No LMI Home Loans 2025

Buying a home is one of the most significant financial decisions Australians will ever make. For many, the challenge of saving a 20% deposit is daunting, especially with property prices continuing to climb. While it’s possible to secure a home loan with a smaller deposit, borrowers often face the additional cost of Lenders Mortgage Insurance (LMI), which can add tens of thousands of dollars to the cost.

But what if you could avoid LMI altogether, with a deposit as low as 5% or 10%? That’s exactly what no LMI home loans offer. In this guide, we’ll explore how no LMI home loans work, which lenders provide them, who qualifies, and the various options available to help you save money and buy your property faster.

How to Access No LMI Home Loans

There are several options for accessing No LMI home loans, which are outlined here:

• Loans for Certain Professions: There are a number of lenders that allow borrowers in high-demand professions to waive LMI on their home loans. These include doctors, accountants and lawyers, because they are considered financially stable and low-risk. For a full list of eligible professions, click here.
• First-Home Buyer Schemes: Government initiatives like the First Home Guarantee (previously known as the First Home Loan Deposit Scheme) allow eligible first-home buyers to secure a home loan with a deposit as low as 5% with No LMI. The government acts as a guarantor for part of the loan, eliminating the need for LMI.
• Guarantor Loans: Using this option, a family member, often a parent, uses their home equity as additional security for your loan. This support allows you to borrow with a small deposit without paying any LMI.

To determine if you’re eligible for a No LMI home loan, it’s best to consult with a mortgage broker who specialises in these products. Eden Emerald Mortgages is an excellent choice, with over 20 years of experience in No LMI home loans. Best of all, their services are 100% free. Visit their website to get in touch and take the first step toward securing your No LMI home loan today.

Loans for Certain Professions

We have listed below the main categories of professionals that are eligible for No LMI home loans. Take a look to see if they apply to your situation.

Medical Professionals

Medical professionals are some of the most commonly approved candidates for No LMI home loans in Australia. Their significant earning potential, steady employment, and critical contributions to society position them as low-risk borrowers, encouraging lenders to waive LMI. The following medical professions are often eligible:

• Doctors: This group includes general practitioners (GPs), specialists, and surgeons, all of whom benefit from stable demand and high-income potential.
• Registered Nurses: Nurses, midwives, and dental nurses, as well as Mothercraft and midwifery professionals, often qualify due to their critical roles in healthcare and steady employment opportunities.
• Dentists: Dentists and dental specialists are typically eligible, supported by their high earning capacity and consistent demand for dental services.
• Optometrists and Orthoptists: Professionals in eye care, including optometrists and orthoptists, are also eligible given their specialised expertise and stable income.
• Pharmacists: Pharmacists working in retail, hospital, or other settings are included, as their profession is considered reliable and in demand.
• Medical Specialists: Specialists such as anaesthetists, radiologists, and oncologists frequently qualify due to their high earning potential and critical roles in healthcare.

Healthcare Workers

Beyond medical professionals, many healthcare workers in various roles also qualify for No LMI home loans. These waivers acknowledge their reliable income and vital contributions to the healthcare sector, helping make homeownership more attainable. Below is a detailed list of eligible healthcare professionals:

• Health and welfare service managers
• Nurse educators and researchers
• Nurse managers
• Nursing support and personal care workers
• Dieticians
• Occupational Therapists
• Environmental health professionals
• Pharmacists
• Chiropractors, osteopaths, physiotherapists and podiatrists
• Speech professionals
• Audiologists
• Medical imaging professionals
• Diversional therapists
• Social workers and professionals
• Welfare workers and professionals
• Counsellors
• Psychologists
• Aged carers
• Disabled carers
• Carers, aides and special care workers
• Massage therapists
• Paramedics

Legal Professionals

Legal professionals often qualify for No LMI home loans due to their specialised training, strong earning potential, and the steady demand for their skills. Lenders view these roles as low-risk, making them ideal candidates for such waivers. Eligible legal professionals typically include:

• Lawyers: This includes both solicitors and barristers, who benefit from stable career prospects and significant earning potential.
• Judges: Judges, holding prestigious and secure positions within the judicial system, are also eligible for LMI waivers.

Teachers and Educational Workers

Teachers and university lecturers are often eligible for No LMI home loans due to their secure employment and valuable contributions to the education sector. Additionally, individuals working for certain recognised education employers may also qualify for these waivers. These employers include:

• Government Schools (Primary, Secondary, Specialist)
• Non-Government Schools (Primary, Secondary, Specialist)
• Catholic Schools
• Universities
• TAFEs
• Preschools and Kindergartens
• Child Care Centres
• Family Day Care Australia
• Education Unions
• Department of Education and Training
• Private Colleges

If you work as a tutor, trainer (in a professional and education-related capacity), or are a student enrolled in an Education degree, you may also be eligible.

Emergency Services Employees

Emergency service workers, including police officers, paramedics, and firefighters, frequently qualify for No LMI home loans. Their secure employment, essential contributions to public safety, and dependable income make them attractive, low-risk borrowers to lenders. Below is a list of emergency services and related officers who may be eligible for these home loans:

• Police Officers 
• Firefighters
• Paramedics
• Correctional Officers
• Border Force Officers
• Emergency Dispatchers
• Search and Rescue Workers

Accounting and Finance Professionals

Accounting and finance professionals frequently qualify for No LMI home loans, thanks to their financial expertise, high earning potential, and the stability they offer as borrowers. The roles typically eligible for these waivers include:

• Chartered Accountants: Professionals affiliated with recognised organisations such as Chartered Accountants Australia and New Zealand (CA ANZ) often qualify for LMI waivers, thanks to their extensive qualifications and secure career trajectories.
• Certified Practising Accountants (CPAs): Members of CPA Australia are well-regarded by lenders for their financial expertise and strong demand in the job market, making them prime candidates for No LMI home loans.
• Actuaries: Known for their specialised skills in risk management and financial analysis, actuaries are considered low-risk borrowers and are regularly included in LMI exemptions.

Veterinarians

Veterinarians often qualify for No LMI home loans due to their specialised expertise, high earning potential, and reliable career prospects. As respected professionals in a consistently sought-after field, lenders consider them low-risk borrowers. These waivers can greatly reduce the upfront costs of buying a home, offering significant financial relief and making the path to homeownership more accessible.

First-Home Buyer Schemes

First-home buyer schemes in Australia are designed to help Australians enter the property market by reducing upfront costs, particularly by waiving LMI. One of the most well-known programs is the First Home Guarantee. This initiative allows eligible first-home buyers to purchase a property with as little as a 5% deposit, with the government acting as a guarantor for the remaining amount needed to meet the 20% deposit threshold. This removes the requirement for LMI, providing significant savings and making it easier for buyers to purchase their first home.

Eligibility for these schemes depends on several factors, such as income, property value, and citizenship. For example, the First Home Guarantee requires applicants to be Australian citizens, and have a maximum annual income of $125,000 for singles and $200,000 for couples. There are also maximum property purchase prices allowed, which varies depending on the location. Since spots in these programs are limited each year, acting quickly and submitting an application as soon as possible is essential to secure a place.

Once eligible, buyers can work with approved lenders to secure their No LMI home loan. To help you with the application process and find the best No LMI home loan options, it’s advisable to consult a mortgage broker who specialises in assisting first-home buyers. Eden Emerald Mortgages is a trusted expert in securing no LMI home loans, offering free services to help you understand your options and start your application. Visit their website here to get in touch and begin your journey to homeownership today.

Guarantor Home Loans

Guarantor home loans provide a great option for borrowers seeking no LMI home loans - particularly for first-home buyers. In this arrangement, a family member, typically a parent, uses the equity in their property as additional security for the borrower’s loan. By reducing the lender’s risk, this eliminates the need for LMI. This can save borrowers thousands of dollars and help them secure a loan with a smaller deposit.

The process of accessing a guarantor loan begins by identifying a suitable guarantor who is willing and able to support the loan application. The guarantor must meet specific criteria, such as owning substantial equity in their property and demonstrating financial stability. Both parties must understand and agree to the terms, as the guarantor is legally responsible for covering any shortfall if the borrower cannot meet their repayment obligations. Once a guarantor is in place, the borrower works with a lender that offers guarantor loans, submitting the required documents, including financial details from both the borrower and the guarantor. The lender then evaluates the combined financial positions before approving the loan.

While guarantor loans are a powerful tool for avoiding LMI, they come with responsibilities for both borrowers and guarantors. Borrowers must ensure they can manage their repayments, while guarantors should fully understand the potential financial risks involved. Over time, borrowers can release their guarantor once they’ve built sufficient equity in their property, typically when the loan-to-value ratio (LVR) reaches 80%. Guarantor home loans are an excellent option for those with strong family support, offering a way to minimise upfront costs and enter the property market sooner.

If you’re considering a guarantor home loan or have questions about the process, get in touch with Eden Emerald Mortgages. With extensive experience in guarantor home loans, they’ll guide you through every step - completely free of charge - helping you save money and secure your dream home.

Which Banks Offer No LMI Home Loans?

Several Australian banks offer No LMI home loans to eligible borrowers, providing significant savings by reducing upfront costs. Major lenders such as NAB, Westpac, ANZ, and Commonwealth Bank (CBA) are well-known for granting LMI waivers to specific professional groups, including doctors, accountants, lawyers, and veterinarians. Additionally, first-home buyers may benefit from No LMI options through government-backed initiatives like the First Home Guarantee (FHBG). For a full list of banks currently offering no LMI home loans, click here.

Eligibility for No LMI loans varies by bank and depends on factors such as the borrower’s profession, income, loan-to-value ratio (LVR), and property type. Some banks may offer waivers to select professions, such as medical practitioners, while others may not include broader categories like emergency service workers. Since each lender has unique requirements, navigating the options can be complex.

To ensure you find the best No LMI home loan for your situation, it’s essential to work with a knowledgeable mortgage broker. Eden Emerald Mortgages specialises in No LMI home loans and offers their services entirely free of charge. They’ll help identify the best lender for your profession, negotiate competitive interest rates, and guide you through the entire process. Get in touch with them here.