LMI Waiver for Nurses
- Borrow up to 95% LVR with No LMI (Lenders Mortgage Insurance).
- Save tens of thousands of dollars when you waive LMI.
- Access home loans up to $5 million with no LMI.
- Ability to include overtime when calculating borrowing capacity.
- Access lower interest rates specifically for nurses.
- Nurses and other healthcare professionals can claim LMI waivers. Click here to see the full list of eligible healthcare workers.
Buying a home in Australia can be a daunting task, especially with soaring property prices making it difficult to save a 20% deposit. However, there’s some fantastic news for nurses – you can qualify for an LMI waiver at several lenders. This means you can secure a home loan with as little as a 5% deposit, potentially saving you thousands of dollars in additional costs.
In this article, we’ll explore how nurses can take advantage of these no-LMI loan options, find competitive interest rates, and navigate the key considerations when choosing the right mortgage. Whether you’re looking to purchase your first home, refinance an existing loan, or invest in property, we’ll guide you through the benefits and eligibility requirements to help make your property goals a reality.

Which Lenders Offer LMI Waivers for Nurses?
Bank / Lender | Maximum LVR | Eligibility Criteria |
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![]() | 90% | |
![]() | 90% |
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![]() | 90% |
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![]() | 90% |
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![]() | 95% |
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![]() | 90% |
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![]() | 90% |
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![]() | 90% |
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There are several lenders that offer LMI waivers for nurses, and they each have differing eligibility criteria, annual fees, and interest rates. The easiest way to find the best choice for you is to speak to a free mortgage broker who specialises in home loans for nurses. They can identify which lenders will waive LMI for nurses, guide you through the entire loan process, and negotiate the lowest interest rates on your behalf. With their expertise, you’ll have a better chance of securing the best home loan for your situation.
How Much Can You Borrow as a Nurse?
Borrow Up to 95% of the Property Value with No LMI
The ability to borrow up to 95% LVR is a huge benefit for nurses, as it allows you to enter the property market with only 5% deposit, without having to pay LMI. Depending on the price of your property, LMI can cost tens of thousands of dollars, so waiving this fee substantially improves your financial position.
- Deposit Required: 5% of the property’s value.
- Loan Amount: Up to $1 million.
- Eligibility Requirements:
- No genuine savings required
- Maximum loan term of 28 years (Principal & Interest)
- Must be university-degree qualified nurse
- Must be an Australian citizen or permanent resident
- Property Limitations: The property can be established or new property. You can purchase either a Principal Place of Residence (borrow up to 95% LVR) or an investment property (borrow up to 85% LVR).
- Income Requirements: No minimum income requirement; lenders assess affordability based on your overall financial health.
Borrow Up to 90% of the Property Value with No LMI
If the eligibility requirements for borrowing 95% are too strict, you can opt to borrow 90% LVR instead. With just 10% deposit, you can borrow a larger amount (up to $5 million), and your loan term can be 30 years instead of 28 years. Take a look below to see more information on the criteria.
- Deposit Required: 10% of the property’s value.
- Loan Amount: Up to $5 million.
- Eligibility Requirements:
- Maximum loan term of 30 years (Principal & Interest)
- Must be currently employed as a nurse in Australia and registered with AHPRA
- Must be an Australian citizen or permanent resident
- Property Limitations: The property can be established or new property. You can purchase either a Principal Place of Residence or an investment property.
- Income Requirements: Minimum income requirement of $90,000 per annum.
Get Free Advice for Your Nurse Home Loan
The process of applying for a home loan and navigating which lenders have LMI waivers can be overwhelming. We recommend consulting a mortgage broker who specialises in home loans for nurses. Eden Emerald Mortgages is our #1 choice – they focus on providing tailored solutions for healthcare professionals, answering all your questions, guiding you through the loan process, and securing the lowest possible interest rates.
Eden Emerald Mortgages' services are entirely free for clients (they receive a commission from lenders), and having worked with Shaun ourselves, we can confidently vouch for his extensive experience and expertise.
Do Lenders Consider Overtime When Calculating Income?
Yes, lenders in Australia often consider overtime when calculating income, especially for healthcare professionals such as nurses, doctors, and other hospital staff. Given the high demand and stable nature of the healthcare industry, many lenders are open to including overtime as a significant part of an applicant's income. In fact, some lenders may consider up to 100% of overtime earnings if there is a demonstrated history of consistent additional hours worked.
To assess the reliability of overtime income, lenders usually require documentation such as recent payslips, employment contracts, and proof of consistent overtime over the past 6-12 months. This ensures the overtime earnings are dependable and not a one-off occurrence. However, not all lenders take the same approach; some may only factor in 50-80% of overtime income to account for potential fluctuations.
Since lender policies can vary, consulting with an experienced mortgage broker can help you identify lenders who are more flexible with overtime income. Experts like Eden Emerald Mortgages specialise in helping nurses present strong applications, ensuring you maximise your borrowing capacity and that it's tailored to your circumstances.
Which Nurses are Eligible for LMI Waiver?
All types of nurses as well as other healthcare qualify for LMI waivers on their home loans. Have a look at the list below to see the most common professions. If your type of nursing isn't covered, it doesn't necessarily mean it is excluded. Get in touch with an experienced mortgage broker who can help with your application, and see what options are available for your situation.
- Registered nurses
- Midwives
- Nurse educators and researchers
- Nurse managers
- Nursing support and personal care workers
- Aged carers
- Disabled carers
- Carers, aides and special care workers
What Is Lenders Mortgage Insurance (LMI)?
Lenders Mortgage Insurance (LMI) is a fee that lenders charge when a borrower provides less than a 20% deposit on a home loan. This insurance is designed to protect the lender if the borrower is unable to repay the loan. By transferring the financial risk to an insurance provider, lenders gain additional security, which enables them to offer loans with smaller deposit requirements.
For borrowers, LMI can represent a significant additional cost. Depending on the loan amount and the deposit size, LMI fees can run into the tens of thousands of dollars, adding to the upfront expenses of buying a home. This can make it even more challenging for Australians to enter the property market, especially given the current high property prices.
Fortunately, some healthcare professionals such as nurses may qualify for LMI waivers, thanks to their stable and essential roles in society. These waivers allow eligible individuals to purchase property with a smaller deposit, avoiding this costly insurance altogether.
LMI Waivers for Nurses
One of the advantages that nurses have when applying for home loans is the opportunity to waive LMI. Some lenders in Australia offer LMI exemptions to eligible healthcare professionals with as little as a 5% deposit. By waiving LMI, healthcare workers can save tens of thousands of dollars when purchasing a home.
To qualify for a no-LMI home loan, healthcare workers must meet specific criteria. Generally, these include:
- A stable position: Lenders typically require that the applicant is a nurses with permanent employment of at least 6-12 months.
- Maximum loan amount: $5 million (90% LVR) or $1 million (95% LVR).
- Loan-to-value ratio (LVR): Lenders can waive LMI for healthcare workers, allowing them to borrow up to 95%.
- Strong credit history: A good credit score is essential to qualify for a no-LMI loan.

How Does LMI Waiver Benefit Nurses?
An LMI waiver offers significant benefits for nurses, making homeownership more achievable and affordable. Avoiding LMI can save nurses tens of thousands of dollars, eliminating the need for a full 20% deposit and enabling them to secure a home sooner. In a market where property prices are consistently rising, this advantage can be crucial in helping nurses step into the property market before prices climb further. Key benefits of an LMI waiver for nurses include:
- Lower upfront costs: By bypassing Lenders Mortgage Insurance, nurses can avoid a significant expense that often adds tens of thousands of dollars to the cost of purchasing a home. This reduction in upfront costs makes the financial pathway to homeownership more accessible and manageable.
- Smaller deposit requirement: Nurses can typically qualify for a home loan with a deposit as low as 5% of the property’s value. This removes the pressure of saving for a 20% deposit, allowing nurses to enter the property market faster without draining their financial reserves.
- Competitive interest rates: Many lenders provide nurses with access to exclusive interest rate discounts and additional benefits, such as reduced fees, offset accounts, or flexible loan terms. These perks not only reduce the cost of borrowing but also provide added flexibility to suit individual financial goals.
- Faster entry into the property market: By eliminating the need for a large deposit and the added burden of LMI costs, nurses can achieve homeownership more quickly. This is especially important in a market with rising property values, where acting sooner can prevent being priced out of desirable areas.
Additional Benefits for Nurses
In addition to Lenders Mortgage Insurance (LMI) waivers, nurses in Australia may be eligible for a variety of other perks when applying for a home loan. These additional benefits not only reduce costs but also offer greater flexibility, simplifying the home-buying process and making it more affordable.
- Discounted fees: Lenders often acknowledge the vital and stable role nurses play in the community by offering reduced or waived fees. These savings can include lower loan establishment fees, discounted ongoing account fees, or even waived valuation fees. By cutting these expenses, nurses can allocate more of their budget to other important costs, such as moving or furnishing their new home.
- Flexible loan features: Home loans tailored for nurses often come with features designed to meet their unique needs. These may include offset accounts to reduce interest costs, redraw facilities for accessing extra repayments, and the ability to make additional repayments without penalties. Such flexibility can help healthcare workers better manage their finances while meeting their unique demands.
- Support for first-time buyers: Nurses purchasing their first home can benefit from government programs such as the First Home Owner Grant (FHOG) and stamp duty concessions. These incentives significantly lower the upfront costs of buying a home, making it easier to take that first step into the property market.
Final Thoughts
If you’re a nurse in Australia, the dream of owning your home is more attainable than ever, thanks to specialised home loans tailored to healthcare professionals. With benefits like LMI waivers, reduced fees, and flexible loan features, these loans not only lower the financial barriers but also make the path to homeownership smoother and more affordable.
By taking advantage of these exclusive offers, nurses can enter the property market sooner, save thousands of dollars, and focus on building their future without the added burden of unnecessary costs.
To make the most of these opportunities, it’s crucial to explore and compare your options. Working with a mortgage broker who understands the unique needs of nurses can help you find the best loan for your circumstances. Eden Emerald Mortgages, ranked by Canberra Times as the #1 mortgage broker, specialises in assisting nurses. Contact them today to learn how they can help you secure a no-LMI home loan and get into your new home.