offers an Essential Services Package at up to 90% LVR with no LMI on loans up to $1.2 million for registered nurses. This is one of the higher loan limits available under a nurse LMI waiver program.
NAB and ANZ explicitly exclude nurses from their medico LMI waiver programs. These programs are designed for medical professionals such as doctors and specialists, so nurses should not assume eligibility based on working in healthcare.
Commonwealth Bank ran a frontline worker pilot that included nurses, however that program ended on 30 April 2025. There is currently no active nurse LMI waiver available through Commonwealth Bank.
For nurses who do not qualify through these lenders, there are alternative pathways worth exploring. The Home Guarantee Scheme and low deposit loans for nurses may provide a suitable route into the property market.
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.
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.
Nurses purchasing their first home have two main pathways to avoid paying LMI. Understanding the difference between a nurse LMI waiver and the First Home Guarantee will help you choose the right option.
| Feature | LMI Waiver for Nurses | First Home Guarantee |
|---|---|---|
| Minimum deposit | 10% | 5% |
| Government involvement | No | Yes (government-backed) |
| Income cap | Yes (typically $90,000+) | No income cap from 1 October 2025 |
| Eligible nurse types | Registered nurses (Division 1) | All first home buyers including enrolled nurses |
| Loan limit | Up to $1.2 million (People First Bank) | Set by property price caps per state |
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. For those who do qualify, the nurse LMI waiver typically allows access to a wider range of lenders and loan products without government restrictions.
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 an $850,000 property with a 10% deposit, LMI would typically cost approximately $18,819 without 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.
At Nurse Loans, our mortgage brokers work exclusively 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.
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Nurses often have several pathways to buy with less than 20%. With an LMI waiver from a participating lender, eligible nurses can purchase with a 10% deposit and no Lenders Mortgage Insurance. Through the Australian Government 5% Deposit Scheme, nurses can buy with a 5% deposit and no LMI. Single parents and single legal guardians may be able to purchase with as little as a 2% deposit under the same scheme. Eligibility depends on your income, employment type, and the specific lender or scheme criteria.
Eligible roles typically include Registered Nurses, Midwives, Nurse Practitioners, and Clinical Nurse Specialists. Most lenders require a minimum annual income of $90,000 to qualify. Enrolled Nurses are generally not eligible for the LMI waiver, but they may be able to avoid LMI by purchasing through the Australian Government 5% Deposit Scheme instead. Criteria vary between lenders, and we can confirm which options apply to your role and income during a consultation.
It depends on the lender. Some lenders assess 100% of your overtime, shift allowances, and penalty rates as income, provided you have been with the same employer for a minimum of 6 months. Other lenders will discount this income by 20% or more, or exclude it entirely. The difference in how a lender treats your non-base income can affect your borrowing capacity by $50,000 to $60,000 or more. Because we work with over 70 lenders, we can identify which ones will give you full credit for the income you actually earn.
At most lenders, the LMI waiver can apply to the full loan as long as one applicant meets the professional and income criteria and holds a significant share of the application. Your partner does not typically need to work in healthcare, though each lender has its own requirements around how income and equity are split across applicants.
Casual and agency nursing income is treated differently depending on the lender. Some require a minimum of 12 months in the same role, while others accept 6 months with consistent hours. Certain lenders calculate casual income over a rolling 52-week period, which can work in your favour if your shifts have been steady. We deal with this regularly and can place your application with a lender that takes the most favourable view of your income structure.
At some lenders, self-employed nurses borrowing under their own name may be able to access the same products and rates as salaried nurses. Maximum loan limits and additional documentation requirements typically apply, so it is worth confirming your eligibility before you apply.
The scheme, formerly known as the Home Guarantee Scheme, allows eligible first home buyers to purchase with a 5% deposit without paying LMI. The government backs the gap between your deposit and the 20% lenders normally require. From 1 October 2025, there are no income caps, no waitlists, and no limit on the number of places available. The scheme has supported over 320,000 Australians since it launched in 2020. Eligibility criteria and property price caps apply, and we can confirm whether your purchase qualifies.
On a $600,000 property with a 10% deposit, LMI would typically cost between $15,000 and $20,000. On properties closer to $900,000, the cost can exceed $30,000. Nurses who qualify for an LMI waiver or purchase through a government scheme may not need to pay any of this, though savings depend on the property value, deposit size, and lender.
The entire process typically takes 8 to 14 weeks, depending on the property type, the lender, and whether you are using a government scheme. Government-backed purchases sometimes involve additional paperwork, and we manage that process to reduce delays.
The First Home Owner Grant is not profession-specific. Any eligible first home buyer purchasing or building a new home may be able to apply. Grant amounts vary by state, ranging from $10,000 in New South Wales and Victoria up to $50,000 in the Northern Territory. The grant generally applies only to new or substantially renovated properties that you intend to live in as your principal place of residence. We can confirm the current amount and eligibility rules in your state.
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Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Names & Locations of users have been changed to protect their privacy and are illustrative only.
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