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Last updated: March 2026
At What If We Finance, we help borrowers explore structured strategies to purchase property without paying Lenders Mortgage Insurance (LMI).
LMI can add $15,000 to $35,000+ to the cost of buying property. Avoiding this cost can significantly reduce your upfront expenses and improve your long-term position.
While most lenders charge LMI when borrowing above 80% of the property value, there are now multiple pathways that may allow you to avoid it.
These include:
Depending on your situation, you may be able to:
Professional LMI waivers remain one of the most powerful strategies, particularly for borrowers in stable, high-demand careers.
At What If We Finance, we compare 50+ lenders and over 2,000 loan products to determine the most suitable strategy for your situation.
| Loan Amount | Deposit | Estimated LMI |
| $600,000 | 10% | $12,000 – $16,000 |
| $800,000 | 10% | $18,000 – $25,000 |
| $1,000,000 | 10% | $28,000 – $35,000 |
For many first home buyers, government guarantee schemes can be effective — particularly when purchasing within price caps.
However, government schemes and lender LMI waivers cannot be used together.
The right approach depends on which strategy produces the better financial outcome.
Eligible buyers may purchase with a 5% deposit without paying LMI, backed by Housing Australia.
These schemes typically include:
They are generally not suitable for investment properties or repeat buyers.
Lender LMI waivers often become more relevant when government schemes do not apply.
For example:
In these cases, lender policy flexibility can provide greater borrowing capacity and fewer restrictions.
At What If We Finance, we assess both options to determine the strongest strategy.
Certain lenders offer LMI waivers for professionals due to:
These policies may allow:
Some lenders allow alternatives to traditional “genuine savings”.
These may include:
This can help reduce delays and allow you to enter the market sooner.
When structure matters, experience matters.
We don’t just submit applications. We structure loans properly to reduce costs and improve outcomes.
In most cases, government guarantee schemes and lender LMI waivers are separate strategies and cannot be combined within the same loan structure.
However, different government incentives (such as grants or stamp duty concessions) may still apply alongside lender LMI waiver strategies depending on eligibility.
As of 2026, key schemes include:
Eligible first home buyers may purchase with 5% deposit without LMI, backed by Housing Australia.
Available for eligible buyers purchasing or building new homes in Victoria.
Eligible buyers may receive full or partial exemptions. We assess whether a professional no-LMI loan or a government guarantee scheme produces the better outcome — sometimes the lender waiver is superior.
This is where strategy matters.
For many first home buyers, government guarantee schemes can be effective — particularly when purchasing within price caps.
However, government schemes and lender LMI waivers cannot be used together.
The right approach depends on which strategy produces the better financial outcome.
Eligible buyers may purchase with a 5% deposit without paying LMI, backed by Housing Australia.
These schemes typically include:
They are generally not suitable for investment properties or repeat buyers.
Lender LMI waivers often become more relevant when government schemes do not apply.
For example:
In these cases, lender policy flexibility can provide greater borrowing capacity and fewer restrictions.
At What If We Finance, we assess both options to determine the strongest strategy.
| Profession | Maximum LVR | Minimum Deposit |
|---|---|---|
|
Doctors |
95% |
5% |
|
Nurses |
90% |
10% |
|
Midwives |
90% |
10% |
|
Chiropractors |
90% |
10% |
|
Lawyers |
90% |
10% |
|
Accountants |
90% |
10% |
|
Dentists |
90% |
10% |
|
Psychologists |
90% |
10% |
|
Psychiatrists |
90% |
10% |
|
Physiotherapists |
90% |
10% |
|
Optometrists |
90% |
10% |
|
Other degree-qualified professionals |
90% |
10% |
Policies vary by lender, employment type, and income structure.
We do not just submit applications; we structure them properly.
Gain more insight by reading one of our articles: How to Calculate Mortgage Repayments Without Relying on Guesswork
Book your free 30-minute strategy session today with Spiro Kolokithas to avoid unnecessary LMI, buy sooner, and structure smarter. We will:
Available 7 days a week, 8:30am – 9:30pm
Learn more about refinancing options, self-employment home loans, and try our mortgage broker calculators for an estimate on how much you can borrow.
A loan where the lender waives LMI even when borrowing above 80% LVR.
Yes. Some lenders offer LMI waivers up to 90% LVR depending on your profile.
No. You must choose one strategy.
In some cases, yes — depending on lender policy.
Yes. If your equity position improves, refinancing may remove LMI.
Depending on the strategy used, borrowers may be able to borrow up to 90% of the property value without LMI. Some eligible professionals, particularly in medical fields, may be able to borrow up to 95% without LMI. The exact limit depends on lender policy, income, and overall application strength.
No. LMI waiver policies are not available with all lenders. Some lenders offer professional waivers, while others may provide LMI waivers up to 90% LVR under specific conditions. This is why comparing multiple lenders is important.
In some situations, paying LMI may allow you to purchase sooner rather than waiting to save a larger deposit. The right approach depends on your goals, timeline, and financial position. We assess whether avoiding LMI or proceeding with it produces the better long-term outcome.
Yes. A guarantor loan may allow you to avoid LMI by using a family member’s property as additional security. This can reduce or eliminate the need for a large deposit, but it also involves additional risks and responsibilities that should be carefully considered.
Avoiding LMI does not always increase borrowing capacity directly, but it can reduce your overall loan size and repayments. In some cases, this may improve your servicing position depending on lender policy.
Yes. In most cases, LMI can be capitalised onto the loan, meaning it is added to your loan balance instead of being paid upfront. However, this increases the total loan amount and interest payable over time.
Not necessarily, but a strong credit profile is important. Lenders assess your repayment history, debts, and overall financial position when determining eligibility for LMI waiver strategies.
Yes. If you have equity in an existing property, it may be possible to structure your loan to avoid LMI when purchasing another property or refinancing.
The best approach depends on your deposit, income, profession, property type, and long-term plans. At What If We Finance, we compare multiple strategies — including government schemes and lender policies — to determine the most suitable option.
Learn more in our guide: First Home Buyer Schemes Explained – What You Might Be Missing
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